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Definition of Management
There is no such hard and fast rule of management as because this subject comprises several aspects from various field of study. While we make an attempt to judge the definition of Management, it can be said that Management constitutes controlling and directing a group of one or more people or various entities for the purpose of harmonizing and coordinating them towards carrying out a particular goal.
Management is such a versatile subject which comprehends the preparation and manipulation of financial resources, technological resources, human resources and natural resources. Those people who are ready to perform the acts of management, management can also refer to those people. The verb manage has originated from the Italian word maneggiare which means to handle or manage something. Later on this term came into origination and started to be frequently used from the Latin word manus which means actually hand. The French word mesnagement or mйnagement contributed to a great extent to the development in meaning of the English word management in the 17th and 18th centuries.
According to the definition of management there are several levels of management, which include:
Top level management
Middle level management
Lower management
In all these cases certain facts are very important and common. Those are as follows:
they must understand that their decision will be followed on a long term basis
managers have to be very aware about the various external factors including the market too
they have to be well equipped in both decision making and execution of those decisions
managers must possess an extensive knowledge of management skills and roles
While we go for the tracing the history of management, several difficulties arises. Some people see it as an ultimate exposition of the conceptualization of all those knowledge and subjects. The others school of thought identifies the management-like activities in the pre-modern past. Some scholars have traced the development of the stream of management among the Sumerian traders and to the builders of the pyramids of ancient Egypt. Among the ancient civilizations, there were scale of most commercial operations and there we also the instance of the lack of mechanized record-keeping and recording in the pre industrial revolution era. Thats why several owners of enterprises in those times started to continue with management functions by and for themselves.
In the profit making organization, management plays a primary function for the satisfaction of a range of stakeholders. This strategic approach typically involves a scope for profit making for the shareholders, and for the customers, they are creating valued products at a quite reasonable cost, and if any individual is able to provide satisfactory amount of profit maximization or can open up new opportunities for spreading business, then there are enough scope for rewarding employment opportunities for employees. In case of the nonprofit management organizations, there is the importance of keeping the faith of donors. In most of the forms of management or governance, share holders opt for the board of directors and the board then hires senior management officials. Some organizations have experimented with other various other management methods of selecting or reviewing managers; but process is quite rare.
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