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Business Jargons

A Business Encyclopedia

Management

Definition: Management can be defined as the process of administering and controlling the affairs of the organization, irrespective of its nature, type, structure and size. It is an act of creating and maintaining such a business environment wherein the members of the organization can work together, and achieve business objectives efficiently and effectively.

Management acts as a guide to a group of people working in the organization and coordinating their efforts, towards the attainment of the common objective.

In other words, it is concerned with optimally using 5M’s, i.e. men, machine, material, money and methods and, this is possible only when there proper direction, coordination and integration of the processes and activities, to achieve the desired results.

Characteristics of Management

characteristics of management

  • Universal: All the organizations, whether it is profit-making or not, they require management, for managing their activities. Hence it is universal in nature.
  • Goal-Oriented: Every organization is set up with a predetermined objective and management helps in reaching those goals timely, and smoothly.
  • Continuous Process: It is an ongoing process which tends to persist as long as the organization exists. It is required in every sphere of the organization whether it is production, human resource, finance or marketing.
  • Multi-dimensional: Management is not confined to the administration of people only, but it also manages work, processes and operations, which makes it a multi-disciplinary activity.
  • Group activity: An organization consists of various members who have different needs, expectations and beliefs. Every person joins the organization with a different motive, but after becoming a part of the organization they work for achieving the same goal. It requires supervision, teamwork and coordination, and in this way, management comes into the picture.
  • Dynamic function: An organization exists in a business environment that has various factors like social, political, legal, technological and economic. A slight change in any of these factors will affect the organization’s growth and performance. So, to overcome these changes management formulates strategies and implements them.
  • Intangible force: Management can neither be seen nor touched but one can feel its existence, in the way the organization functions.

Precisely, all the functions, activities and processes of the organization are interconnected to one another. And it is the task of the management to bring them together in such a way that they help in reaching the intended result.

Levels of Management

levels of management

  1. Top-Level Management: This is the highest level in the organizational hierarchy, which includes Board of Directors and Chief Executives. They are responsible for defining the objectives, formulating plans, strategies and policies.
  2. Middle-Level Management: It is the second and most important level in the corporate ladder, as it creates a link between the top and lower-level management. It includes departmental and division heads and managers who are responsible for implementing and controlling plans and strategies which are formulated by the top executives.
  3. Lower Level Management: Otherwise called as functional or operational level management. It includes first-line managers, foreman, supervisors. As lower-level management directly interacts with the workers, it plays a crucial role in the organization because it helps in reducing wastage and idle time of the workers, improving the quality and quantity of output.

The three management levels form the management hierarchy, that represents the position and rank of executives and managers in the chart.

Functions of Management

functions of management

  • Planning: It is the first and foremost function of management, i.e. to decide beforehand what is to be done in future. It encompasses formulating policies, establishing targets, scheduling actions and so forth.
  • Organizing: Once the plans are formulated, the next step is to organise the activities and resources, as in identifying the tasks, classifying them, assigning duties to subordinates and allocating the resources.
  • Staffing: It involves hiring personnel for carrying out various activities of the organization. It is to ensure that the right person is appointed to the right job.
  • Directing: It is the task of the manager to guide, supervise, lead and motivate the subordinates, to ensure that they work in the right direction, so far as the objectives of the organization are concerned.
  • Controlling: The controlling function of management involves a number of steps to be taken to make sure that the performance of the employees is as per the plans. It involves establishing performance standards and comparing them with the actual performance. In case of any variations, necessary steps are to be taken for its correction.

Coordination is an important feature of management which means the integration of the activities, processes and operations of the organization and synchronisation of efforts, to ensure that every element of the organization contributes to its success.

Related terms:

  1. Coordination
  2. Planning
  3. Management by Objectives (MBO)
  4. Controlling
  5. Management Accounting

Reader Interactions

Comments

  1. Harshada tagle says

    October 16, 2018 at 12:00 am

    It’s a very nice

    Reply
    • ABEDNEGO Kavishe says

      November 19, 2019 at 8:56 pm

      Yes

      Reply
      • Claire says

        January 22, 2020 at 8:16 am

        Who is the author of this article?

        Reply
        • Surbhi S says

          January 22, 2020 at 9:44 am

          The author of this article is Surbhi S.

