Management and it’s Functions
What is Management?
A set of activities
–planning and decision making, organizing, leading, and controlling
directed at an organization’s resources
–human, financial, physical, and information
with the aim of achieving organizational goals in an efficient and effective manner.
Management in Organizations
Basic managerial activities include planning and decision making, organizing. leading, and controlling. Managers engage in these activities to combine human, ﬁnancial, physical, and information resources efficiently and effectively and to work toward achieving the goals of the organization.
The Basic Purpose of Management
Using resources wisely and in a cost-effective way
Making the right decisions and successfully implementing them
The Management Process
Management involves four basic activities—planning and decision making, organizing, leading, and controlling. Although there is a basic logic for describing these activities in this sequence (as indicated by the solid arrows), most managers engage in more than one activity at a time and often move back and forth between the activities in unpredictable ways (as shown by the dotted arrows).al
Planning and Decision Making:
Determining Courses of Action
Coordinating Activities and Resources
Motivating and Managing People
Monitoring and Evaluating Activities
Why Study Management?
Value of Studying Management
i) The universality of management
Good management is needed in all organizations.
ii) The reality of work
Employees either manage or are managed.
iii) Rewards and challenges of being a manager
Management offers challenging, exciting and creative opportunities for meaningful and fulfilling work.
Successful managers receive significant monetary rewards for their efforts.
Management: Science or Art?
The Science of Management
Assumes that problems can be approached using rational, logical, objective, and systematic ways.
Requires the use of technical, diagnostic, and decision-making skills and techniques to solve problems.
Art of Management
Making decisions and solving problems using a blend of intuition, experience, instinct, and personal insights.
Using conceptual, communication, interpersonal, and time-management skills to accomplish the tasks associated with managerial activities.