Management a Factor of Production and Also an Economic Resources

Topics: Management, Factors of production, Economics Pages: 7 (2390 words) Published: February 13, 2013
WHAT IS MANAGEMENT? Management can be defined in various ways. In the words of Pride et al, management is the process of coordinating the resources of the organization to achieve the primary goals of the organization. It is also defined as the organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of defined objectives. Taylor defined management as knowing exactly what men do, and the seeing that they do it in the best and cheapest way. Today, however, management is obviously a much more complex problem than the above definition portrays. Griffins(1996) defines it as the process of planning, organizing, leading and controlling an organization’s human financial, physical and information resources to achieve organizational goals in an efficient and effective manner. Management is a dynamic process of getting things done with and through the co-operative effort of others. It involves utilizing the various resources of an organization and combining them in such a way that the organization’s goals are attained. Effective management is crucial to an organization’s overall success. Individuals who are responsible for helping organizations achieve their goals are designated MANAGERS. A MANAGER is someone whose primary activities are of the management process. Specifically, a manager is someone who plans, organize, leads and control human, financial, and physical and information resources (Griffin 1996). In order words, he or she is responsible for allocating human and material resources and directing the operations of an organization. Thus, managers are fully responsible for the realization of results through the concerted efforts of other people. Today’s managers face complex, difficult and exciting quality of work life, increased diversity of the workplace, more social and ethical responsibilities, environmental protection and other legal requirements. They plan for the future, explore avenues of motivating employees and strive to increase their company’s overall efficiency, effectiveness and productivity. The managerial function is one of the approaches to understanding the dynamic and complex process called management. The managerial functions are general administrative duties that need to be carried out in virtually all productive organization. The most popular approach has been to describe what managers do, which is considered the functional view. It specifies the management process as a sequence of logical and rational steps. The manager’s functions are interrelated and are often performed simultaneously to achieve desired objectives. Fayol (1949) identified five of these functions as: planning, organization, command, coordination and control. Over the years, Fayol’s list of five managerial functions has been updated and expanded by management scholars to include decision- making, staffing, communication, leading and motivating. These functions are briefly explained as follows: a.Planning: This is a dynamic process of deciding today what actions should be taken at sometime in the future and how best to tackle them. Developing a strategy for guiding an organization to a desired position at a given time in the future is referred to as STRATEGIC PLANNING. Planning helps maintain managerial effectiveness by guiding future activities b.Organizing: Once a workable plan has been established or developed, the next phase is to arrange and allocate work, authority and resources among an organization’s members in order to achieve the organization’s goals. Other basic concepts of organizing include departmentalization, chain of command, division of labour, spans of control, coordination and specialization. Proper organizing helps ensure the efficient utilization of human resources. c.Leading: The leading function involves directing, influencing and motivating employees to perform assigned tasks. Managers try to create the atmosphere and peaceful organizational...
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