Cybrain All businesses share one common asset, regardless of the type of business. It does not matter if they manufacture goods or provide services.
The phrase "management is what managers do" occurs widely,  suggesting the difficulty of defining management without circularitythe shifting nature of definitions[ citation needed ] and the connection of managerial practices with the existence of a managerial cadre or of a class.
One habit of thought regards management as equivalent to " business administration " and thus excludes management in places outside commerceas for example in charities and in the public sector. More broadly, every organization must "manage" its work, people, processes, technology, etc. Some such institutions such as the Harvard Business School use that name, while others such as the Yale School of Management employ the broader term "management".
English-speakers may also use the term "management" or "the management" as a collective word describing the managers of an organization, for example of a corporation. The concept and its uses are not constrained[ by whom? Management on the whole is the process of planning, organizing, coordinating, leading and controlling.
Nature of work[ edit ] In profitable organizations, management's primary function is the satisfaction of a range of stakeholders. This typically involves making a profit for the shareholderscreating valued products at a reasonable cost for customersand providing great employment opportunities for employees.
In nonprofit management, add the importance of keeping the faith of donors. In most models of management and governanceshareholders vote for the board of directorsand the board then hires senior management. Some organizations have experimented with other methods such as employee-voting models of selecting or reviewing managers, but this is rare.
History[ edit ] Some see management as a late-modern in the sense of late modernity conceptualization. Others, however, detect management-like thought among ancient Sumerian traders and the builders of the pyramids of ancient Egypt.
However, innovations such as the spread of Hindu numerals 5th to 15th centuries and the codification of double-entry book-keeping provided tools for management assessment, planning and control.
Machiavelli wrote about how to make organisations efficient and effective. The principles that Machiavelli set forth in Discourses can apply in adapted form to the management of organisations today: While one person can begin an organisation, "it is lasting when it is left in the care of many and when many desire to maintain it".
A weak manager can follow a strong one, but not another weak one, and maintain authority. A manager seeking to change an established organization "should retain at least a shadow of the ancient customs".
With the changing workplaces of industrial revolutions in the 18th and 19th centuries, military theory and practice contributed approaches to managing the newly-popular factories.
But with growing size and complexity of organizations, a distinction between owners individuals, industrial dynasties or groups of shareholders and day-to-day managers independent specialists in planning and control gradually became more common.
Etymology[ edit ] The English verb "manage" comes from the Italian maneggiare to handle, especially tools or a horsewhich derives from the two Latin words manus hand and agere to act. For example, Chinese general Sun Tzu in his 6th-century BC work The Art of War recommends[ citation needed ] when re-phrased in modern terminology being aware of and acting on strengths and weaknesses of both a manager's organization and a foe's.
Plato described job specialization in BC, and Alfarabi listed several leadership traits in AD Mirrors for princes Written in by Adam Smitha Scottish moral philosopherThe Wealth of Nations discussed efficient organization of work through division of labour.
While individuals could produce pins per day, Smith analyzed the steps involved in manufacture and, with 10 specialists, enabled production of 48, pins per day.
About the same time, innovators like Eli Whitney —James Watt —and Matthew Boulton — developed elements of technical production such as standardizationquality-control procedures, cost-accountinginterchangeability of parts, and work-planning.
Many of these aspects of management existed in the pre slave-based sector of the US economy. That environment saw 4 million people, as the contemporary usages had it, "managed" in profitable quasi- mass production. Salaried managers as an identifiable group first became prominent in the late 19th century.
Examples include Henry R. Gantt 's charts s. Duncan wrote the first college management- textbook in In Yoichi Ueno introduced Taylorism to Japan and became the first management consultant of the "Japanese-management style".
His son Ichiro Ueno pioneered Japanese quality assurance. The first comprehensive theories of management appeared around BEST PRACTICES IN PLANNING AND PERFORMANCE MANAGEMENT. RADICALLY RETHINKING MANAGEMENT FOR A VOLATILE WORLD.
Third Edition. The housing bubble, the failures of Bear Stearns and Lehman Brothers, and the near-collapse of the global financial system made it abundantly clear that the management processes on which organizations have relied for more than fifty years are .
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§ Defense business systems: business process reengineering; enterprise architecture; management (a) Defense Business Processes Generally.-The Secretary of Defense shall ensure that defense business processes are reviewed, and as appropriate revised, through business process reengineering to match best commercial practices, to the maximum extent practicable, so as to .
Encyclopedia of Business, 2nd ed. Management Information Systems: Log-Mar.