What is Management?

It is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively

 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 can co-operate towards attainment of group goals.

F.W. Taylor - Art of knowing what you want to do and then seeing that it is done the best and cheapest way. Henry Fayol To Manage is to forecast, to plan, to organize, to command, to co-ordinate and to control. Peter F.Drucker Management is work and as such it has its own skills, its own tools and its own techniques.

FUNCTIONS OF MANAGEMENT
Planning

Look ahead and chart out future course of

operation Formulation of Objectives, Policies, Procedure, Rules, Programs and Budgets, Vision, Mission,

Organizing

in the pursuit of common objectives. Enumeration of activities, classification of activities, fitting individuals into functions, assignment of authority for Action, Division of labor, Delegation of authority, Departmentalization, Span of control, Coordination

Bringing people together and tying them together

 Directing

Act of guiding, overseeing and leading people. Motivation, leadership, decision making, Communication, Performance appraisal, Discipline, Conflict resolution

Controlling

Laying standards, comparing actual and correcting deviation-achieve objectives according to plans, Establishing standards based upon Objectives, Measuring and reporting performance, Taking corrective/preventive action

 Co-ordination

Synchronizing and unifying the actions of a group of people Staffing Recruiting Selecting Hiring Training Retraining

MANGEMENT IS AN ART AND SCIENCE

MANAGEMENT

AS A SCIENCE PROVIDES PRINCIPLES AND AS AN ART HELPS IN TACKLING SITUATIONS

Importance of Management

Achieving Group Goals

Arranges the factors of production, assembles and organizes the resource Integrates resources in effective manner to achieve goals. Directs group efforts towards achievement of pre-determined goals. converts disorganized resources of men, machines, money etc. into useful enterprise.

 Optimum

Utilization of Resources Management utilizes all the physical & human resources productively. Provides maximum utilization of scarce resources. Makes use of experts, professional and these services leads to use of their skills, knowledge, and proper utilization and avoids wastage.

Reduces Costs Maximum results through minimum input by proper planning and by using minimum input & getting maximum output. Management uses physical, human and financial resources in such a manner which results in best combination. This helps in cost reduction

Establishes Sound Organization

Establishes sound organizational structure in tune with objective of organization. Establishes effective authority & responsibility relationship i.e. who is accountable to whom, who can give instructions to whom, who are superiors & who are subordinates.

Establishes Equilibrium
Enables the organization to survive in changing environment. It keeps in touch with the changing environment. It adapts organization to changing demand of market / changing needs of societies. It is responsible for growth and survival of organization.

Essentials for Prosperity of Society Efficient management leads to better economical production. Helps in turn to increase the welfare of people. Good management makes a difficult task easier by avoiding wastage of scarce resource. Improves standard of living. Increases the profit which is beneficial to business and society will get maximum output at minimum cost by creating employment opportunities which generate income in hands.

Characteristics of a Good Manager

Knowledge of Self Identity, who are we and what do we aspire to become? New information, what else do we need to know? Relationships, who else needs to be here to work with us? Professional Skills Required of Managers Intellectual skills Technical skills Ethical skills Interactive skills Emotional skills

 Intellectual skills Logical thinking Problem solving Technical skills Motor performance at various tasks Ethical skills Define right from wrong Interactive skills Communicate intelligently and create an atmosphere that facilitates communication Emotional skills Ability to identify and handle ones feelings

Most Threatening Unresolved Issues

Poor communication Developing people Empowerment Lack of alignment Entitlement Balancing work and personal life Confronting poor performance Coaching senior management Cross-functional strife Fascination with programs

ROLES OF A MANAGER
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Achieve Objectives through and with people - Identity and Utilitize Resources Optimum Plan, Analyze, Interpret, Collaborate, educate, Problem solver, Communicator, build team, Change agent, Chief executive.