The proper running and functioning of an organization is ensured by the existence of a management. It requires motivation and strategies which only managers can provide. It makes them achieve its desired objectives through proper planning and control. The nature of management can be examined terms of dynamic process it involves. It can be considered both science and as an art.
Decision-making involves the selection of a course of action from among two or more possible choices in order to arrive at a solution for a given problem. Management accounting also involves the evaluation of different strategies and actions by the application of concepts such as budget, break even analysis and activity based costing. Controlling- In management accounting system control process starts by defining standards which performance may be measured such as standard costs, budgets. Any variance between targets and results are evaluated, actual results are measured and where necessary, corrective actions is to be taken. Management accounting have an important role in the control of cost, monitoring, and control the efficiency of the repetitive processes that the projects undertaken by an organization.
Managers implement six management functions as they carry out the process of management (Goldsmith, 2012): 1. Planning: This function requires the manager to set a direction and determine what needs to be accomplished. It means setting priorities and determining performance targets. 2. Organizing: This management function refers to the overall design of the organization or the specific division, unit, or service for which the manager is responsible.
Q3. With reference to each organisation (Block Limited and Fones Limited), discuss the role of management in motivation. A manager cannot force an employee to be successful at his job, but he can motivate him with fair treatment, proper incentives and adequate compensation. It is the role of management to lead by example and motivate employees to do their best. The role of management in motivating Conclusion The 14 principles of management founded by Mr Henri Fayol can be used to manage organizations and are useful tools for forecasting, planning, process management, organization management, decision-making, coordination and control.
Some of those expectations are; staying aware of the big picture, always creating a productive environment for your employees, make decisions on your own, implement new programs and methods and teach effectively. The role of a manager is to set goals, show effective behavior, have the ability of decision-making, time and money management, have communication and meeting skills, motivate and give correct training to others. You should always plan every course of action of the company, learn from previous mistakes, and gain respect from your own team. You should never be afraid of taking a
As mentioned above, there are five tasks of management that should be accomplished in a daily work routine. Those are planning, organizing, staffing, directing and controlling (Koontz and O’Donnell, 1976). Notwithstanding that some theorists, such as Richard Steers (1985) and Mason Carpenter (2009), highlight only four of those, planning is always considered to be the first and main function of management. It is an activity that involves choosing a strategy to accomplish the objectives of the organization, using the resources effectively and efficiently (Olum, 2004). To make a good plan, a manager should follow the essential steps of planning, which are setting goals, identifying the threats and opportunities of the organization, developing a plan for achieving the goals, and finally evaluating it and reviewing (Gamache, 2008; Duncan,
The importance of management will be introduced as well as the roles and hierarchy that might exist in a typical company. The transformation process will be mentioned. That is the management tasks of Planning, Organising, Leading and Controlling. Managers take inputs from the environment in the form of finance, resources and people and using the transformation process they create goods, services or a reputation. The quality of the output determines the future success of the organisation.
Organizations have its own strategies and challenges that affect its operations both positively and negatively. It is common for managers to assess each of these challenges closely. The aim is always to take better decisions for the organization’s progress. These challenges can include factors reflecting social, technological, economic and political/ regulations directly or indirectly affecting organization’s functions. Managing and overcoming these challenges require successful managers to have a conceptual knowledge of all business functions.
Role of a manager: The success of a business greatly depends on the employees. For this purpose, having a strong manger is the utmost requirement. Furthermore, when a worker leaves a company, it is usually because of the managers and similarly, when the company flourishes, it is because of the hard work of the company’s manager. (Galbraith, 1995) While recruiting a manager, a company has to follow certain benchmarks as they are about to hire a great asset to their company. There are many roles of manager that helps a company flourish.
Management has four main functions which are, planning, directing, organizing and controlling. These functions are uniform across all industries from colleges, to supermarkets, to hospitals etcetera. Management deals with the administrative and operational aspects of the organization, ensuring that the vision of the organization is executed, it is mainly meant to ensure that the organization is a going concern and meets is obligations and objectives (Dubrin, 2007). Planning and organizing are functions that are not clearly visible to the employees as directing and controlling. This is because the bulk cadre of staff is not privy to planning and organizing as their roles are more administrative and operational.