Nature and purpose of management (06) Flashcards
(10 cards)
SUMMARY
In summary, the following are covered in this topic:
1. Management is the pursuit of organisational goals efficiently and effectively by
integrating the work of people through planning, organising, leading and
controlling the organisation’s resources.
2. Effective management is important to businesses so as to achieve outcomes by
way of managing people effectively.
3. The functions of management include planning, organising, leading and
controlling. The functions are key to management in all levels, from the entry
positions to higher roles of management. Each function – planning, organising,
leading and controlling – are linked to each other.
What is Management?
Management is the pursuit of organisational goals efficiently and effectively by integrating the work of people through planning, organising, leading and controlling the organisation’s resources.
What are the functions of management?
1) Planning
2) Organising
3) Leading
4) Controlling
What is Planning?
Planning means looking ahead and chalking out future courses of action to be followed.
Planning starts with the setting of goals and objectives to be achieved taking into consideration available & prospective human and physical resources of the organization.
Planning includes establishing
the assumptions about the events in future and in doing so, challenges facing the business are thus identified.
If conditions change, plans should be reevaluated and adjusted.
Planning provides the organization a better sense of what it wants to achieve and how it can achieve this.
In effect, planning ensures the proper utilization of the available resources and the ability to understand how these should be used in order to achieve the goal.
What is Organising?
Organising is about using the plan to bring together the physical, financial and other available resources and use them to achieve the organisational goal.
Organising involves arranging tasks, people and other resources to accomplish the work.
Organising thus ensures that
there is a structure to the operations where management is able to determine effective allocation of resources of the business - physical, human and financial resources so as to achieve the objective.
What is Leading?
Leading is about ensuring employees are able to perform the tasks, ensuring productivity is going up.
Leading involves motivating, directing and otherwise influencing people to work hard to achieve the organisation’s goals.
Leading requires managers
to use authority to influence employees, as well as the ability to communicate effectively.
Why is leading important?
Leading has an important role in an organization as it helps strengthen the operational capability of the organization.
It does so by ensuring the different parts of the organization are working better.
Leading is a bridge between the operational needs and the human requirements of its employees.
Management essentially
creates a link between the achievement of objective(s), with the need of keeping employees motivated and interested.
What is Controlling?
This function ensures the other functions are followed correctly and the flow of work is moving the organization towards the objectives set.
Controlling involves monitoring performance, comparing to goals, and taking corrective actions as
needed.
In controlling, managers first establish objectives and goals, set the standards, then measure achievement.
Managers would then identify anything that is keeping the
business from achieving the standards / objectives and provide means of correction if necessary.
It is also important that managers provide positive feedback to
employees when things are going well.
What is the benefit of Controlling?
Controlling’s most important benefit is the risk-reduction ability.
Since manager is involved in monitoring the performance and comparing it against the objectives set, manager is thus able to react to problems faster and hence be able to take corrective actions before it is too late.
REREAD NOTES FOR CHAPTER 6 AS THERE MAY BE CRUCIAL EXTRA INFO UNDER EACH SEGMENT
