what is management

what is management ?

Management focuses on the entire organization from both a short and a long-term perspective. Management is the managerial process of forming a strategic vision, setting objectives, crafting a strategy and then implementing and executing the strategy.

Management goes beyond the organization’s internal operations to include the industry and the general environment. The key emphasis is on issues related to environmental scanning and industry analysis, appraisal of current and future competitors, assessment of core competencies, strategic control and the effective allocation of organizational resources.

In general terms, there are two approaches to management:

-The Industrial Organization Approach: This approach is based on economic theory which deals with issues like competitive rivalry, resource allocation, economies of scale. This approach to management assumes rationality, self interested behavior, profit maximization.

- The Sociological Approach: This approach deals primarily with human interactions. It assumes rationality, satisfying behavior, profit sub-optimality.

Management theories can also be divided into two sets. One is the set that concentrates mainly on efficiency and another is the set that concentrates mainly on effectiveness. Efficiency is about doing things the right way. It involves eliminating waste and optimizing processes. Effectiveness is about doing the right things.

A good management style is a blend of both efficiency and effectiveness. There is no point in acting efficiently if what you are doing will not have the desired effect.

Management techniques can be viewed as either bottom-up, top-down, or collaborative processes.

In India, largely the top down approach is popular. In the top-down approach, the management makes the decisions, which the employees have no choice but to accept. On the other hand, in the bottom-up approach, employees submit proposals to their managers who, in turn, funnel the best ideas further up the organization. However the bottom up approach is not a very popular approach in India as most of the Indian businesses are family run businesses.
~ Category editor Sakina Kadiwala. copyright data indianchild.com

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