MANAGEMENT
Management comprises
planning, organizing, resourcing, leading or directing, and controlling an organization
(a group of one or more people or entities) or effort for the purpose of accomplishing
a goal. Resourcing encompasses the deployment and manipulation of human resources,
financial resources, technological resources, and natural resources.Management
can also refer to the person or people who perform the acts of management.Some
people, however, find this definition, while useful, far too narrow. The phrase
"management is what managers do" occurs widely, suggesting the difficulty
of defining management, the shifting nature of definitions, and the connection
of managerial practices with the existence of a managerial cadre or class.One
habit of thought regards management as equivalent to "business administration"
and thus excludes management in places outside commerce, as for example in charities
and in the public sector. More realistically, however, every organization must
manage its work, people, processes, technology, etc. in order to maximize its
effectiveness. Nonetheless, many people refer to university departments which
teach management as business schools. Some institutions (such as the Harvard
Business School) use that name while others (such as the Yale School of Management)
employ the more inclusive term management.
In for-profit
work, management has as its primary function the satisfaction of a range of
stakeholders. This typically involves making a profit (for the shareholders),
creating valued products at a reasonable cost (for customers), and providing
rewarding employment opportunities (for employees). In nonprofit management,
add the importance of keeping the faith of donors. In most models of management/governance,
shareholders vote for the board of directors, and the board then hires senior
management. Some organizations have experimented with other methods (such as
employee-voting models) of selecting or reviewing managers; but this occurs
only very rarely.Branches of management theory also exist relating to nonprofits
and to government: such as public administration, public management, and educational
management. Further, management programs related to civil-society organizations
have also spawned programs in nonprofit management and social entrepreneurship.(1)
Source (1) Wkipedia