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Why management is important? Emerging challenges for management. Functions and Principles of Management

Why management is important? Emerging challenges for management. Functions and Principles of Management 




An organization relies upon group effort to achieve a predetermined goal. And whenever two or more people are required to work together, management is necessary.

The importance of management are:
  1. Accomplish goals
  2. Make better decisions
  3. Earn more profit
  4. Encourage initiative
  5. Improve corporative image
  6. Motives employees
  7. Encourage innovation
  8. Facilitates growth and expansions
  9. Improve life of workers
  10. Improve relations
  11. Reduce wastage
  12. Optimum use of resources

Emerging challenges for management

  1. Globalization
  2. Technology
  3. Social responsibility
  4. Change management
  5. Cultural diversity
  6. Empowerment
  7. Quality assurance and productivity
  8. Human resource management
  9. Organizational design
  10. Leasing organization
  11. Development of environmentalism

Principle of Management

  1. Division of work
  2. Authority and responsibility
  3. Discipline
  4. Unity of command
  5. Unity of direction/function
  6. Subordination of individual interest
  7. Remuneration
  8. Centralization 
  9. Scalar chain
  10. Line of authority
  11. Order
  12. Equity
  13. Stability of tenure of personal
  14. Initiative
  15. Team spirit
  16. Management by exception
  17. Human resource management

Functions of management 

1. Planning
  • Foundation
  • Setting organizational objectives
  • Forecasting the events
  • Formulating policies and procedures
  • Preparing work schedule and budget
  • Identify all the main issue which need to be addressed
  • Review periodically.
2. Organizing includes
  • Identifying major activities
  • Grouping them into managerial units
  • Delegating necessary authority to fulfill given responsibility

3 Staffing Includes
  • Continuous process
  • Determining the total manpower requirement
  • Recruitment, selection and appointment of right person to right job
  • Organizing seminar, workshop and training to develop employees skill
  • Remunerating employee according to their skill and ability

4 Directing/ Leading

Directing is complex function that includes all those activities which are designed to encourage a subordinate to work effectively and efficiently.

It concerned with interpersonal aspect of managing. It consists of:
  • Motivation
  • Leadership
  • Communication
  • Supervision


5 Controlling includes
  • Setting standards
  • Measuring actual performance
  • Identifying deviation
  • Finding and analyzing deviation
  • Analyzing the cause of deviation
  • Taking corrective action to achieve predetermined goals

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