MANAGEMENT

MANAGEMENT
Meaning: Management is the process of settling organizational goods, deciding what actions and resources must be contributed to meeting goals and then co-coordinating guiding and encouraging the cooperative works of other people to meet the goals.
OR
It is the process of coordinating all resources through the process of planning, organizing, controlling, leading, in order to attain stated goal or objective.
Management can also be defined as task and discipline and also people. This is according to Peter Drucker which entails that management is described as the process.
FUNCTIONS OF MANAGEMENT
1. PLANNING: This is a process which entails formulating target or objectives for an organisation and outlining the strategies or means of achieving these objectives. i.e. It involves setting goals and devising specific activities for meeting the goals or objectives.
BENEFITS OF PLANNING
A. Planning enables an organization to set up goal and target.
B. It helps to accomplish the set goals and objectives.
C. Planning also helps in setting up policies, procedures and schedules for meeting the goals.
D. Planning leads to acceptable decision.
E. It helps in forecasting the activities of an organization over a period of time.
2. CONTROLLING: Controlling involves setting standard, measuring progress with the set standard and taking corrective action to minimize or avoid errors, thus achieving the objectives.
Elements of Controlling
i. Setting of standard.
ii. Measuring progress with standard.
iii. Interpretation of results.
iv. Taking corrective actions.
3. ORGANIZING: This is another function which involves the bringing together or arranging whatever resources that are available to achieve the objective of an organization. Such resources are people, equipment, time, money, etc.
4. MOTIVATION: This is also the process which deals with the various ways by which an organization’s leader can channel the inner force in the people towards behaving in the way that will coincide with the corporate goal.
This involves the ways the leader gets the subordinates to willingly carryout their responsibilities to the business by inspiring them or given them monetary or non-monetary welfare packages. i.e. dashing gifts, etc.
5. STAFF: This is the process of organizing human resources in such a way that the organization has the right place or position at the right time to achieve the objectives.
6. DIRECTING: This involves getting people to carry out the decision quickly, efficiently and with minimum error or unnecessary actions.
7. COMMUNICATION: This is the transfer of information and ideas with feedback between people in the organization.

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