Management
Q1: Define Management and explain basic management functions.
Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish desired goals and objectives.
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.
Management Functions:
Performance of management is necessarily a subject to its functions. The basic objective of these functions is maximum utilization of resources available at company's disposal so that organization's mission and policies could be achieved in the best possible way.
Management is segregated into five functions which are:-
• Planning
• Organizing
• Staffing
• Leading
• Controlling
Planning is the first function which is basically a logical thinking process that decides what needs to be done in order to achieve organization's goals and objectives. It focuses on the broader perspective of the business as well as taking into consideration, the tactical methods to get the desired results. It is today’s projection for tomorrow’s activity.
Organizing is about setting up and maintaining the internal organizational structure in accordance with objectives mentioned in planning stage. Managing a business is not just planning. It includes putting life into the plan by bringing together the executive personnel, workers, capital, machinery, materials, physical facilities and other things or services to execute the plans. When these resources are assembled the enterprise comes to life.
Organizing involves determining activities needed by to fulfill the objectives, grouping these activities into various departments, and assigning such group of activities to managers. Planning decides what management wants to do, while organizing provides an effective machine for achieving the plan or objectives. It also involves
Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish desired goals and objectives.
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.
Management Functions:
Performance of management is necessarily a subject to its functions. The basic objective of these functions is maximum utilization of resources available at company's disposal so that organization's mission and policies could be achieved in the best possible way.
Management is segregated into five functions which are:-
• Planning
• Organizing
• Staffing
• Leading
• Controlling
Planning is the first function which is basically a logical thinking process that decides what needs to be done in order to achieve organization's goals and objectives. It focuses on the broader perspective of the business as well as taking into consideration, the tactical methods to get the desired results. It is today’s projection for tomorrow’s activity.
Organizing is about setting up and maintaining the internal organizational structure in accordance with objectives mentioned in planning stage. Managing a business is not just planning. It includes putting life into the plan by bringing together the executive personnel, workers, capital, machinery, materials, physical facilities and other things or services to execute the plans. When these resources are assembled the enterprise comes to life.
Organizing involves determining activities needed by to fulfill the objectives, grouping these activities into various departments, and assigning such group of activities to managers. Planning decides what management wants to do, while organizing provides an effective machine for achieving the plan or objectives. It also involves