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What is Management? Definition, Functions, Skills, and Job Roles
- Management is essential for the smooth functioning of businesses, involving organizing people and resources effectively to achieve goals.
- Management, originating from Latin meaning 'to handle' or 'to lead by hand', gained prominence during the industrial revolution.
- Henri Fayol is considered the 'Father of management' for introducing 14 management principles in 1916.
- Management styles include autocratic, democratic, transformational, and servant leadership among others.
- Essential management skills include leadership, communication, time management, decision-making, and adaptability.
- Popular job roles in management include Project Manager, Operations Manager, HR Manager, and Product Manager.
- Management roles can be categorized under strategic, operations, financial, marketing, human resources, project, and supply chain management.
- Top, middle, and lower levels of management exist, each with distinct responsibilities within organizations.
- Different management styles include authoritative, democratic, coaching, laissez-faire, transformational, and transactional approaches.
- Management by Objectives (MBO) involves setting measurable goals collaboratively with employees for better accountability.
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