CONCEPT OF MANAGEMENT IN BUSINESS

concept of management in business

The concept of management is as old as man, as Peter F. Drucker rightly quoted. It has become very vital the role management plays in a business, no matter the idea behind the business or the vision that drives it, we can not rule out how phenomenal management and decision making could be to a business. The powerhouse of any business lies in the concept of management it chooses to adopt, and most key strategic decisions are made by the management too. Management is usually held to account when the business is successful or failing.
The concept of management is beyond policymaking, it’s encompassing in its objectives and responsibilities. They could also be risk-takers in the case of a sole proprietorship, however, For any business venture to fully succeed it must have an efficient and effective management mechanism in place.

Management as a Process

Because it involves a variety of functions, some authors consider management to be a process. Management encompasses all of the tasks that a manager is responsible for. Management encompasses a variety of responsibilities carried out by managers in order to make the most efficient use of existing material. Human resources in order to achieve the desired goals. Thus, management encompasses the responsibilities of planning, organizing, staffing, directing, co-coordinating, and controlling.

#1. Henry Fayol

“Managing entails forecasting and planning, organizing, commanding, coordinating, and controlling.” Management, according to Fayol, is a five-step process that includes planning, organizing, commanding, coordinating, and controlling. Modern authors, on the other hand, do not consider coordination to be a distinct managerial role.

#2. George R. Terry

“Management is a discrete process that consists of operations such as planning, organizing, actuating, and controlling, all of which are carried out to identify and achieve stated objectives using human beings and other resources.” Despite the fact that Terry identified four functions as being part of the management process. Managerial functions are divided into five categories.

#3. James L. Lundy

“The task of management is primarily to organize, coordinate, motivate, and control the work of others toward a certain goal.” Lundy has also outlined some of the tasks that management must complete in order to achieve corporate objectives.

#4. Louis Allen

“A manager’s job is to manage.” This is a wide definition that connects all of the manager’s operations to the concept of management. Management encompasses all of a manager’s responsibilities. The definitions above relate management to the tasks that must be completed in order to run a firm. There may be differences in what functions management is expected to perform. But functions such as planning, organizing, staffing, directing, and controlling are all part of the management process.

These functions are constantly in demand. When the last function is finished, the first function begins again. Management functions are interrelated and intertwined. A manager must perform multiple functions at the same time in order to achieve the goals.

ROLES OF MANAGEMENT IN BUSINESS.

1. DECISION MAKING:

The decision to carry on a business venture lies in the grip of management. Decisions as to how the business will be run, the corporate structure and governance, and all other decisions that will lead to the achievement of the overall set objectives. Decisions making could be herculean because it makes or mars the success of the business. But having the necessary skills and expertise to make an informed judgment and set big but achievable goals make it less difficult.

2.PLANNING:

Having made decisions, planning is key to the roles of managers and management. Planning on how the decisions will be implemented and achieved, planning is setting goals, assigning tasks, making projections. Corporate objectives are normally formulated by members of the board of directors and handed down to senior managers. It is important that senior managers in an organization understand clearly where their company is going. Why and how their own role contributes to the attainment of corporate objectives.

3.CONTROLLING:

This is a process of assigning a task, (though there are tasks leaders should never delegate), following up on work processes. Assessing the level of work done, it also involves putting up mechanisms to properly monitor the work done. Control also means putting in checks to make sure the goal is met, control is used to direct subordinates. Make sure they are in tune with the overall process, it is a very essential role of management.

Related: Time management strategies that will grow your business

4. EVALUATION:

This involves assessing the work done to see if it was able to yield the results for which it was set. An evaluation also helps to show if the method used was rewarding. It is not a fault-finding responsibility but rather a corrective measure to ensure work is done properly. In tune with the organization’s set objectives. Evaluation should be done to check if the methods used were effective and efficient enough and also to provide solutions where need be.

5. APPRAISAL:

This should be done occasionally to help reward the effort of individuals who have worked hard to achieve the goals set. It also involves correcting any wrong actions. It helps to show that the efforts of subordinates are observed and rewarded.

6. CONCEPT OF MANAGEMENT IN COMMUNICATION:

A good concept of Management must put in place proper communication flow and feedback process to ensure that the right information is passed and received. Communication is very key to management roles and decisions and as such should make should properly channels are created. There shouldn’t be any conflict of interest between management and subordinates and good rapport should be maintained always. Everyone wants to be heard and carried along and so there must be a medium of expression.

Having considered some of the roles of management, it is okay to conclude that. They are very important to every organization, without management, especially effective and proper management, a business would fail. There will be a lack of direction and purpose, everyone becomes the boss and does whatever he/she likes.

Management should be properly informed about the business and should be able to employ capable hands to carry on jobs and tasks. Also, management should instill the corporate culture in the mind of every individual in the organization. Good communication is very key to management roles and success. Management should be VISIONARY and GOAL DRIVEN.

FAQs

What are the 3 management concepts?

The chart of “The Management Process,” begins with the three basic elements with which a manager deals: ideas, things, and people..

How many concepts of management are there?

Secondly, it states four management activities: Planning, organizing, actuating, and controlling.

What is the best concept of management?

The process of doing things with the goal of reaching goals effectively and efficiently can be defined as management.

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