Managing is the art of directing and manipulating resources within an organization to reach a desired goal. It also includes the manipulation of human, technological and financial resources.
Management is a term that is widely used in business and administration. It involves the planning and allocation of resources according to a strategic plan. This process may be carried out individually or by a team. It also involves the creation of strategies for capital investments. It is the science of using limited resources to the maximum potential in a changing world.
The concept of management originated in the XV century French verb manage, which means “to take the reins of a horse.” It was later adopted in the Italian word maneggiare, which means to handle a horse. It was used in early civilizations of India, where a group of chiefs or hunting bands provided the necessary management. The word was later adapted in the English language and was derived from the Latin word manus, meaning hand, and agere, meaning to act.
The term management was coined during the Industrial Revolution, which brought about a dramatic increase in the production of goods. The term was influenced by the military culture of the time, and by mathematical and scientific ideas. The concept of management is still a part of the evolution of the business industry.
Today, there are five major functions that are involved in management: leadership, planning, controlling, budgeting, and communication. These five functions are highly interrelated. In fact, they are so closely related that they are virtually indistinguishable on the job. However, the goals of management can vary from enterprise to enterprise. The main function of management is to create value for shareholders. It also allows organizations to adapt to changing market trends.
There are various types of managers, including top-level, middle-level, and low-level managers. Top-level managers are responsible for determining the overall direction of the organization and developing plans and goals that are applicable to the entire company. They typically have a chief executive officer or president title. They are also responsible for the operation of the company and are accountable to the board of directors. Lower-level managers work with teams and are often accountable to the top management for the function of their department. They may be called branch managers, team leaders, regional managers, or general managers.
The role of management involves filling up positions with the appropriate people. The salaries of managers depend on several factors, such as the type of industry the company is in, its level of financial strength, and its education. In addition to these, the employer’s preferred compensation can affect the salary of a manager.
In the United States, the US Bureau of Labor Statistics expects the number of management positions to rise by eight percent by 2031. The value of a company depends on the quality of its managers. In rare cases, employees have the right to vote on their managers.
Managers are independent specialists in planning and control. They need to coordinate their efforts with their team members to ensure that the organization meets its goals. There are two styles of management: authoritarian and extroverted. The former stresses strict adherence to protocols and rules. The latter, on the other hand, emphasizes motivating and motivating workers to achieve their goals.