Meaning of Management
Management is the process of coordination and administration of tasks that is required to achieve the goals of the organisation. It is also referred to as the art of making things happen with the help of resources.
Management is required for an established life and is essential for managing all types of organisations. A sound management system is the fortitude of thriving companies. Managing life implies getting everything done to accomplish the aspirations of life and maintaining an establishment. This means getting things done with and by other people to fulfill its objectives.
To put it in other words, the organisation and coordination of the pursuits of an industry for the idea of accomplishing determined objectives efficiently and thoroughly are marked as management.
This authoritatively obligatory association connects individuals as subordinates and superiors and gives rise to distinct degrees in an establishment. There are 3 levels in the ranking order of an establishment and they are:
- Top-level management
- Middle-level management
- Lower-level management
Top Level Management
They comprise of the senior-most executives of the company. They are normally regarded as the Chairman, the Chief Executive Officer (CEO), the Chief Operating Officer (COO), President and Vice-president (VP). Top management is a team consisting of managers from various operational levels, managing marketing, finance, etc., For instance, Chief Finance Officer (CFO), Vice President (marketing) whose primary task is to combine various components and regulate the actions of different units according to the overall objectives of the company.
These top-level managers are accountable for the progress and continuation of the establishment. They investigate the trading atmosphere and its connections for the survival of the company. They form the overall organisational aims and approaches for their accomplishment. They are held responsible for all the pursuits of the company and for its influence on the society. The job of the top manager is difficult and stressful, necessitating long hours and dedication to the company.
Middle Level Management
It is the connection between top and lower level managers. They are lower to the top managers and above to the first line managers. They are normally called as division heads, for instance, Production Manager. Middle management is accountable for executing and regulating systems and manoeuvrings generated by the top management.
At the same time, they are liable for all the actions of the first-line managers. Their principal task is to bring out the plans formed by the top managers. For this purpose, they have to:
- Understand the procedures outlined by the top management
- Guarantee that their staff has the required workers
- Designate certain tasks and duties to them, and drive them to accomplish the aspired objectives.
- Interact with other departments for the stable operation of the company. At the same time, they are subject to all the actions of the first-line managers.
Lower Level Management
Managers and supervisors make up the lower level of the management in the hierarchy of the business. Supervisors immediately manage the efforts of the workforce. Their power and ability are defined according to the maps drawn by the top management.
Supervisory management performs a significant task in the system since they coordinate with the genuine workforce and move in directions of the middle management to the employees. Through their efforts the worth of the output is reported, wastage of substances is reduced, and security measures are affirmed.
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