Management is a social science which deals with directing operations of an organization. It involves setting long-term objectives and coordinating efforts of employees towards achieving a common purpose by use of readily available resources. For example, include technological, financial and human resources. Therefore, management deals entirely with the leadership of an organization. Currently, there are many colleges offering management courses such as Bachelors of Business Management, Bachelor of Commerce, and Masters of Business Administration.
Levels of Management
Management is divided into three tiers which include top, middle, and operational level. Strategic level comprises of senior officials like chief executive officer and board of director who are in charge of making the strategic decision. Most of decisions they make are critical and affect long-term goals. They are in charge of overall performance of the organization. Middle managers report to them. Tactical level is an average phase that comprises the branch, regional or departmental managers. They link operational and strategic managers. Moreover, they are in charge of medium-term decisions in the organization. The last level is operational management which includes supervisors and team leaders. They report to tactical managers on a regular basis. They work in close collaboration with regular employees and provide direction where necessary.
Scope of Management
Management is tasked with many activities such as setting goals and objectives of the organization, rules, and regulations, ensuring availability of enough capital, and motivating employees. Effective communication in an organization starts with management because it has to act as an example to employees and immediate clients. Unlike other affiliates of business, management is extensive. It is widely applicable, not only in business organizations, but also in homesteads and all groups as well as associations. It requires human labor and good communication system. Primary functions of management include controlling, coordinating, forecasting, planning, and organizing.
Emerging Trends in Management
Due to changes in the business arena, management has upgraded to cope up with the new environment (Doppalapudi, Jain, Bulbake& Khan, 2016). Technology has been integrated into business for efficient operations because computers are faster than humans. New trends in management will be discussed below, although instead of looking though that mentioned sources of data yourself or you could ask greatpaper.co.uk for specific services to write paper for cheap and it would look but the same.
Technology has done wonders in melting the barriers that initially existed between nations in different regions. Regional interconnection has brought positive impact on global business. Dominance of the western region no longer exists due to the rise of the likes of China and India. It is in the presence of proper management that business has expanded so fast. It is not only in business alone, but education too.
More than a half of management activities are automated, hence becoming easier for managers. Initially, leaders had an arduous task in making an order of their duties. However, since the advancement in technology, their work has been simplified. Data classification and analysis is done on computers using appropriate management software. Additionally, the decision-making process is also aided by computers for accuracy. For example, business management, financial, and administrative systems are among the software which are most applicable to the administration of data, examination, and decision-making. According to statistics, the most innovative enterprises in the industry are the technology propelled businesses. Management can be practiced on the website or social media.
Corporate Social Responsibility
Initially, companies concentrated on maximizing profits at the expense of conserving the environment. Due to government intervention through the formation of regulations on environment conservation, social responsibility is now in practice. Many enterprises have gone back to solve critical issues such as sustainability of the environment, conservation of energy, and promotion of health care. Such activities have contributed much to building the image of participant enterprises.
Study of Psychology
Knowledge in psychology has become necessary for managers in dealing with both employees and clients. Management has to consider impact of their decision on customers, and therefore, they should examine them from grass root level. According to Professor Amabile, extensive research should be integrated into management practices before decision making. Therefore, psychology is a key pillar to business management.
It means integration of companies to provide goods and services to meet the rising demand across the value chain. A good example is incorporation between media and technology firms, which exposes good signs of innovation by the management. Change in business ecosystems requires knowledge across organizations, efficiency, and good stewardship. Business ecosystem has been one of the major trends in management (Doppalapudi, Jain, Bulbake& Khan, 2016).