SCOPE OF MANAGEMENT
Since
the inception of the subject management, its scope has been widening. In the
beginning, it was restricted to managerial activities of an organisation.
Today, we find management in every sphere of life. It is very difficult to define
the scope of management. Modern management is an art, a science and a
profession. It has become a universal phenomenon. The scope of management is
better understood with the help of process of management and functional areas.
The
subject matter of management comprises of various elements. The following are
the elements or functions performed under the banner of management. They are
planning, organising, directing, staffing, co- ordinating, recruitment,
budgeting and controlling.
The
scope also includes functional or operational areas of management. It performs
various functions such as;
Functions of management-
- Production
Management –
The
production is an important basic activity undertaken by every organisation. The
term production means conversion of raw-materials into finished goods by adding
utilities. The production should be well planned and managed.The plans are
related to product quality, size, quantity, process, inspection and supervision
of production. The production activity which is not planned properly fails to
attain the ultimate objectives.
The
product has to meet the expectations of customers. The production management
includes plans relating to location of plant, production policy, plant layout.
research and development, standardisation, purchase of raw materials, quality
control etc. The production planning determines the fate of all other
departments.
- Financial
Management-
Finance
is the life blood for the organisational activities. It has become the core
activity. There are many number of organisations which fail due to wrong
financial planning. The important financial management areas include planning
of sources of finance, classification, short and long term, application of
funds, dividend distribution etc.
The financial objectives i.e.. profit or
wealth maximisation, lays down the optimum capital structure to attain the
objectives. The analysis and interpretation of financial performance is
undertaken to evaluate management also fixes the return on investment, the
success or failure of financial management.
- Marketing
Management-
Marketing
management is the management of the task of delivering consumer satisfaction
and there by earning profits. It is the marketing concept in action. Its the
application of management functions of planning, implementing and controlling
all the marketing activities. It includes the performance of managerial
functions of planning. Execution co-ordination, research and development,
pricing, advertising selling, sales promotion and distribution with a view to satisfy
the needs of consumers, business as well as society.
The
policies are related to market analysis, branding. pricing, channels of distribution,
product line, market mix, product mix, sales mix, market research etc. The
experts in marketing management aim at creating customers, satisfying
customer's needs and earning of profits.
- Personnel
Management-
The
organisation is a miniature of society because it includes human being. It is a
difficult area of management. Management of human force as resources is a crucial
phase, as it affects the utilisation of material resources The managerial
functions include planning the personnel, recruitment, selection, training,
promotion, job evaluation, directing controlling wage fixation, co-ordinating,
welfare of employees etc.
The
organisation has to develop the best human resource to attain the objectives.
Now a days, the term human resource management has totally replaced the
personnel management. The human resource management is gaining more importance
in the financial services and consultancy services. A qualitative collection of
human force is an asset to organisation.
- Office
Management-
The
office is an integral part in an organisation. It is the centre through which
the managerial activities are directed, co-ordinated and controlled. This part
of organisation is called administration which subordinates the management
The
administration manipulates and controls men, machine. Methods to attain the
objectives of on organisation. Every administration has plans for time
management, documentation, correspondence. Cost-control, taxation, adherence to
laws, government regulatory bodies etc.
Conclusion-
Apart
from the above areas, the application of ‘management concept can also be seen
in time management, efficiency, cost accounting and management accounting. The
scope of management is widening day by day.
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