Management was defined by Mary Parker Follett as the art of getting things done in the right manner through various people. The five areas of management include Planning, Organizing, Leading, Co-ordinating and Controlling. Business schools teach management under the name of Business Administration.
Development of management
A number of persons had in an important role to play in the development of management. The operations of management assessment, planning and control were first performed in a double entry book. In 19th century Adam Smith and John Stuart Mill theoritically defined background resource allocation, production, and pricing. There were some useful contributions from Eli Whitney, James Watt, Matthew Boulton, Alfred Marshall, Leon Walras and Joseph Wharton also.
In the 20th century, a number of theories were added by different people to strengthen the basics of management. Some important persons and their contributions to the field of management are - Frederick Winslow Taylor - Scientific management, Lillian Gilbreth - applied motion study and Henry L. Gantt – Gantt charts. Henri Fayol and Alexander Church conducted research to understand various branches of management and their inter-relationships. People started viewing management from a sociological and psychology perspective. Patrick Blackett formulated the science of operations research by combining these statistical theories with microeconomic theory.
The advances in the field of management in the 21st century helped to bring about the concept of workplace democracy in organizations. Human interaction in various business processes was given more importance than ubiquitous command and control.
The various functions of management are:
- To satisfy the range of stakeholders in the for-profit type of work.
- To meet the expectations of donors in non-profit type of work.
- To elect politicians for various positions in public sector companies in countries constituted as representative democracies.
Areas of management
Since the theory of management has been formulated, many new branches of management have come up. Some of these include Administrative management, Accounting management, Agile management, Association management, Change management, Communication management, Constraint management, Cost management, Crisis management, Critical management studies, Customer relationship management, Earned value management, Educational management, Enterprise management, Facility management, Financial management, Human interaction management, Human resources management, Information technology management, Integration management, Interim Management, Knowledge management, Land management, Logistics management.
Apart from these, there are many more branches of management like Marketing management, Operations management, Organization development Perception management, Procurement management, Program management, Project management, Process management, Personal management, Product management, Public administration, Public management, Quality management, Records Management, Resource management, Risk management, Skills management, Social entrepreneurship, Spend management, Strategic management, Stress management, Supply chain management, Systems management, Talent management and Time management.