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Management is a course that covers a wide range of topics related to trade and commerce. The subject aims at enhancing students' managerial capabilities and improving their knowledge, interpersonal, and managerial skills in areas such as finance, human resources, marketing, operations, and research and development. Management is the systematic process of creating and maintaining a specific environment in an organisation in which a collection of people collaborate effectively to achieve a specific goal. Planning, organising, leading, staffing, and controlling are the key principles on which the entire management system is based. These concepts have been used to efficiently and skillfully manage all types of resources, including human, informational, financial, and other resources, in order to meet an organization's objectives. Any organization's performance is mostly determined by its management. As a result, this subject has become increasingly important in the university curriculum. Management is both an art and science of resource management. Setting an organization's strategy and coordinating the efforts of its employees to achieve its objectives through the application of available resources, such as financial, natural, technological, and human resources, are all parts of management.

Strategic Change Management: Organizations must change in order to thrive and keep up with or outperform their industry competitors. Companies confront changes on a regular basis, such as the launch of a new product or the restructuring of the organisation. Strategic management is a field of management that emphasises how to use resources strategically to meet an organization's goals and objectives.

Human Resource Management: The Human Resource department conducts vital responsibilities linked to employees, such as recruitment, training, appraisal, and reward, in order to retain valuable personnel and reduce attrition rates, which are two of HRM's major concerns. The primary goal of the human resource management role is to improve employee performance by implementing various strategies. One of the most difficult challenges that a business has on a daily basis is employee management and using the workforce in a systematic manner.

Project Management: The employment of multiple methodologies, skills, knowledge, and expertise to achieve a project's goal is referred to as project management. It involves the use of specialised knowledge, skills, tools, and processes to provide something of value to others. It is essential in the academic sector since it has a lot of importance in the organisational context.

Brand Management: Brand management is a marketing strategy that employs techniques to boost a product line's or brand's perceived value over time. Brand management starts with a study of how a brand is now viewed in the market, then moves on to planning how the brand should be regarded in order to achieve its goals, and finally to ensure that the brand is perceived as intended and achieves its goals. Effective brand management raises brand awareness, measures and manages brand image, drives efforts that support a consistent brand message, recognises and accommodates new brand products, and successfully places the brand in the marketplace.

Supply Chain Management: Supply chain management is the management of a product's or service's whole manufacturing flow in order to improve quality, delivery, customer experience, and profitability. It encompasses all the procedures that transform raw materials into finished items. Companies can save money and deliver items to customers faster by optimising the supply chain.

Risk Management: Risk management is the process of identifying, evaluating, controlling, and responding to risk factors that arise over the course of a company's operations. A comprehensive risk management programme allows a company to analyse all of the threats it faces.

Any organisation that wants to be efficient and achieve its goals needs to have good management. The Principles of management are the fundamental, underlying reasons that constitute the foundations of effective management. These principles include: 

Division of Work: It is the process of dividing an organization's total workload among employees and creating departments. Division of labour leads to specialisation, and specialisation aids in increasing efficiency and productivity, resulting in a rise in the organization's yield and production. As a result of their increased productivity, employees become more skilled, confident, and efficient.

Balancing Authority and Responsibility: These are the two most important aspects of management. Authority facilitates the management to operate efficiently, and their responsibility makes them accountable for the work done under their supervision or direction.

Discipline: Discipline entails abiding by the organization's policies and procedures. It is considered as the most important value in every project or management. Discipline is necessary for an organisation to run efficiently.

Unity of Command: This principle of management states that an individual employee should receive orders from only one manager and report to that manager. This helps in avoiding dual subordination. A clear chain of command is necessary within an organisation.

Unity of Direction: Everyone who is involved in the same activity should share a common goal. This means that everyone in a company should have the same aim and motivation, making work easier and achieving the stated goal more quickly. Teams working toward a common goal should be headed by a single manager and follow a common strategy. Work should be organised so that employees are working together toward a common goal or target, using a common method or procedure.

Subordination of Individual Interest: This implies that a company should work together for the common good rather than for personal gain. Personal considerations must be set aside, and the company's goals must come first. As a result, the organization's aims must take precedence over the personal interests of individuals.

Remuneration- Workers must be well compensated, as this is their primary source of motivation, which has a significant impact on productivity. The amount and methods of remuneration should be fair, reasonable, and incentive-based. This is essential for motivating people in a business. A company that underpays its employees will have a difficult time attracting qualified and enthusiastic employees.

