Summarise The Semester's Lecture On Management (Term Paper Sample)

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Management
Management is an art that involves decision making (Karlof & Loevingsson 15). It involves stepping as the person in charge and making key decisions to tenaciously catapult the organization. The organization is driven by a set of laid down objectives. Management involves making the right decisions to ensure that an organization attains its objectives. The process of management involves four basic functions of management. These functions are significant to every organization to enable it to work efficiently and effectively. The functions include: planning, directing, organizing and controlling (Karlof & Loevingsson 17).
Planning involves outlining the goals and objectives of an organization and coming up with ways in which they can be achieved (Karlof & Loevingsson 87). The organization must formulate a planning strategy that would work efficiently for them. The strategy would define the organization’s distinct approach to thrive amidst competition. In almost every business setting, competition is healthy. Every organization should develop the right strategy that would enable it to stand out from the rest (Karlof & Loevingsson 96). This would enable the organization to remain productive and relevant with time. For a strategy to be successful, proper implementation is of utmost importance. The implementation of the strategy should take into account the objectives of the organization (Karlof & Loevingsson 107). The objectives should then be grouped as immediate, long-term and intermediate. The manager should also understand the level of competition in the market and develop ways to thrive in the face of such competition. This is what is referred to as strategic management.
Organizing involves assigning tasks and roles to specific employees. It calls for specialization and division of labor in the organization (Karlof & Loevingsson 138). Every employee should be assigned task, especially in areas in which they are competent. Coordination should exist between departments and the organization’s management. The units or departments assigned specific tasks should also cooperate within their units for outstanding performance amongst them. The organizational structure adopted should aim at finding solutions to strike balance between specialization and performance. The McKinsey 7-S framework talks about seven shared values necessary for proper organization (Karlof & Loevingsson 151). These values include: structure, systems, style, staff, skills and strategy. If an organization takes into account these values it is bound to succeed. The organization should develop a corporate culture that encourages the staff to share tasks.
Directing or leading involves motivation of the staff and influencing them positively towards productivity (Karlof & Loevingsson 243). Leadership is defined as the ability to influence a group of people towards a common goal. Leadership gives a sense of direction to the employees (Karlof & Loevingsson 265). The leader should be able to align people towards performance. He or she should en...