Management
Management in businesses and
organizations is the function that coordinates
the efforts of people to accomplish goals and objectives
by using available resources efficiently and effectively.
Management includes planning, organizing,
staffing, leading or directing, and controlling an
organization to accomplish the goal or target. Resourcing
encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources. Management is also an academic discipline,
a social science whose objective is to study social
organization.
Etymology
The
English verb
"manage" comes from the Italian managerial (to handle, especially
tools), which derives from the two Latin words menus (hand)
and agree (to act).
The
French word for housekeeping, menagerie, derived from ménager
("to keep house"; compare menage for "household"),
also encompasses taking care of domestic animals. The French word management
(or management) influenced the semantic development of the English word management
in the 17th and 18th centuries.
Note
that Menagerie is the French translation of Xenophon's famous book Socioeconomic (Greek: Οἰκονομικός) on household matters and husbandry.
While
the Italian word managerial
refers to subaltern responsibilities, the modern Italian language would
characterize the work of an executive as gesture.
Definitions
Views
on the definition and scope of management include:
- According to Henri Payola, "to manage is to forecast and to plan, to organize, to command, to co-ordinate and to control."
- Edmund Malik defines it as "the transformation of resources into utility."
- Management included as one of
the factors of production - along with machines, materials and money
Landslides
defines it as “a vulnerable force, under pressure to achieve results and
endowed with the triple power of constraint, imitation and imagination,
operating on subjective, interpersonal, institutional and environmental
levels”.
- Peter Drunker (1909–2005) saw the basic task
of a management as twofold: marketing and innovation. Nevertheless, innovation is also
linked to
marketing
(product innovation is a central strategic marketing issue). Peter Drunker
identifies marketing as a key essence for business success, but management
and marketing are generally understood as two different
branches of business administration knowledge.
- Andreas Karlan specifically defines European Management as a cross-cultural, societal management approach based on interdisciplinary principles.
- Directors and managers should have the authority and responsibility to make decisions to direct an enterprise when given the authority.
- As a discipline, management comprises the interlocking functions of formulating corporate policy and organizing, planning, controlling, and directing a firm's resources to achieve a policy's objectives
- The size of management can range from one person in a small firm to hundreds or thousands of managers in multinational companies.
- In large firms, the board of directors formulates the policy that the chief executive officer implements.
