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Business Assignment 2 - Essay Example

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Management is considered an art and a science because it is the way and the process of how one achieves its targets and goals. (Bush, 2003).
The term management may have…
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Business Assignment 2

Download file to see previous pages... s better, for in human society.” Management today is not just restricted to human resource but is now divided into various segments like management of finances, strategic management, operations management, time management, marketing management and crises management. (Finkelman, 2006).
There are various functions of management that includes planning, organizing, staffing, directing, coordinating, reporting and budgeting. It is through these functions that complete and successful management can be done in an effective and efficient manner. (Finkelman, 2006). There are three different role of management or a manager that are interpersonal roles, informational roles and decisional roles. (Covey, 1992). Interpersonal roles includes role of a figurehead, leader and liaison. Informational manager’s role is of monitoring, disseminator and as a spokesperson. Decisional roles include entrepreneur, disturbance handler, resource allocator and negotiator (Mintzberg, 1973).
In general, there are two approaches to management, the industrial organization approach and the sociological approach. (Covey, 1992). Industrial organization approach deals with economic theory focusing on competitive rivalry, resource allocation and economies of scale. (Finkelman, 2006). Sociological approach deals with human interaction assuming rationality, satisfying behavior and profit sub-optimality. Thus a good management style is a mixture of efficiency and effectiveness without which the desired result can not be reached. (Bush, 2003).
A leader is a person who guides others toward a common goal, showing the way by example, and creating an environment in which other team members feel actively involved in the entire process. A leader is not the boss of the team but a person that is focused to carrying out the mission of the organization. (Bush, 2003). Therefore leadership is the process by which an individual influences others to achieve a common goal and creating an environment in which ...Download file to see next pagesRead More
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