Management

Management


Management in businesses and organizations is the function that coordinates the efforts of people to accomplish goals and objectives using available resources efficiently and effectively.According to the management guru Peter Drucker (1909-2005), the basic task of management includes both marketing and innovation. 

Views on the definition and scope of management include:

  1. According to Henri Fayol, “to manage is to forecast and to plan, to organise, to command, to co-ordinate and to control.”
  2. Fredmund Malik defines it as “the transformation of resources into utility.”
  3. Andreas Kaplan specifically defines European Management as a cross-cultural, societal management approach based on interdisciplinary principles.

Directors and managers should have the authority and responsibility to make decisions to direct an enterprise when given the authority. As a discipline, management comprises the interlocking functions of formulating corporate policy and organizing, planning, controlling, and directing a firm’s resources to achieve a policy’s objectives.

The size of management can range from one person in a small firm to hundreds or thousands of managers in multinational companies.
In large firms, the board of directors formulates the policy that the chief executive officer implements.