December 19, 2022
What is Management? - Definition, Meaning and Levels
Management involves various techniques that allow a business or organisation to work smoothly. It ensures that the various levels of the institution are connected to work as a whole unit towards success and goals. Management controls various aspects of the workflow and has different levels and functions as well. Here we will see all aspects of management.
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What is the definition of management?
The success of a business is mainly dependent on the management system. Management can be defined as the process that organises the different resources and helps in the planning of their activities and monitors them as they work towards achieving their goals. At the same time, management will also need to ensure that these activities stay time bound and are within the budget. The efficient functioning of management is necessary for the timely completion of tasks without errors as well.
Importance and objectives of management
Every industry and every field of work requires management in one way or another. The objectives of management of each field will be different from one another. It can be tangible, dynamic, and multidimensional. But there also are some basic objectives that you can see across the industries. Here are the important objectives of management.
- Achieve growth: The primary objective of management is to ensure the smooth functioning and growth of the business. The management team should be able to bring the stakeholders, employees, and customers together. Managers set certain goals and the employees are bound to achieve them for helping the business grow and flourish. At the same time, they must also keep track of their finances.
- Finance planning: Most often, managers set the finance planning, incentives and other related things. While the actual finance dealing will be done by the finance team, managers should ensure that the resources are properly utilised and that there is no over expenditure. Management must work on the survival of the company, make profits while covering any unexpected expenses or losses, and also assist with growth.
- Personal and Social objectives: The management system is also responsible for keeping the team together by entertaining team meetings and outings from time to time. It is also essential to work towards social causes and goals as the business grows. They can arrange for initiatives to help the poor and unfortunate through various projects.
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Levels of Management
According to the role that you play, management can be divided into top, middle, and bottom. These can also be termed as administrative, executive, and supervisory levels. These are categorised as per the number of people that come under the role and the volume of the managerial system.
- Administrative level
This is the top level of management roles such as managing directors, chief executives, board of directors, etc. These are powerful positions that world towards the policies and goals of the company and business success. This is also from where the instructions to the other levels are relayed. The top management level is also responsible for the recruitment of the middle level.
- Executive level
The executive level of management is the middle level. They work as the middlemen who take orders from the top and ensure that the bottom-level teams are working as per the instructions. The various department heads, branch managers, etc come under this category. The middle management levels work more towards the overall organisation of the business and direct others in the needed directions.
- Supervisory level
Supervisors are at the bottom level of the management hierarchy. One can also term it as the ground level or entry level of the management system. This is the operational level as well. Managers at this level oversee the daily operations of the team, help them execute the tasks, and coordinate everyone to enable workflow without glitches. This is also the communication and maintenance level where the employees at the ground level bring up their issues and look for solutions for problems, etc.
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Functions of Management
As you saw, there are various objectives and levels of management. The success of the management is possible when there is a proper strategy or function. Here are the four main functions of management that help the business to achieve its goals and fund success.
Nothing succeeds without proper planning and the planning of a business happens at the top management level. It involves creating timelines, budgeting, estimating risks, and deciding how to execute the plan. There are different stages of planning which will be done at each level of management.
The organisation means to prioritise the various tasks involved and distribute them properly into different levels. This is where it is decided who will handle what and which department will deal with which segment etc.
Staffing is nothing but building a team by recruiting resources as per the requirement and the skills required for the task at hand. The role of management here will be to arrange the necessary training for the team and explain the goals and plans. Once they achieve their goals, the management should also make sure to appreciate them, reward them as needed, and motivate them. Staff shuffling according to the needs is also part of this function.
- Quality control
This is the most important function of management. The quality of the performance of the employee has a huge role in the success of a company. Monitoring and controlling the quality level is another huge function of management. A manager should be able to spot the weak points of the team members and must guide and assist them to be more efficient. The efficiency of the team must abide by the quality guidelines of the company as well. It is the manager's duty on all levels to make sure to check and ascertain this.
Management is a process that is purposeful and goal-oriented. The success of management is achieved through the efforts of workers on all levels of its system.