Centralization: The management or any authority in charge of the decision-making process in any organisation should be impartial. In a centralised system, power is concentrated in a few hands. Decentralization distributes authority across all levels of management. If complete centralization is achieved, subordinates will be unable to carry out their responsibilities. Likewise, if the organisation is completely decentralised, the superior will have no authority to control it. As a result, a balance between centralization and decentralisation is required. 

Scalar Chain: The formal line of authority, communication, and responsibility inside an organisation is known as the chain of command, or scalar chain. An organisational chart, which shows the superior and subordinate relationships in the organisation, is commonly used to portray the chain of command.

Order: To create a positive work culture, a corporation must have a well-defined work order. Positive productivity will be boosted by a positive attitude in the office. Material/things and people in the organisation should follow a set of rules. This refers to the efficient utilisation of resources and their systematic deployment. This refers to the efficient utilisation of resources and their systematic deployment.

Equity: All employees should be addressed with respect and dignity. According to the equity principle, managers must be both courteous and fair to their subordinates. Kindness and justice are combined to create equity. It instils in employees a sense of loyalty and devotion to the company.

Stability: Since insecurity contributes to inefficiency, employees should have job security. If an employee feels safe in their employment, they will provide their best effort. It is the responsibility of management to provide job stability to its workers.

Initiative: Employees should be supported and encouraged to take initiative in the workplace by management. It will help in piquing their interest and increasing their value. All levels of staff should be encouraged to take initiative, with no restrictions on authority or discipline. an initiative provides employees with happiness while also bringing success to the company.

Esprit de Corps: Esprit de Corps is a french phrase that means team spirit. Management must consistently motivate and support their workers. A positive outcome and work environment can be achieved by developing trust and mutual understanding. Organizations should make an effort to develop team spirit, unity, and morale among their employees.

The importance of management are: 

Optimum Use of Resources - Management ensures that resources are used to their maximum potential. It assists in maximising resource utilisation within the restrictions imposed by the company and its environment. Management maximises the use of scarce resources by choosing the best feasible alternate use in industry from a variety of options. It makes efficient use of all physical and human resources and results in management efficacy.

Achievement of Goals- Management is critical to an organization's success in achieving its goals. It focuses collective efforts on achieving predetermined objectives. Goals can be accomplished by properly combining human and non-human resources.

Effective Leadership and Motivation- Without effective management, an organization's operations will become chaotic and disorganized.Team effort is more effective when it is managed properly. It allows people to work together and achieve goals in a coordinated fashion.

Change and Growth- A business enterprise functions in a dynamic environment. Changes in technology, government policy, competition, and other factors frequently put a company's viability in jeopardy. Many reforms in the organisation are required to adapt to the changing environment. Management enables the company to thrive in a constantly changing environment and keep up with those changes.

Establishes sound industrial relations- The term "industrial relations" refers to the entire variety of relationships that exist between employees and management, as well as amongst employees themselves. Management helps an organization's industrial relations by reducing labour disputes. Increased productivity necessitates industrial peace.

Essential for Prosperity of Society- Good management leads to more efficient production, which benefits people's quality of life. It improves profitability, which is beneficial for business, and ensures that society gets the maximum output for the least amount of money by creating well-paying jobs. It raises people's living standards.

Management's primary goal is to improve the smoothness and efficiency of organisational processes. The management objectives can be summed up as:

Organisational objectives

Management is responsible for setting and achieving the company's goals. Any company's primary goal must be to maximise the value of its material and human resources in order to satisfy its financial objectives. This includes survival, profit, and growth.

Survival: The primary objective of any company is survival. The company must raise enough funds to cover the costs that will be incurred for its survival. Management must make every effort to ensure the business's survival.

Profit: Profit is a critical motivator for a business to continue to operate successfully. Profit is essential for covering the costs and risks that come with running a firm. Management is responsible for ensuring that the company is profitable. 

Growth: There are a variety of growth indicators, including sales volume, personnel count, product quantity, and capital expenditure. To succeed in business, management must fully utilise the company's growth potential.

Social Objectives

Every organisation, whether it is a commercial or non-trading concern, has a social commitment to fulfil as a member of the community. This involves employing environmentally friendly manufacturing techniques, providing work opportunities to disadvantaged communities of society, and providing employees with basic amenities such as crèches and schools.

Personal Objectives

An organisation is made up of several categories of people with a variety of backgrounds, experiences, goals, and personalities who come together to meet their various requirements. They all become part of the establishment to meet their requirements, such as competitive salaries and perks, recognition from peers, and personal development.

Management is a broad topic with many subcategories. Practical expertise is essential for understanding management. Management assignments take a long time to complete, and we recognise that meeting tight deadlines is challenging for you as a student. 

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