Management is an art of effectively managing resources and projects. Essentially, management is about how a team of people decides how to allocate and organize resources in a company or organization. In short, management is the science of managing resources and the flow of information between them. Often times, the term management is used to describe the process of developing an organization’s strategy. A good management strategy will ensure that all stakeholders are satisfied with the end result.
There are many different definitions of management, but most people have a general idea of what it means. Managers have a broad scope, and they may perform any number of roles in a larger organization. The term’management’ itself has a long history, and is derived from the XV century French word’mesnager’, which means to hold the reins of a horse. The Italian term’maneggiare’ means to handle something, and the Spanish word’manejar’ means to rule a horse. The words derive from the Latin words manus and agere, which have a broader meaning.
Modern definitions of management vary, and the concept of management can be traced back to the early XV century. Sumerian traders and the builders of the Egyptian pyramids were the first to understand the concept of management. Even pre-industrial societies faced problems in motivating their workers, and slave-owners did not feel the need to address these problems. However, innovations such as double-entry bookkeeping, Arabic numerals, and the use of the word “management” in a business context provided the tools for managers to evaluate their performance.
While it is common to think of management as a late modern concept, it is actually a relatively ancient idea. The term’management’ originated with the XV century French verb’mesnager’, which meant to hold the reins of a horse. The Italian and Spanish terms “maneggiare” and’manejar’ both mean to rule a horse. The first two terms are derived from the Latin words manus and agere.
A manager has many roles in a business. They may be the one responsible for ensuring a smooth flow of goods and services. In a large organization, the manager may perform all of these functions. POSDCORB is a popular acronym for the four major functions of management. It is an acronym of the five-point hierarchy of operations. These four functions are the essential components of the modern management role. Moreover, they include the control of resources, human capital, and the environment.
The controlling function consists of the activities of a business. The controlling function is responsible for the overall operation of a business. It consists of the functions of planning, organizing, directing, and controlling. POSDCORB is a popular acronym used to define the different functions of management. It is an acronym of the five basic roles of management. It is important to note that the term POSDCORB stands for planning. This is a standardized acronym for the five major management functions.