          Reply
          • Joe says

            November 29, 2020 at 7:42 pm

            Can I know the date for the article

          • Surbhi S says

            December 1, 2020 at 9:45 am

            It was published on June 9, 2018

          • Saurabh Mule says

            October 11, 2021 at 5:28 pm

            It’s very nice

        • Emmanuel ochaya says

          May 21, 2022 at 2:46 pm

          It’s an interesting article, simplified and suitable for learning.
          I enjoyed it

          Reply
    • master says

      March 17, 2021 at 2:50 am

      correct statement

      Reply
  2. Kedar kumar says

    November 3, 2018 at 9:12 am

    Really it is very helpfull in understanding the concept of management. Thaknk you!!

    Reply
    • Rajneesh sahu says

      December 9, 2019 at 6:51 am

      It is very helpful in understanding the concept of management. thank you!!

      Reply
  3. Vishnu Nair says

    November 13, 2018 at 5:31 am

    It’s very helpful for the last minute preparations.

    Reply
    • Daniel Mdala says

      November 17, 2019 at 3:30 am

      yeah indeed it is very useful thanks a lot

      Reply
      • KITANDWE VINCENT says

        April 28, 2021 at 4:12 pm

        So nice notes thanks alot

        Reply
  4. Shahil soren says

    November 21, 2018 at 3:12 pm

    Really it’s very helpful

    Reply
  5. Jnanesh says

    December 8, 2018 at 6:30 pm

    It is very good

    Reply
  6. Chirag chemjong says

    January 12, 2019 at 9:30 am

    It is very helpful for my assignment…..πŸ€—

    Reply
  7. Vaibhav Sharma says

    February 24, 2019 at 11:07 pm

    Thanks! Helped me alot!

    Reply
  8. arman shaheer says

    April 3, 2019 at 12:03 pm

    it is very good and helpful. thank you so much

    Reply
  9. Gashaw yismaw says

    May 10, 2019 at 3:16 pm

    IT’S short, clear and brief description

    Reply
  10. bakar says

    May 29, 2019 at 7:27 pm

    This is really good for the last minute preparations really thank you

    Reply
    • Evalyn Akinyi says

      March 9, 2021 at 2:42 pm

      It’s short and precise..very helpful to meπŸ€—πŸ€—

      Reply
  11. R@nj@n says

    July 11, 2019 at 10:31 am

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    Reply
  12. winnie imujaro says

    July 18, 2019 at 7:19 pm

    It has helped me so much, thank you

    Reply
  13. Olabosi says

    August 4, 2019 at 4:01 pm

    Thanks a lot. It is useful as a last minute reading.

    Reply
  14. vangara harshit says

    August 6, 2019 at 9:26 pm

    Excellent

    Reply
  15. Bidali Robert says

    September 8, 2019 at 8:39 am

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    Reply
  16. Musab Malik says

    September 19, 2019 at 9:46 pm

    Wow, it has helped me finish my assignment,
    Thank You so Much

    Reply
  17. belz says

    November 5, 2019 at 2:08 pm

    Well, it has been well explained and its easy to understand…at least the idea has been so clear as far as management is concerned

    Reply
  18. Sudip Bagchi says

    November 5, 2019 at 2:40 pm

    Yes, it is very helpful. It covers all the necessary aspects of management in and simple way. Very nice for the beginners. It made me concept clear. Thanks

    Reply
    • Surbhi S says

      November 6, 2019 at 9:42 am

      Many thanks to all the readers for your kind words, it means a lot to us. Keep Reading. πŸ™‚

      Reply
  19. Adu Kese Alexander says

    November 7, 2019 at 12:39 am

    1. what is management under teaching method.

    2. function of management that the teacher may be engaged in when carrying out his responsibilities.

    PLEASE AM TO SUBMIT IT NEXT MORNING.

    Reply
  20. Daglous says

    December 4, 2019 at 12:03 am

    Thanks its real helpful for my final readings.

    Reply
  21. realesson says

    December 26, 2019 at 11:18 pm

    Great website! Nice Info….

    Reply
  22. Md Redoy Hossain says

    January 30, 2020 at 9:44 pm

    As a student of Management Subject. I really appreciate you. Informative and very easily elaborate, thanks for sharing…

    Reply
  23. nawodh says

    February 2, 2020 at 5:56 pm

    very use ful content

    Reply
  24. Aakriti says

    February 3, 2020 at 8:00 am

    Thanks a lot

    Reply
  25. Saheed afolabi says

    February 11, 2020 at 3:33 pm

    Thank for making us know more about management

    Reply
  26. Farooq says

    February 13, 2020 at 5:52 pm

    Described in a very beautiful way. Very well done.

