Management a Factor of Production and Also an Economic Resources

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WHAT IS MANAGEMENT? Management can be defined in various ways. In the words of Pride et al, management is the process of coordinating the resources of the organization to achieve the primary goals of the organization. It is also defined as the organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of defined objectives.
Taylor defined management as knowing exactly what men do, and the seeing that they do it in the best and cheapest way. Today, however, management is obviously a much more complex problem than the above definition portrays. Griffins(1996) defines it as the process of planning, organizing, leading and controlling an organization’s human financial, physical and
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d. Decision-making: Decision making involves choosing from among alternative courses of action. It connects the organization’s present circumstances to actions that will move the organization into the future. Past experiences plays a major role in determining the choices that managers take.
e. Staffing: This is an integral part of the management process. It includes human resources planning, recruitment, selection, orientation/socialization, training and development, performance appraisal and compensation. It is believed that organizations are as good as the people in them.
f. Motivating: The term motivation refers to the psychological process that gives behavior purpose and direction. Through motivation, managers try to get people to willingly channel their efforts towards the attainment of organizational goals.
g. Communicating: This is the transfer of information and understanding from one individual to another by means of meaningful symbols. It is a process that requires both a sender –who initiates the process and a receiver-who completes the communication link. Managers use the communication process to carry out their functions and roles. For instance, no decision can be implemented until the managers effectively communicate it to the relevant individuals.
h. Controlling: The final phase of management process. It involves the following key elements: establishing standards of performance, measuring current performance, comparing this performance to

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