Professional Documents
Culture Documents
1. Introduction.2
2. A brief history of management2
3. Management functions and roles.3
4. Management levels..4
5. Main types of management: financial management6
6. Human resource management.7
7. Information technology management..8
8. Marketing management9
9. Operations management.10
10. Strategic management.10
1. Introduction
As for the term itself, the verb manage comes from the Italian maneggiare (to handle,
especially tools), which derives from the Latin word manus (hand). The French word
mesnagement (later mnagement) influenced the development in meaning of the English
word management in the 17th and 18th centuries.
Some see management (by definition) as late-modern (in the sense of late modernity)
concept. On those terms it cannot have a pre-modern history, only harbingers (such as
stewards). Others, however, detect management-like-thought back to Sumerian traders
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and to the builders of the pyramids of ancient Egypt. Innovations such as the spread of
Hindu-Arabic numerals (5th to 15th centuries) and the codification of double-entry bookkeeping (1494) provided tools for management assessment, planning and control. Many
forms of management have been appearing through history, but the first comprehensive
theories of management appeared around 1920. The Harvard Business School offered the
first Master of Business Administration degree (MBA) in 1921. Aforementioned Peter
Drucker (19092005) wrote one of the earliest books on applied management: Concept
of the Corporation (published in 1946). It resulted from Alfred Sloan (chairman of
General Motors until 1956) commissioning a study of the organization. Drucker wrote 39
books, many in the same fashion.
financial management
marketing management
strategic management
Planning: Deciding what needs to happen in the future and generating plans for
action (deciding in advance).
Organizing: Making sure the human and nonhuman resources are put into place
4. Management levels
It is generally accepted that most business organizations have three levels of management:
first, middle and top-level managers. These managers are classified in a hierarchy of
authority, and perform different tasks. In many organizations, the number of managers in
every level resembles a pyramid.
Top-level management
The top consists of the board of directors (including non-executive directors and
executive directors), president, vice-president, CEOs and other members of the C-level
executives. They are responsible for controlling and overseeing the entire organization.
They set a tone at the top and develop strategic plans, company policies, and make
decisions on the direction of the business. In addition, top-level managers play a
significant role in the mobilization of outside resources and are accountable to the
shareholders and general public.
Helpful skills of top management vary by the type of organization but typically include a
broad understanding competition, world economies, and politics. In addition, the CEO is
responsible for implementing and determining (within the boards framework) the broad
policies of the organization. Executive management accomplishes the day-to-day details,
including: instructions for preparation of department budgets, procedures, schedules;
appointment of middle level executives such as department managers; coordination of
departments; media and governmental relations; and shareholder communication.
Another important concept in management is CEO. Chief executive officer (CEO) (US
version) or managing director (MD) (British version) describes the position of the most
senior corporate officer (executive) or administrator in charge of managing a for-profit
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organization. The CEO of a company usually reports to the boards of directors (a body of
elected or appointed members who jointly manage the activities of a company or
organization) and without his consent the board of directors cannot make any decisions.
In some other countries, the position of CEO is called a president or chief executive (CE).
Middle-level management
This level consists of general managers, branch managers and department managers. A
general manager is any executive who has overall responsibility for managing both the
revenue and cost elements of a company's income statement, known as profit & loss
(P&L) responsibility. A general manager usually oversees most or all of the firms
marketing and sales functions as well as the day-to-day operations of the business.
Frequently, the general manager is responsible for effective planning, delegating,
coordinating, staffing, organizing, and decision making to attain desirable profit making
results for an organization. (Sayles, Leonard (1979). Leadership. New York: McGrawHill).
Middle-level managers are accountable to the top management for their departments
function. They devote more time to organizational and directional functions. Middle
management is the midway management of a categorized organization, being secondary
to the senior management but above the deepest levels of operational members. Their
functions include:
-
Design and implement effective group and inter-group work and information
systems.
Design and implement reward systems that support cooperative behavior. They
also make decision and share ideas with top managers.
First-level management
It consists of supervisors, section leaders, foremen, etc. A supervisor is a lowmanagement category that is primarily based on authority over a worker or charge of a
workplace. The term itself can be used to refer to any personnel who have this task as part
of their job description.
This management level focuses on controlling and directing. They usually have the
responsibility of assigning employees tasks, guiding and supervising employees on dayto-day activities, ensuring quality and quantity production, making recommendations,
suggestions, and up channeling employee problems, etc. First-level managers are role
models for employees that provide:
-
Basic supervision
Motivation
Career planning
Performance feedback
Financial management refers to the efficient and effective management of money (funds)
in such a manner as to accomplish the objectives of the organization. It is the specialized
function directly associated with the top management. The significance of this function
is not seen in the Line but also in the capacity of Staff in overall of a company. It has
been defined differently by different experts in the field. Some of the definitions include:
-
Business finance deals primarily with rising administering and disbursing funds
by privately owned business units operating in non-financial fields of industry.
by Kuldeep Roy
Business/IT alignment
IT governance
IT financial management
IT service management
Sourcing
IT configuration management
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8. Marketing management
9. Operations management
Strategic management involves the formulation and implementation of the major goals
and initiatives taken by a companys top management on behalf of owners, based on
consideration of resources and an assessment of the internal and external environments
in which the organization competes. (Nag, R.; Hambrick, D. C.; Chen, M.-J (2007).
Strategic management provides overall direction to the enterprise and involves specifying
the organization's objectives, developing policies and plans designed to achieve these
objectives, and then allocating resources to implement the plans. Academics and
practicing managers have developed numerous models and frameworks to assist in
strategic decision making in the context of complex environments and competitive
dynamics. Strategic management is not static in nature; the models often include a
feedback loop to monitor execution and inform the next round of planning. Dr. Vladimir
Kvint defines strategy as a system of finding, formulating, and developing a doctrine that
will ensure long-term success if followed faithfully. (Kvint, Vladimir. (2009).
Formulation of strategy involves analyzing the environment in which the organization
operates, then making a series of strategic decisions about how the organization will
compete. Formulation ends with a series of goals or objectives and measures for the
organization to pursue. Environmental analysis includes the:
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LITERATURE:
1. Porter, Michael (1998). Competitive Strategy (revised ed.). The Free Press.
2. Drucker. F. Peter. (1999). Management Challenges for the 21st Century.
Burlington, USA: Elsevier Ltd
3. Joshi, Rakesh Mohan, (2005) International Marketing, Oxford University Press:
New Delhi and New York
4. Johnason, P. (2009). Human resource management: A critical approach. London:
Routledge.
5. Ulrich, Dave (1996). Human Resource Champions. The next agenda for adding
value and delivering results. Boston, Mass.: Harvard Business School Press.
6. Kleiman. Lawrence, S. (2010). Management and Executive Development.
Business: Encyclopedia of Business. Retrieved 25 May 2011.
7. Mintzberg, Henry and Quinn, J.B. (1988). The Strategy Process. Prentice-Hall,
Harlow.
8. Kvint, Vladimir (2009). The Global Emerging Market: Strategic Management and
Economics. London: Routeledge.
9. Nag, R.; Hambrick. D. C.; Chen, M.-J. (2007). What is strategic management,
really? Inductive derivation of a consensus definition of the field (PDF). Strategic
Management Journal 28 (9): 935955. Retrieved October 22, 2012.
10. http://www.wikipedia.org
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