Principles of Management - Introduction Free essay! Download now
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Principles of Management - Introduction
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DescriptionDefines Management and its history.
The Definition of Management
1. The organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of defined objectives.
Management is often included as a factor of production along with machines, materials, and money. According to the management guru Peter Drucker (1909-2005), the basic task of a management is twofold: marketing and innovation. Practice of modern management owes its origin to the 16th century enquiry into low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535). As a discipline, management consists of the interlocking functions of formulating corporate policy and organizing, planning, controlling, and directing an organization's resources to achieve the policy's objectives.
2. The directors and managers who have the power and responsibility to make decisions to manage an enterprise.
The size of management can range from one person in a small organization to hundreds or thousands of managers in multinational companies. In large organizations the board of directors formulates the policy which is then implemented by the chief executive officer. Some business analysts and financiers accord the highest importance to the quality and experience of the managers in evaluating an organizations current and future worth.
If you look up the dictionary definition of management, among many examples you will find clues as to the real definition of management. This article simply takes an assortment of definitions and looks at what they say and what they imply about management.
“Management” (from Old French ménagement “the art of conducting, directing”, from Latin manu agere “to lead by the hand”) characterises the process of leading and directing all or part of an organization, often a business, through the deployment and manipulation of resources (human, financial, material, intellectual or intangible). …
This management definition is interesting because it traces the root meaning back to the Latin phrase meaning “to lead by the hand”. (See management quotes for more perspectives.)Leading by the hand implies giving direction that is stronger than just a passing suggestion yet still fairly gentle in approach. Leading by the hand also implies that the person doing the leading is first going where the follower is being lead. The leader is not asking the follower to do something he is not willing to do himself.
The guidance and control of action required to execute a program. Also, the individuals charged with the responsibility of conducting a program.
This definition of management refers to a “program”. This implies that, for management to be effective, there needs to be some type of defined approach or system in place. This system becomes the plan and management is guiding others in following that plan. This is often the downfall of managers. They have no plan or system. As a result ...
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