Management, in a simple term, is managing the things. It can be defined as being the act or skill of directing and organizing the wok of an organization. It is also an act of dealing with a situation that needs to be controlled so as to achieve predetermined goals. E.F.L Breach says, “Management is concerned with seeing that the job gets done, its tasks are centered on planning and guiding the operations that are going on in the enterprise.” Business organizations are the economic entities where there are available resources in the form of men, money, machine and material, the task of management is planning, organizing, directing and controlling these organizational resources so that the desired organizational objectives can be accomplished effectively and efficiently.

Since a business organization is an economic entity, its survival is contingent on either in producing goods or services. In this way, there are two terms that have to do with the accomplishments of goals and objectives are effectiveness and efficiency. It is therefore appropriate to mention the effectiveness and efficiency of the business, without which its development and growth is difficult. Efficiency indicates fewer inputs (resources) or producing more outputs as compared to a similar process that achieves the objectives, while effectiveness is of great importance indicating if it is worth doing in the first place or if it has the same effect as is expected. If a business does not achieve what is needed then the efforts are ineffectual. What in general the term effectiveness indicates is the capacity to produce effect while efficiency means using resources in a way to maximize the out put - production of goods or services. Peter Drucker defines clearly, “Efficiency is doing things right; effectiveness is doing the right things.”

Management entails both dynamism and social science. It is dynamic as it is relentlessly busy with the ever-changing business environment, at the same time, reforming and altering the internal environment as and when needed. As a social science, it deals with its people in a way to provide them high morale and positive feelings towards the organization and its objectives. A good management style is again composed of both efficiency and effectiveness. Management is a source for nurturing talents of the employees and building their organizational competencies. On the one hand it focuses on the development of personalities of the employees and it lays emphasis on the work effectiveness and total organizational system on the other.

A true management implements its practices in the most constructive manner. With its healthy environment, not only it concentrates on the utilization of organizational resources effectively and efficiently but also provides the opportunities to the individuals who deserve promotions and higher rewards on the basis of desirable qualities by enhancing their skills. As a flower is in a budding stage, so is the personality of a man. The bud withers when there is no proper care, so undeveloped are the skills of the employee when good management is no more. Thus, the healthier the environment, the more are the chances for growth and developments.

The methodology which is put into practice in order to get the things done or the functions with their sequence undertaken by a manager is what is said to be management process which involves: Planning, organizing, directing and controlling (PODC).

Planning - Planning is one of the most important components of management. Planning involves preparing a sequence of actions in order to achieve the specific goal. If it is done effectively, it can reduce the necessary time and efforts. A plan serves in a way a map does. As a map guides you in reaching your destination so does planning in the attainment of your goal. Following a plan is to see how much you have progressed towards your goal and how far your destination is. It is good to know where you are so as to make decision on how you will be reaching to your destination. It is the first essential managerial function which is performed to determine what must be done to accomplish the work. One can not succeed without a plan. Good management involves good planning. The planning process includes business plans, budgets, increasing sales and profits. The sole task of planning is to answer who is to do; what is to be done; how it should be done, when and where it is to be done.

Organizing – It is the act of rearranging the elements in a particular way to get desired output - Anything which looks in the correct order, you can regard it to be organized. Organizing can also be defined as to place different objects in a logical arrangement for specific purposes. This is one of the major functions of management which involves the activities of necessary components - grouping activities in a logical fashion. It is meant for the optimum utilization of available resources in order to get desired output. It is assigning people to task in the workplace. Organizing is a broad set of activities which entails the division of activities so that individuals or groups can perform them effectively and efficiently.

Directing – Directing indicates guiding. This function is of much value and significance. It is the key to the attainment of organizational goals and objectives. Such a managerial function is this that around which all the organizational performance is rotated Directing is relating to instructions and guidance to the subordinates towards the tasks being assigned to them, while letting them know what they are expected of. It is the direction that necessitates leadership roles and motivational techniques to be established.

Controlling – Controlling is the process through which it is ensured whether the plans are being followed as well as the progress is being made towards the organizational objectives. It is the process of monitoring how well the organizational resources are being utilized and the activities are being performed. It involves the establishment of standards and measurement of performance while monitoring and reviewing the activities so as to take corrective measures in case of deviations. According to Henry Fayol, “Control consists in verifying whether everything occurs in conformity with the plan adopted, the instructions issued and the principles established.”

Management is not a separate entity but an integral part of an organization having been composed of various interconnected functions while representing a system of authority and hierarchy of command and control. Every organization wishes to survive and to continue its profitability, the same can be accomplished by the effective management as it is imperative and contemporaneous to a successful organization for the accomplishment of goals and creating efficiency and effectiveness in the overall performance with the application of its principles and techniques. It is a purposeful activity having grown as a multi-disciplinary domain. There is no doubt about the fact that a good management is a conclusive evidence to turn out the business as planned and intended at the same time maintaining its existing situation besides making constants efforts at growth. No business can grow vigorously and healthily, nor can it be successful and profitable unless it is backed by good management. The more are the expansions in terms of industrialization, the more will be emergent needs for managers. Thus, to be acquainted with management concepts as much as is needed helps a manager lead the organization in the direction of endless achievements in terms of overall business objectives.

By:K.A.Fareed (Fareed Siddiqui)
Pursuing PhD-Management;
MPhil-Financial Management; MBA-Finance;
MPhil-English; MA-English;
MIMC- Member of Institute of Management Consultants of India