A student who completes graduation in BMS from Delhi University prepares a student to explore career opportunities in the ever growing management field. This full time program opens avenues for an individual to either start up a venture on own or join a corporate for good job opportunities. There are several features of management in an organization:
- Multidisciplinary in Nature
- Result – Oriented
- Continuous and never ending process
- Working as a team and not as an individual
- Management is a continuous and never ending process
- Aided but not replaced by the technology
- Management is an art of delegating responsibilities to help subordinates grow
- The predefined principles and rules are to be followed with professionalism
- Learning the multidisciplinary actions in an organization
- Dynamic in nature and intangible in services
- Management is both an art and science
- It’s separate from ownership and is prevalent to all
Various Functional Areas of Management
There are various departments in an organization which work in coordination with each other and are interdependent. To understand the processes involved in management, we have categorized the various functions in 4 heads, namely:
|Marketing Management||Production Management|
|Personnel Management||Financial Management|
(1) Marketing Management: The management of distributing the product to the buyer is called marketing management. Marketing has certain sub areas like:
- Advertising: This area deals with advertising of product, introducing new product in market by various means and encourage the customer to buy these products.
- Sales management: Sales management deals with fixation of prices, actual transfer of products to the customer after fulfilling certain formalities and after sales services.
- Market research: It involves in collection of data related to product demand and performance by research and analysis of market.
(2) Personnel Management: Every organization needs manpower for proper functioning of the various departments and the processes involved. Given below are the sub areas of personnel management:
- Recruitment & Selection: The role of recruitment personnel is to understand the needs of manpower in various departments so as to assign a resource to fulfill the role and responsibilities. It is also the responsibility to keep a track of the job description against which the vacancy has to be announced because only then it would be possible to employ a person suiting that role.
- Training & Development:A recruitment personnel has to make arrangements to conduct training programs to make the employees competent to grow in the organization. These training programs also help in interacting with employees and understanding the challenges faced by an employee so as to help them in overcoming the issues.
- Personnel Planning:This deals with preparation inventory of available manpower and actual requirement of workers in organization.
- Remuneration Management: A human resource personnel has to deal with assessing the job, merit rating of jobs and making salary and incentive policy for employees.
- Cordial Relations:To keep the employees work with zeal all the time, it is necessary to maintain a healthy and interactive relation with them, to provide them good working conditions and assist in the welfare of the employees.
(3) Production Management: To make a product, a lot of controlling and coordinating of activities is required regarding the costs involved, the delivery schedules, the quality of the products produced, how wastage can be eliminated, and various other processes. There are various sub-areas under this department:
- Production Planning: There are various policies and methods that are planned by the manager to produce the product.
- Research and Development: Before a product is to be produced or an idea has to be thought of, it is useful to perform research and development of the various methods or techniques involved. All the activities of manufacturing department are dealt here. Other processes involve improvement in existing processes or development of a new product.
- Location and layouts: The production plant has to be set up and it is the responsibility of the production manager to design the layout of the same and decide about the locations depending on the suitability of the area according to the nature of the work.
- Supervision of the material: This area deals with procurement, storage, issue and regulating of the material required for production department.
- Quality Control: To ensure customer satisfaction, a product after it is produced goes through a lot of testing and measures. This is done to check if the quality of the product produced is up to the standards of what’s being promised to the customers.
(4) Financial Management: The management, utilization and procurement of funds required for various processes are termed as financial management. The importance of this type of management lies in the fact that if funds are not managed properly, then, either there will be deficit or surplus of funds which would result in improper functioning of the business. The sub areas under this type of management are as follows:
- Management Accounting: In order to take certain decisions on investment plans, return to investors and dividend policy, it is very much important to analyze and interpret financial records in an organization.
- Financial Accounting: To understand the financial position of the organization, financial statements are required as they a record keeping for various financial transactions that take place.
- Costing: Costing deals with recording of costs, their classification, analysis and cost control.
- Taxation: This deals with various direct and indirect taxes which organization has to pay.
To conclude, we can say that an undergraduate course in management helps in attaining knowledge of each department and gives an exposure in theoretical terms of the various processes involved. This widens the scope of exploring job opportunities.
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