Management is the process of planning, organizing, leading and controlling the
work of organization members and of using all available organizational resources
to reach stated organizational goals.
This process consists of the functions of,
Planning
Organizing
Leading
Controlling
The resources used in an organization are known as inputs and those inputs consist
of land, labour, capital, entrepreneurship, time, information and knowledge.
Importance of Management
To achieve the organizational goals and objectives successfully
To utilize the limited resources efficiently and effectively
To respond successfully to the dynamic business environment
To assure the long term existence of the business by facing the competition
successfully
To face successfully the the complex situations created due to expantion
To fulfill the expectations of the interested parties of the organization at a maximum
satisfactory level
To face the problems successfully and make correct decisions
To act so as to fulfil the social responsibilities of business
Planning
Planning is the process of establishing goals and objectives and suitable strategies to achieve those goals and objectives.
Organizing
Organizing is the process of allocating resource, delegating authority and distribution of work in order to achieve the organization’s goals and objectives efficiently and
effectively.
Leading
Leading is the process of influencing and motivating employees in order to involve them in necessary activities to achieve organization’s goals and objectives.
Controlling
Controlling is the process of comparing the actual performance with the planned performance, identifying the variance if there are and taking steps to, correct them in
order to achieve goals and objectives of the organization.
Efficiency
Doing things right is known as efficiency.
Efficiency is also known as the use of resources without waste in achieving organizational goals and objectives.
Effectiveness
Effectiveness explains how far the organization is achieving its expected objectives with high quality within a certain period of time.
