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What Does the Term Management Mean?

It is a process of making choices and decisions about how to allocate scarce resources to accomplish desired goals. These decisions are made in the context of a firm's current state and future situation. In making these decisions, managers must also take into consideration factors that include the current environment, competitive conditions, technological change, and the prospects of the organization. It is essential to be efficient in management because this will prevent the loss of manpower. It helps workers to be more efficient in their work and be able to cope with time constraints and pressures.

Characteristics of Management

Management is a social science that is concerned with designing, coordinating, controlling, and achieving effective and efficient results for an organization. Some fundamental characteristics are as follows:

  • Multidimensional
  • The manager is the person who makes sure that the organization is run smoothly and efficiently. The manager may use various methods to do this. For example, the manager may use the following methods if they want to ensure that the organization is run smoothly and efficiently. We are living in a world of increasing complexity and accelerating change. We need to be able to apply our knowledge to new and diverse situations.
  • Dynamic
  • It is important to consider the dynamics of a project when deciding to outsource. The outsourcing of project management activities is a common practice in the Information Technology (IT) industry. The practice of outsourcing project management has been identified as one of the reasons for the decline in the quality of IT projects in the UK in recent years. Management of the business needs to improve to survive; the company should learn how to change its business to adapt to the market.
  • Intangible
  • The concept of management is not a tangible product, but its presence can change the way an organization functions. Management is the process of getting things done and having people who know how to do that. It can be a very rewarding and satisfying career. The rise of new forms of management has seen the application of a new set of practices and ideas, which are usually seen as incompatible with the ideas and practices of the past. One of the most important aspects of these ideas and practices is the notion of 'management'. While the core of these ideas is not particularly novel, the way they are applied and their reach has significantly changed in the past few decades.

Management Objectives

The company should take care of the interest of all the stakeholders, including employees, customers, and the government. The three general organizational objectives for any company are as follows:

  • Survival
    It is important to ensure that the organization can cover the costs of its operations.
  • Profit
    There are a lot of challenges that come with running a business, from the front office to accounting to the manufacturing. A business needs to be profitable to be able to cover all the costs it takes to run.
  • Growth
    The growth of a business can be measured in terms of an increase in sales volumes, workforce, and capital investment.

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