topic / Management

Management

According to the economists management is the process of making deci­sions, setting objectives, directing and controlling. The large scale and complexity of most business organizations has forced a division of managerial functions. On the one hand these functions are marked out according to the functional nature of decision – that is, production, personnel, marketing or sales, and finance.

An important responsibility of production manager is planning for the efficient use of raw materials as well as supervising the work of the production personnel in order to reach the company's objectives.

Personnel manager is in charge of the organization's human resources programs. People are the most valuable asset of any business. So, finding qualified people, hiring them, making the best use of their skills and abilities, and making them to stay on the job is the responsibility of the personnel manager

Marketing manager is responsible for the exchange of products between the organization and its customers. Specific areas within marketing management are marketing research, advertising, promotion, sales and distribution.

Financial manager is responsible for the organization's financial resources. In order to maximize the market price of the owners' equity the financial manager is involved in financial planning, managing assets, and raising funds. He can also specialize in accounting and investment.

On the other hand, managers undertake such functions as planning, directing and controlling.

Planning means setting objectives in the project so that every one will know when and what part of their work is to be accomplished. Manager's role in directing means serving as an effective leader in coordinating all important aspects of the project. This function includes supervising and motivating people to do their best. Controlling is often the most difficult function of management. Having set the objectives, managers have to measure the performance of the organization in relation to those objectives. In order to do it manager has to maintain a record of planned and actual work accomplished. He keeps records of meetings, telephone conversations and agreements. He keeps everyone informed, ensuring that no one gets "surprises" and has solutions to problems.

So, despite the fact that managers undertake different functions and are re­sponsible for different areas of decision-making, their main aim is to maximize the output of the organization.

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Answer the questions.

1. What is management ?

2. What managerial functions are marked out according to the functional nature of decision ?

3. What is an important responsibility of production manager ?

4. What is personnel manager in charge of ?

5. What are specific areas within marketing management ?

6. What does financial manager specialize in?

7. What functions do managers undertake to maximize the output of organization?