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Reading. Management is based on scientific theories and today we can say that it is a developing science.
Management is based on scientific theories and today we can say that it is a developing science.
But knowledge of theories and principles doesn't provide practical results. It is necessary to know how to apply this knowledge. Practical application of knowledge in the management area requires certain abilities or skills.
What is important to an organization is not the number of managers it employs but the ability of these managers to achieve the organization's goals, and this ability requires a great skill. In other words, management is the process of coordinating the resources of an organization to achieve the primary organizational goals. It is the organizational process that includes strategic planning, setting objectives, managing resources, deploying the human and financial assets needed to achieve objectives, and measuring results. Management also includes recording and storing facts and information for later use or for others within the organization. Management functions are not limited to managers and supervisors. Every member of the organization has some management and reporting functions as part of their job.
Managers are concerned with the followingmain resources:
1.Material resources are physical materials and the equipment used by an organization to make a product. For example, cars are made on assembly lines. These assembly lines and the buildings that house them are material resources.
2. The most important resources of any organization are its human resources - people. Some firms believe that their employees are their most important assets. To keep employees content, a variety of incentives are used, including higher than average pay, flexible working hours, recreational facilities, lengthy paid vacations, cafeterias offering inexpensive meals, etc.
3.Financial resources are the funds the organization uses to meet its obligations to various creditors. A grocery store obtains money from customers and uses a portion of that money to pay the wholesalers from which it buys food. A large bank borrows and lends money.
4. Finally, many organizations consider they cannot ignoreinformation. External environment - including the economy, consumer markets, technology, politics, and cultural forces - are all changing so rapidly that an organization that does not adapt will probably not survive. And, to adapt to change, the organization must know what is changing and how it is changing.
It is important to realize that these are only general categories of resources. Within each category are hundreds or thousands of more specific resources, from which management must choose those that can best accomplish itsgoals. Managers must coordinate this complex group of specific resources to produce goods and services.
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