MASTER OF COMMERCE
ASSIGNMENT
YEAR-1
MCOM 106(MANAGERIAL ECONOMICS)
Answer No.1 Management
Management is the science and art of getting people
together
to accomplish desired goals and objectives by coordinating and integrating all
available resources efficiently and effectively.
Management
can be defined as all the activities and tasks were undertaken for the purpose
of archiving an objective or goal by continuous activities like; planning,
organizing, leading and controlling.
Management
is the combined or interchanged process of planning, decision making,
organizing, leading, motivation and controlling the human resources, financial,
physical, and information resources of an organization to reach its goals in an
efficient and effective manner.
To understand the definition of management and
its nature, a threefold concept of management for emplacing a broader scope for
the viewpoint of management.
Management is an Economic Factor
From
the point of view of an economist, management is one of the factors of
production together with land, labor, and capital.
As
the industrialization of a nation increases, the need for management becomes
greater.
The
managerial resources of a firm determine, in large measure, its productivity
and profitability. Executive development, therefore, is more important for
those firms in a dynamic industry in which progress is rapid.
Management is a System of Authority
From
an administrator’s point of view, management is a system of authority.
Historically, management first developed an authoritarian philosophy.
Later
on, it turned paternalistic.
Still,
later, constitutional management emerged, characterized by a concern for consistent
policies and procedures for dealing with the working group.
Finally,
the trend of management turned towards a democratic and participatory approach.
Modern
management is nothing but a synthesis of these four approaches to authority.
Feature
of Management
Management
is the process of setting and reaching goals in an effective and efficient way.
Management process has some qualities or features.
In this
post; we are going to try to understand what the features of management are.
Effective management Effective management has always been a key
part of working life for employees. If sufficient management is lacking, it is
easy for teams to lose motivation, enthusiasm, and productivity, which can lead
to professionals seeking new opportunities. The relationship between a manager
and their reports has a direct impact on the morale and success of the team.
It is often said that people don’t leave
businesses, they leave managers, which is why it is so important to get this
relationship right. If an individual doesn’t feel supported, or can’t have open
and constructive conversations with their manager, it is likely that they will
get frustrated in their role. This will have a flow-on effect in regards to
their performance at work.
A manager is not only responsible for a team’s
output, but they are also responsible for supporting the individuals within
their teams. This means understanding what drives and motivates them, what
their strengths are, and how to guide them in areas they need to develop. Great
leaders are good communicators and display a high level of emotional
intelligence.
How to be a good manager
Being a good manager is all about continuous
learning. This means for yourself and the people that report into you.
Everybody is different, so you should be aiming to constantly develop your
communication skills, adapting the ways you are motivating people, and
improving the working relationships within your team, and externally.
Successfully managing people and making your
team members feel as though they are doing a good job is key, but it is also
very important to invest your time in the personal progression and development
of your team. Utilising performance reviews productively can ensure that the
development of individuals in your team continues, in line with their career
aspirations.
Here are our top tips for becoming a good
manager, based on the positive qualities of effective leaders.
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