Back to: Business Management
What is Business Management?
Business management concerns the identification, coordination, and integration of resources, including individuals, processes, machines, materials, and capital toward the value-producing goals of an organization.
Management is thought to have several primary characteristics, as follow:
- Universal – Management is present within all business organizations.
- Goal-Oriented – Management concerns the accomplishment of objectives and the pursuit of goals.
- Continuous Process – Manage is a continual process. As long as the organization is in operation, management processes will take place.
- Multi-Dimensional – Management is not a singular task or function. It is unique to the industry, company, position, etc. It requires the coordination of various resources with unique functions within the organization.
- Group Based – Organizations are made up of people. These individuals naturally have individual motivations, beliefs, and expectations that must be aligned with the objectives and goals of the organization. This allows the individuals to work together as cohesive groups making up the organization.
- Dynamic – The business environment is ever-changing. Organizations must adapt to this environment to stay competitive and relevant. Managers are charged with recognizing and carrying out the necessary change.
- Intangible – Management is an activity rather than a physical being. It is what drives the organization towards its productive mission.
The activities that constitute management are interconnected in a way to give rise to an organization.