Business Management

What Is Management

Introduction

In business terminology, the process of managing all the business activities is called management. Management is a function which involves administration of various business activities. Management involves steps like planning, organizing, staffing, motivating, implementing, directing, coordinating and controlling. These steps need not be in the same order.

Step 1

Planning is the most important part of management - that is management is nothing but planning. For every business, extensive project planning is essential because without clear-cut planning it is very difficult to implement any project. Planning has to be done to know if the project is feasible or not. Proper planning helps a company to get the right estimate for the project that is to be carried out.

Once the planning of a project is carried out than the next step is organizing everything to complete the project. To organize the project you need to have the necessary staffing solution. Proper staffing should be done to implement the project.

Implementation is the most important part of management, in short that of project management. If you don’t implement the project properly, then the project will fail. Management is an important part of project execution.

To execute the project, one has to handle the staff with great precision by directing them in such a way that the project is carried out smoothly. Direction is necessary as far as project implementation is concerned and this is why proper resource management is essential.

Step 2

To complete the project on time it is essential for every project manager to motivate their team. Effective project management is necessary for fast and satisfactory completion of the project and for this, the project managers and the supervisors need to motivate their team members who are directly associated with the project.

In every company, top management is the one which has to motivate its staff, and they are the one who needs to provide an incentive to its staff so that the project gets completed on time. A financial incentive is the best way to motivate your staff.

Management is also controlling. In every project, the project managers have to control the project in such a way that it remains financially viable to their company as well as for their client. If the finances are not controlled, then the project will go overboard, and the project will fail terribly.

Controlling should be done from the beginning of the project. Project control is not just about cost control, but it is also about quality control. Every now and then, quality of all the materials should be checked so that they are of very high quality and there should be no comprise on quality because of cost.

Tips and comments

Management is about coordination. Coordination is essential for smooth completion of the project. In every company, there are various levels in the company hierarchy and everyone in the hierarchy from top to bottom needs to coordinate with each other to complete the project effectively and efficiently on time.

Always remember, finance and compensation are important part of management. Management is a quintessential part of business and to execute various projects with perfection the company has to effectively plan, organize, motivate, implement, direct, control and coordinate everything for completion of the project.

By HANIF QAZI, published at 02/28/2012
   Rating: 4/5 (11 votes)
What Is Management. 4 of 5 based on 11 votes.

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