Wherever there is a prearranged group of people functioning for the achievement of a common objective, some type of management becomes vital. No organization can be run effectively unless there is somebody to supervise the actions. It is not hard to understand the effects of the situation in which an organizational group has no management in any way. If various people constituting the group are left to themselves, the end result will be utter confusion.

Production function has accepted huge significance as a primal function in every industrial undertaking. All other functions rotate around this function. The production activities are independent of the size of the undertakings. In a small concern one person may be undertaking this function while in big organizations, various individuals or separate teams may carry out this action. The success or failure of an organization depends upon the amount of care and function with rationality, and it will also help an undertaking to achieve its organizational goals.

Production is the creation of goods and utilities. In relation to goods, production is the fabrication of a physical object by making use of men, materials and equipment; whereas with regards to services, production is the discharge of a function, which has some value. This elucidation of production activity is very extensive one, and it does not match up with the commonly utilized practice of affiliating it with built-up process only. There can be many methods of production and the production manager will have to select a suitable technique for his unit. The different production methods are job production, batch production and flow production.

You all know the concept of an organization, that why it exists, what are its requirements, plans, procedures and policies. In addition to all these, it is also very important to know the managerial functions that help a business firm in achieving its set targets.

“To manage is to forecast and plan, to organize, to command and to control.” This definition by Henry Fayol has named the managerial functions in their alignment. It is the duty of every manager to execute these vital functions properly to attain the desired results.

Business manager is only responsible for planning, organizing, directing, and controlling all the organizational resources so that they give their best to reach the desired peak. The different organizational resources include people, their positions, funds, data, technology, facilities, materials and supplies.

Managers work in an active environment, and look forward and always ready to accept challenges. The success of organization depends upon the seniority of all these essential functions. These functions are goal-oriented, interconnected and mutually supporting.

Planning is thinking before starting a particular task. It involves formulation of a methodical process for accomplishing the organizational goals. It prepares the organization to accept future challenges. Organizing means assembling the essential resources to execute the developed plan. It is the process of creating structure, building relations, assigning tasks and resources to achieve the aims of the organization. Directing involves the guiding, leading, and supervision of employees to for the achievement of organizational goals. Controlling means checking the actual performance. If there are any discrepancies, then taking the remedial action.

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Management is a systematic and specialized body of knowledge consisting of principles, techniques and laws. It is an important element of a group activity. As no person can fulfill all his wants himself. He unifies with his associates, and works in a prearranged group in the direction of a common objective. In this way, some type of management becomes necessary, which helps the people to comprehend the purpose of the group (working together), and guides their hard work towards the accomplishment of these targets.

Management is a process, which bring the limited human as well as material resources together, and inspires the people for the attainment of the objectives of the organization. The process of management comprises the different functions that a supervisor has to carry out with the intention of accomplish the desired results. The main functions of management are planning, organizing, staffing, directing, directing, coordinating and controlling.

The entire process of management is considered as a social process, as the success of all managerial attempts devolves on the willing teamwork of people. Managers steer, direct, persuade and manage the activities of others to achieve the stated goals. The process of management is on going process and it has to run continuously.

Management is the art of assuring maximal successfulness with a minimal attempt. Wherever there is a structured group functioning together in the direction of a common goal, some type of management becomes necessary.

“Management is the process of getting activities completed efficiently and effectively with and through other people.”

It is the management, which makes the people, actualizes the aims of the particular group, and guides their efforts for the accomplishment of these objectives. No business activity can be carried out without the five factors of production, viz. the land, labor, capital, enterprise and the management. The four factors may prove unproductive in the nonexistence of the fifth one i.e. management. Management also provides novel ideas, thoughts and imaginations to the organization.

Management also helps in efficient and smooth running of business through better planning, benevolent administration, and successful control through its various tools. Profits can be increased in any organization either by escalating the sales revenue or plummeting costs. To increase the sales revenue is beyond the control of an organization. Management by abbreviating costs raises its profits and offers opportunities for future development and improvement.

In the present days of rising competition, only those business enterprises can survive which can manufacture quality goods at the lowest of costs. Through better planning, sound organization and effective control, management lets a business group to lessen costs, and allows it to face aggressive competition.