Management is typically a process including the assembling and using various resources to accomplish a goal, which leads to the growth of the organization. The meaning of management can hence be segregated into its key components:
1. Management- a process: It includes a wide range of activities, as well as, operations, including planning, deciding, as well as, assessing.
2. Management as accumulating and utilizing resources: The management process brings together, and devises a plethora of resources including material, human, financial, and informational.
3. Management consists of acting in a goal-centric way to accomplish tasks: The activity includes a purpose and a direction as well. The purpose could be of the individual, the firm or often an amalgamation of the two. It requires one’s efforts to complete activities in a successful way and to accomplish certain levels of desired results.
4. Management also includes certain activities conducted in a firm: The procedure undertaken in a firm by individuals with varied functions intentionally structured and well coordinated to attain the common goals.
Besides being a procedure of activities, management also comes up with various other definitions and meanings as well. The term, ‘management’ also designates a specific part of the organization: the group of people who conduct management activities.
Furthermore, another meaning of the term is to differentiate a category of individuals from those people who are the members of the collective bargaining units or people who are not at all involved in particular managerial activities, whether or not the people are union members only.
That means, management also refers to any individual or employee in a firm without regard to that person’s individual role in the organization.
Generally, a manager comes across various challenges on a daily basis. The nature of the entire environment where in, managers operate needs that they manage change efficiently. As an important member of any firm, managers are responsible for managing resources of all categories from human, financial, and others.
In order to make sure that the firm is competitive, as well as, it can survive in a speedily changing environment, they must manage the resources in a strategic way. Due to the major changes arising rapidly in the global world these days, managers should be innovative, creative and entrepreneurial.