Traditionally, management was a science with some principles of universal application, but it is also an art. There are a variety of functions and roles in management. Historically, management included the control and coordination of people and resources to achieve goals. In today’s business environment, management encompasses these roles and more. The term “management” has grown to encompass many fields, including economics, psychology, sociology, and history. However, it is most commonly associated with the field of human resource management.
The modern word “management” has its origins in the XVth century French verb’mesnager’, which meant to hold the reins of a horse. Similarly, the Italian and Spanish words maneggiare and manejar refer to ‘ruling a horse’. In both languages, the word derives from the Latin words manus, which means hand, and agere, which is a Latin root meaning “hand.” All three terms, therefore, are based on the idea that the basic task of management is marketing and innovation.
In a traditional sense, management creates an environment in which the various factors of production can function at maximum efficiency. For example, it ensures that raw materials are available and that people are properly motivated. It also sets rules and regulations to make sure that the operation runs smoothly. Despite being a broad-range function, management focuses on being efficient and effective. This means fitting square pegs into round holes and wasting minimal resources. If you don’t follow the rules, you won’t be able to achieve the goals that you set.
In modern history, management is associated with business administration. It is used to refer to management outside of commerce, such as in charities or the public sector. Managers, therefore, have a range of roles, and each organization has to manage its work, processes, and technologies. In fact, many people refer to university departments that teach management as “business schools”; in some cases, the name of a university is used to designate the department.
As the name suggests, management has roots in the XV century. The term “manager” comes from the French verb’mesnager’, which means to handle or rule a horse. The term is also used in Italian and Spanish and comes from the same root. The word’management’ is a part of a larger organizational structure. In addition to these functions, management is also a factor of production. The word “manage” is derived from the Latin words’manus’, ‘agere’, and ‘agere’.
In modern day, management involves the creation of an internal environment that maximizes the productivity of a company. It also involves putting into use various factors of production, such as raw materials and labor. It may also include the creation of rules and regulations and pay workers. It is a critical part of the overall success of a business, but a well-run management team can be a major asset for a business. It is important to realize that management is not a single process, but a process.