Management - Meaning and features

One of the term which was discussed in the every area of expertise is management, but it is one of the critical element for the success of a business organisation. In this article we are trying to understand the typical features of management.

Management means the people who are in charge of running a business

Is the direction and control of strategies, teams, resources, processes and projects.

Important management functions are

Strategy – Developing proper plans to achieve goals of the organisation with due consideration to resources, social, economic and political environments.

Direction- is the process in which the managers instruct, guide and oversee the performance of the workers to achieve predetermined goals. It is the total of managerial efforts which takes the organisation towards the predetermined goals. It also can be said as the art which motivates people to covert the resources into productive outputs by influencing, guiding, supervising, motivating.

Target or goal setting – goals should be specific enough to answer who , what , when , where and how the organisation is expected to grow. A goal is a challenge to achieve to the organisation which is divided between groups and persons. So it is the art of development of an action plan which will motivate the organisation and its resources to march. It is followed with performance management. Performance management is not performance appraisal.

Performance management is the continuous process of improving performance by setting individual and team goals which are aligned to the strategic goals of the organisation planning performance to achieve the goals, reviewing and assessing progress, and improving the abilities of the people. It includes, planning, acting and reviewing of each action and its results.

Performance management is continued with proper internal control system.

Leadership- It can be rightly said as the ability or capacity of the management to set, drive and achieve challenging goals, take timely and decisive decisions and actions which can outperform competition, inturn inspire entire workforce to achieve their targets.

Resourcing- Resource is not just raw material, it also includes having right manpower at the work and getting new workforce when needed. Attrition rate need to be controlled and employees need to be with the organisation for long term. Proper induction and training plans are inevitable for proper growth with team culture.

Operations with productivity and efficiency - One the most important task of the management is to monitoring, measuring and improving productivity of the organisation efficiently and effectively.

Stakeholder management- Stakeholder management is the process by which the organisation organise, monitor and improve the relation which stakeholder. Stakeholders include customers, employees, investor, suppliers and vendors, communities and governments. Proper communication with stakeholders are also very important which should be timely and effectively.

Influencing - Management also need to developing proper influence within the organisation as a means of achieving its goals.

Financial Management- One of the key aspect of management in proper financial management. Tools like budgeting, forecasts, estimates, plans etc will be used in financial management. It supported with management accounting which will prepare parameters for business analysis internally and externally.

Quality and Benchmarking - For the long term growth of the organisation delivering quality of work is necessary. Management should ensure that there are no compromises on quality of products, services and processes.

Business Analysis and Reporting – Timely collecting, analysing and reporting of internal and external business data is very important for the management to take decisions timely. Any error or wrong collection of data can be fatal to the growth of the organisation.

Decision making – One of the most important function of the management is proper decision making, Proper and timely decision making is crucial and also timely implementation is very important.

Risk Management, Issue management and Knowledge management – These are serious areas of management. Risk and issue are like severe diseases for an organisation, if not properly handled properly it can create problems. Knowledge management is another area as regards copyright management, trademark protection, brand protection etc also very vital for the growth of the organisation.

As above mentioned are typical features of management, and , it can be different and more deep for different types of organisations.