    Reply
  27. Mutagubya Ma-awiya says

    February 23, 2020 at 5:01 pm

    I like the analysis

    Reply
  28. Rana Ahsan Saleem says

    February 25, 2020 at 8:17 pm

    Elaborated in very simple and concise way. πŸ‘

    Reply
  29. abiti francis says

    March 13, 2020 at 4:16 pm

    it is so great and have liked the way the work is organised and summarised.thank you

    Reply
  30. Student says

    March 19, 2020 at 5:03 pm

    how to cite?

    Reply
    • Surbhi S says

      June 3, 2020 at 10:38 am

      “Management” Businessjargons.com. 3 Jun 2020. < https://businessjargons.com/management.html >

      Reply
  31. samim says

    May 21, 2020 at 8:55 pm

    Thanks for blogging. This blog is helpful for me…

    Reply
  32. Pallavi says

    May 23, 2020 at 10:26 pm

    this article is very much helpful. may i know who posted this article and when?

    Reply
    • Surbhi S says

      May 25, 2020 at 11:45 am

      The article is written by Surbhi S. on 9 June 2018

      Reply
  33. Yashim Isaac Ibrahim says

    May 24, 2020 at 7:58 pm

    quite resourceful. Many Thanks

    Reply
  34. Linda says

    May 29, 2020 at 12:42 am

    Well explained so how do I reference this article in my assignment Harvard style ?

    Reply
  35. Sagar Kumar says

    June 1, 2020 at 7:46 pm

    Great Job Thanks for the information

    Reply
  36. kiran Shyamnani says

    June 4, 2020 at 9:50 pm

    great content, you explained management concept so well.
    Definitely going to read your recent posts

    Reply
  37. shraddha says

    June 11, 2020 at 7:06 pm

    perfect and precise

    Reply
  38. AHMED D SALIHU says

    September 7, 2020 at 10:11 pm

    Honestly I give kudos to the writer meah. Keep it up

    Reply
  39. Nnenna Chioma Samuel says

    September 21, 2020 at 11:44 pm

    Straight to the point. It’s very helpful. Thanks

    Reply
  40. Abeullahi Safiyan says

    October 30, 2020 at 4:47 pm

    Its so helpful for making paper nice one

    Reply
  41. MD DANISH says

    November 6, 2020 at 3:16 pm

    This article is very useful for me 😊😊😊😊

    Reply
  42. Aadhishwaran says

    November 16, 2020 at 7:40 pm

    It’s very useful and helpful…. Thank you so much

    Reply
  43. Syeda says

    November 18, 2020 at 11:19 pm

    Helped alot in preparing for exams..thank you..

    Reply
  44. Akron Precious says

    November 26, 2020 at 8:50 am

    I love this, it’s a superb work. It sure was of a great help to me

    Reply
  45. Omojola says

    January 26, 2021 at 10:22 pm

    Very nice contributions. Please who is the author? I need this for easy referencing.

    Reply
    • Surbhi S says

      January 28, 2021 at 9:55 am

      The author of this article is Surbhi S.

      Reply
  46. silashi says

    February 17, 2021 at 7:21 pm

    it is a knowledgable post

    Reply
  47. sumit says

    March 7, 2021 at 11:10 am

    Very helpful article about management

    Reply
  48. Evalyn Akinyi says

    March 9, 2021 at 2:45 pm

    It’s precise and understandable. Thanks

    Reply
  49. Origa Kezekia says

    March 13, 2021 at 8:50 pm

    Thanks for making us understand management in a wider base, it has helped the multitude of people to Know more as far as business is concerned.

    Reply
  50. Kikile says

    March 25, 2021 at 1:49 am

    Splendidly.

    Reply
  51. Jameson says

    May 21, 2021 at 8:28 pm

    Very good article.

    Reply
  52. Victor says

    September 14, 2021 at 9:22 pm

    Very helpful and easy to understand

    Reply
  53. Ashraf Shaikh says

    October 8, 2021 at 10:49 am

    Easy understand and remember…
    Thank a lot to author.

    Reply
  54. Abdul Aziz says

    November 10, 2021 at 2:23 am

    Thank you so much!
    it’s Very helpful

    Reply
  55. Temmie_says says

    December 19, 2021 at 10:47 pm

    This article is really loaded…nice content

    Reply
  56. owen silas says

    April 1, 2022 at 6:31 am

    When was this article published

    Reply
  57. CLETUS ONYEMACHI says

    April 19, 2022 at 12:56 am

    Well defined, easy to understand.

    Reply
  58. Tegene Admasu says

    April 21, 2022 at 5:43 pm

    Nice

    Reply

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