Functions of Management

Topics: Management, Henri Fayol, Project management Pages: 24 (8574 words) Published: May 19, 2013

This seminar would not have been possible without the assistance of a number of eminent persons. First of all I thank God almighty for blessing this venture and finish successfully.
I express my sincere thanks to Head of the Department, MBA Narayanaguru College Of Engineering,Chennai for his encouragement and support for the successful completion for this seminar.I also express my sincere gratitude to my guide, for the kind assistance, supervision, encouragement and constructive criticism, which gave me constant support amidst of her busy schedule throughout my seminar work.

I also express my wholehearted gratitude to all my classmates who have co-operated and supported for doing this seminar. I also thank my family members for their loving support.
I extend my sincere thanks and gratitude once again to all those who helped me to make this undertaking a success.

Management is a universal phenomenon. It is a very popular and widely used term. All organizations - business, political, cultural or social are involved in management because it is the management which helps and directs the various efforts towards a definite purpose. According to Harold Koontz, “Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals”. According to F.W. Taylor, “Management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way”. Management is a purposive activity. It is something that directs group efforts towards the attainment of certain pre - determined goals. It is the process of working with and through others to effectively achieve the goals of the organization, by efficiently using limited resources in the changing world. Of course, these goals may vary from one enterprise to another. E.g.: For one enterprise it may be launching of new products by conducting market surveys and for other it may be profit maximization by minimizing cost. Management is often included as a factor of production along with‚ machines, materials, and money. According to the management guru Peter Drucker (1909-2005), the basic task of management includes both marketing and innovation. Practice of modern management originates from the 16th century study of low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535). Management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing an organization'sresources in order to achieve the objectives of that policy Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources and natural resources.

One of the first persons to sit down and try to work out what managers do (and what they should do) was a Frenchman called Henri Fayol. Fayol was a mining engineer who became the managing director of an ailing coal mining firm and turned it into a highly successful coal and steel business. All this took place between 1888 and 1918, when he retired. In 1916, after many years of thinking about the job of the manager, he published a small book called General and Industrial Management. Henry Fayol was years ahead of his time in linking strategy and organizational theory and in emphasizing the need for management development and the qualities of...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • The Functions of Management Essay
  • The Implementation Of The Management Functions In A Workplace Essay
  • Essay on Management Functions
  • Essay about A Report on The Management Functions of Axact Ltd
  • Essay about Management
  • management functions Essay
  • Management Functions Essay

Become a StudyMode Member

Sign Up - It's Free