1.What is management? Why is management necessary? How do you think management has evolved?
2. How do the four functions of management impact organizational success? Which function of management do you feel is the most important? Why?
Here is your solution. Each number indicated is answered in each specific section of the response that is also divided to two. Good luck. If you have any questions with the solution, just send me a message.
Part 1: Understanding Management
Management per se refers to a practical and coherent way of solving a challenge. While it is necessary to design a particular manner of management according to the needs of the problems at hand, business & entrepreneurial schools that espouses the use of critical thinking and key decision making on the universality of the basic principles of management. Tailoring management strategies later on comes when confronted with specific situations; this tailoring however becomes functioning only when the basic sections/principles of management are looked after. To arrive at a working solution to a problem these principles must be accounted for within the case where it needs to be applied. In business, management refers to the manner by which the most basic sections, departments and interests of the business are run with one end goal: to make profit. A healthy business is one that allows for healthy returns while keeping customers & employees happy ensuring the future of the business by various strategies, all these kept in control by proper management. Throughout the years since the Industrial Age management styles have come and go. And while there are various possible deviations, we usually refer to them as Formal & Informal organizations. Formal organizations are organized according to a particular hierarchy and work flow; specialization is key. Employees communicate to each other in a most formal manner through letters & emails addressing each other as Sir, Madam, Mr., Miss or Mrs, taking their job as ...
Many regard Philosophy & Logic as separate areas of academic interest from business & management. Top managers & corporate insiders though would disagree - philosophy & logic are at the heart of some of the most sound management methods used by companies today especially in ascertaining critical steps to ensure business outcome. This solution discusses the importance of management & why logical decision making & critical thinking is a necessity in successfully seeing management responsibilities through. It discusses the 4 major functions of management and its role in the success of any organizaton while presenting a key managment function that necesitates the importance of critical decision making.