Fundamentals of Management: Introduction and Concepts
FOM: Introduction and Concept
Management is the science and art - of bringing people together to achieve desired goals and objectives by coordinating and efficiently utilizing all available resources. It involves a continuous process of activities such as planning, organizing, leading, and controlling to reach organizational goals.
Management encompasses various tasks aimed at achieving objectives through continuous activities like planning, organizing, leading, and controlling. It integrates human, financial, physical, and informational resources effectively and efficiently.
The term ‘management’- has multiple interpretations. It can refer to the process of planning, organizing, staffing, directing, coordinating, and controlling. It may also describe the function of managing people or be seen as a body of knowledge, practice, and discipline. Some view management as a leadership technique and decision-making process, while others consider it an economic resource, a factor of production, or a system of authority.
⭐ Definitions
Various definitions of management are discussed as follows:
→Art of Getting Things Done
Mary Parker Follett
"Management is the art of getting things done through others." Follett describes management as the art of directing others' activities to achieve enterprise goals, emphasizing the manager's role in directing functions.
Harold Koontz
"Management is the art of getting things done through and with people in formally organized groups." Koontz highlights that management involves achieving work through the cooperation of people within an organization.
J.D. Mooney and A.C. Railey
"Management is the art of directing and inspiring people." Mooney and Railey stress that management includes not only directing but also motivating people in the organization to perform their best to achieve objectives.
→Management as a Process
Management is seen as a process because it involves a series of functions performed by managers to efficiently use material and human resources to achieve objectives. These functions include planning, organizing, staffing, directing, coordinating, and controlling.
Henry Fayol
"To manage is to forecast and plan, to organize, to command, to co-ordinate, and to control." Fayol described management as a process comprising five functions: planning, organizing, commanding, coordinating, and controlling. Modern authors often exclude coordination as a separate function.
George R. Terry
"Management is a distinct process consisting of activities of planning, organizing, actuating, and controlling, performed to determine and accomplish stated objectives with the use of human beings and other resources." Terry identified four core functions, although modern classifications typically recognize five functions.
→Art and Science of Decision-Making and Leadership
Decision-making and leadership are crucial elements of management. Managers make numerous decisions daily to ensure the smooth operation of an enterprise and provide leadership to motivate subordinates.
Donald J. Clough
"Management is the art and science of decision-making and leadership." Clough sees management as making decisions and leading effectively, impacting performance and motivating subordinates.
Rose Moore
"Management means decision-making." Moore underscores decision-making's importance, though it isn't the only function.
Stanley Vance
"Management is the process of decision-making and control over human actions to attain goals." Vance highlights decision-making and controlling actions to achieve objectives.
→Management as a Group of Managers
Management often refers to a group of managerial personnel responsible for overseeing an enterprise's operations. When we say a company's management is efficient, we mean the group of managers handling the enterprise's functions. This group, known as the "body of managerial personnel," performs functions like planning, organizing, staffing, directing, and controlling.
Key Points:
- Managerial Functions: Managers collectively perform planning, organizing, staffing, directing, and controlling.
- Top Management: The term "management" usually refers to top management, which focuses on setting objectives, strategic planning, policy formulation, and overall control of the organization.