What is management | importance of management

Hello, welcome to edify educational society. In today's blog, we'll are be discussing what is management.

what is management

So, let's first start by defining management?

Real definition or the more practical definition is that - “Management is that the process of coming up with, organizing, directing and controlling activities of and using resources of a company for accomplishing the organizational goals efficiently and effectively in an ever-changing environment.”

Now this definition takes into consideration the various functions. Like - planning, organizing, directing, controlling. We even have functions like - reporting, coordinating. So, of these are important functions which are taken into consideration during this definition.

It also talks about the organization utilizing its resources efficiently and effectively. that optimally utilizes the resources. And it also talks about the ever-changing environment during which the organization functions. Which is that the internal environment and also the external environment.

The internal environment is essentially your customers, your employees, your suppliers, competitors which basically directly affect your organization all of your stakeholders. And your external environment is your pestle, that's political, economic, social-cultural, technological, ecological and legal environment. Which indirectly affects the organization.

So, it's important to know that, of these changes or of these environments affect you're the organization directly or indirectly.

So, this can be a more practical definition.

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5M

Now another important concept of management is that the 5M. So what is this 5M? Let's just understand and the way are important.

So, the primary thing is that the first M is the methods. Now it's vital. after you are managing things that you just know the correct method of doing the thing. If you are doing not know the correct methods of doing things, then you may not be able to manage things properly.

You also require 2nd M is material. which we've already talked about. that's the optimal utilization of material (fabric). the most effective possible way during which the material or fabric or the resources has to be managed.

The third M of Management is that the machinery or the tools with which the management has to be performed. So, machinery or tools are required for the correct working of the organization.

4th M is money, now without the resource’s financial resources or money one organization cannot really function. And

The fifth and really important function is the man. So, without manpower organization can’t function.

So, this can be an important M within the five M's.

now allow us to understand

The concepts of Management

first concepts

The first very broadly discussed or debatable concept is-

Whether management may be an art or it's science; well ideally management is a combination of both art and science. How science? Because science basically talks about principles. It talks about theories. So, an individual he or she has to have knowledge of the management principles. they have to possess that exact knowledge of the way to apply those theories. And what are the various theories and principles? So, that's a science aspect.

Now, what's the art aspect? the abilities of the way to apply the knowledge? or How the knowledge is often utilized is the art aspect of the management.

So, management is essentially a mix of art. the way to apply that knowledge or the way to apply these principles within the organization that's basically art.

second concept

The second concept or nature is that - Management may be a multidisciplinary discipline. which suggests that management itself isn't discipline. But it's evolved or the theories have come from different disciplines or different other subjects and fields. So, its theories principles and ideas they're all founded upon other disciplines.

Now, what are these different disciplines? These disciplines are – financial matters, sociology, psychology, mathematics, information technology, data innovation. So, of these have basically contributed to the science and art of management or to the various theories and principles and ideas of management.

So, it may be a multidisciplinary discipline.

third concept

The third concept or nature is that- Management is in intangible. Intangible stands for something which can not be seen, but which can not be touched. But it can always be felt.

So, management can always be felt. Its existence you'll feel it. So, if something is mismanaged if the organization is mismanaged. you'll definitely figure out that the organization is mismanaged. And it's not working properly. So, it can always be felt, but you can not see it otherwise you can touch management. So, it's an intangible thing.

fourth nature

The fourth nature is that management is - pervasive the least bit levels. Pervasive stands for something, that's existent or which exists the least bit the amount. So, whether you discuss the highest level, you discuss the centre level, or the supervisory level, all the least bit level’s managerial functions and activities. they have to be performed everybody has got to do all the management activities at some level or at some amount.

fifth nature

Now the fifth nature of the concept of management is that - it's an environment-oriented activity. As we've already discussed, that management or an organization's management cannot add a closed system. That is, management cannot work as a private system, without interacting with the environment. management to be an open system. Every organization has got to be an open system. it's to interact with its environment. the inner environment yet because of the external environment. And it's said that the external environment which may be a pestle, political, ecological, economic, social, cultural, technological and legal environment.

It affects the organization to an excellent extent. and therefore the organization does not extremely have and direct management over these factors. however, the inner setting will be managed and therefore the organization got to manage its internal setting. as a result of which will be directly influenced or will be directly controlled by the organization. So, within the internal setting, we have a tendency to embody all the factors like- our suppliers, competitors, customers and every one the stakeholders.

sixth concept

The sixth idea or nature is that- management is optimally utilizing the resources. currently the word optimum stands for the simplest potential manner of victimization the resources of utilizing the resources. we have a tendency to cannot use the resources within the most absolute best manner or most manner. however, we will undoubtedly use it within the absolute best manner or the optimum or the best manner.

Physical monetary and every one the informational resources of the organization, they need to be optimally used that correct management.

Importance of management

First of all, as we have a tendency to mentioned earlier management is needed for the effective utilization of resources or for best utilization of the latest resources. Secondly, together with optimally utilizing resources, it's conjointly vital to develop new resources. So, that we have a tendency to aren't behind of all the resources or we have a tendency to don't lack the resources that area unit necessary for the organization.

second Importance

Now management is also the part in or in which we have to unbodied innovation. So, it is also important, because we need to incorporate innovations. Management is also important for better coordination among various departments. If we are we do not have proper management then the management different between different departments like- HR department, the finance department, the marketing departments, operations department so all these are different departments they do not have the coordination. Then the fifth importance of Management is that - it provides a sense of security and oneness to its employees. So, if the organization is mismanaged the employees will not feel secure or they will not feel happy working in the organization. So, it is very important that the institution is managed.

finally Importance

And finally, management is also important so that all the tasks are fulfilled in the stipulated time framework or in the given time frame. It is very important to finish the task in a possible time frame. So, all the resources are properly used.

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