Administration | Benchmarking |
Budget Control | Budget Planning |
Business Analysis | Business Improvement |
Business Optimization | Business Processes |
Communication | Compliance |
Cost Control / Reduction | Customer Relationships |
Decision Making | Delegation |
Directing Employees | Efficiency Use of Resources |
Employee Feedback | Employee Performance |
Estimates | Financial Controls |
Forecasting | Goal Setting |
Handling Issues | Internal Controls |
Investor Relations | Knowledge Development |
Knowledge Sharing | Management Accounting |
Negotiation | Organization |
Organizational Structure | Partner Management |
Policy | Problem Solving |
Procedures | Procurement |
Project Management | Recruiting |
Reporting | Resource Utilization |
Responsibility & Accountability | Risk Control |
Risk Identification | Risk Mitigation |
Role Planning | Strategy Planning |
Supervising Employees | Team Culture |
Training | Work Coordination |
Work Productivity | Working Conditions |
Importance of Management
In order to use resources efficiently, an organization must be managed. Management is any practice that plans and organizes labor, capital and resources to produce value. As such, management is required for all value production and is the basis for the standard of living and quality of life of a society.Counterexample
Where management doesn't exist or where it is lacking organizations may have several problems as follows.Lack of accountability | Unclear roles and responsibilities |
Disorganized efforts | Failure to meet commitments |
Loss of reputation and trust | Failure to clear issues |
Low productivity | Waste of capital and resources |
Destruction of value | Financial malfeasance |
Decline of organizations | Negligence |
Noncompliance with the law | Employee turnover |
Customer defections | Inefficient processes |
Noncooperation with partners | Noncooperation between employees |
Poor capital utilization | Financial instability and decline |
Project failures | Organizational failure |
Infrastructure failure | Decline of society |
