Eleven Essential Features of Management
Starting a business on a small scale, you should know about the ethics of running a Business. The eleven Essential features of Management will help you in learning for how to start a small business from scratch and how to run it.
As rightly explained by Peter Drucker, “Without Institution, there is no management. But without Management there is no Institution,” it is clear that Management becomes the specific organ of performance and survival of the institutions.
For starting a business, you should know the Fundamentals of Mangement. To learn about it, you should know the features of management for following the laws and learn ethics for starting a business.
ELEVEN FEATURES OF MANAGEMENT
- Management is art as well as science
- management is Goal Oriented
- Management is a Continuous Process
- Management is The Factor of Production
- Management is Purposeful activity
- Management is Diciplineoriented
- Management is a dynamic Function
- Management is Intangible Force.
- Management is Group Activity
- Management is always MultiDimenta=ial.
Management is a Goal-oriented Process
Every Company is established to get objective. Every business enterprise has different goals depending on the nature of the organization. For example, the goal of a newly established school may be to enroll at least 100 students every year while the goal of a company may be to sell 200 units of its product daily.
The duties of a manager are planning, organizing, directing, staffing and handling helps in achieving these goals. The success of management is also measured by the extent to which the established objectives are achieved. Thus, these composite functions of management are separately performed by all managers all the time simultaneously to realize organizational goals.
Management is all Universal or Pervasive
it does not matter what type of your company is, wheather is commercial or non-commercial, it would have required the management team to f=run and make it in operation. All those activities taking place in management operations are applicable to every organization. i.e Social, economic, touristic, eCommerce, religious or Political.
Management is a Universal Phenomenon.
for example, if you have a Football team, so it would have been managed the same as it is in the UK or Europe. it will have the same managers’ activities as happening in any other football club. so we called management as a Universal one.
Management is a Distinct Entity
Management is distinct from its operational activities. The operations are titled for “to do” but the management is titled with “how to get things done”. A manager requires some amount of skill and knowledge to get work done.
Management Aims at Maximising Profit:
The available resources are properly consumed to get targeted products. The products should be the maximizing profit or increasing profit by the economic function of a manager.
Management is an Art of Decision-Making
There are a number of decisions taken by management every day. Decision making arises only when there is the availability of alternative ways of performing an action. If there is only one way of action, the need for decision-making does not arise.
The quality of the decision taken by the manager highlights the performance of your organization. The success or failure of an organization depends upon the degree of the right decision taken by the manager.
FEATURES OF PROJECT MANAGEMENT
Management is a Profession:
Management is a profession because you manage all the tasks by yourself. A fund of knowledge is imparted and transferred in this profession and the same is followed by management.
Feature # 14. Universal Application:
The features, Laws, and Ethics of management are applicable not to any particular industry alone but applicable to every type of industry. The practice of management is different from one organization to another according to their nature.
Management is Getting Thing Done:
Here the manager does not actually perform the work but he gets things done by others. According to Koontz and O’Donnel, “management is the art of getting things done through and with people in formally organized groups.”
Management as a Class or a Team:
A class is defined as a group of a community consisting of homogenous characteristics to achieve common collective and objectives. Engineers and doctors are grouped as a class in society. Each engineer has the same objective in life. Just like engineers, managers have also some common duties and objectives for running their organization. they are acquired with some quality skills and quality leadership skills.
Management as a Career:
Nowadays, management is developed as a career focused on certain specialization. Financial Management, Cash Management, Portfolio Management, Marketing Management, Personnel Management, Industrial Management, and Business Management are some of the specializations of management. Specialists are selected for the top management to run the company
Direction and Control
A manager has the power to choose his subordinates in the performance of a work and control them. If the available resources are not utilized properly by him, he fails to achieve the corporate objectives in the absence of direction and control. Generally, the direction and control deal with the activities of human effort.
Management is Dynamic:
The management is not static. In the fast-developing business world, new techniques are developed and adopted by the management. Management is changed according to social change. Social change is the result of the changing business world.
Management is Needed at All Levels:
The functions of management are common to all levels of the organization. The top executives perform the functions of planning, organizing, directing, controlling and decision making. The same functions are also performed by the lower-level supervisor.
Management is Leadership Quality:
Leadership quality is developed in the persons who are working in top-level management.
According to R.C. Davis,
“Management is the function of executive leadership everywhere.
Management is a Social Process:
Management is known as a social process due to the presence of interpersonal relations. The human factor is the most important factor in management. because; it is governed by social values, culture, and beliefs. It is a function that not only transforms the society but also preserves the society and promotes its interest in future.