Management in all business and organizational activities is the act of coordinating the efforts of people 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. Since organizations can be viewed as systems, management can also be defined as human action, including design, to facilitate the production of useful outcomes from a system. This view opens the opportunity to 'manage' oneself, a prerequisite to attempting to manage others.
An acronym representing the functional responsibilities of a chief executive officer, as formulated by Luther Gulick and Lyndall Urwick in their 1937 paper on administrative management theory. The acronym stands for Planning, Organizing, Staffing, Directing, Coordinating, Reporting, and Budgeting.
5 M’s OF MANAGEMENT
It is one the most important among the 5 M’s of management. The right personnel for the right position is a sure bet for organizational effectiveness and efficiency. Human resources determine the workings of the other four basic business resources. People make sure materials, machines, minutes and money are utilized in a productive manner to achieve goals or aims and objectives of organizations and enterprises. With the right man in the right job, a large portion of effective business management will have been achieved.
Without materials, human resource is made redundant. Thus every right thinking and right planning organization knows that materials needed for any business or service must be in place before “man” can be use of in any business activity. Quality compromised is business pauperized. Poor...
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