Management is an area of study, which is in use since we started managing our little activities in life.
According to Henry Fayol,
“To manage is to forecast and to plan, to organize, to command, to co-ordinate and to control.“
This particular function of managing things makes us responsible and accountable for our work.
Have you ever thought why this term ‘Management’ is essential?
Management plays a crucial role in everybody’s life, as it is necessary for any corporate or personal work we do in our daily lives.
Management is a dynamic process of managing the business process, procedures, and other operating workings of the organization. Management is one of the subjects which are currently high in demand among the students passing out their higher secondary examinations.
Let’s have this detailed read upon what all management studies can offer to the career- concerned students.
The Basics of Management:
Management is an essential step to carry out our business as well as personal activities smoothly. It has specific functions in line, which are generally followed for better outcomes at work.
Managing any of the business organizations is not that simple as it may appear. It has a set of main steps to be taken to handle each and everything well:-
This is the first and foremost step taken, to plan and mark all things out on a prior basis. Planning can help us go systematically in the work proceedings. In this process, we can decide upon the utilization of resources, reduce wastages, proper alignment of business purposes.
It is another step to be taken into consideration while managing resources and other proceedings of any business organization. Firstly, we go with the identification of several business activities within a set term, then categorizing those and assign the duties to concerned people.
This is a function for mainly for human resource planning, hiring the right candidate for the right kind of work and also within a set time. Staffs are elemental but necessarily required resource in any business entity present all over the world. It is a managerial function, which also looks into training and development, remuneration and appraisal part of hiring workforce.
The direction is needed in each step of managing any company resources. Directing ensures that the human resources involved is working correctly, and result achievement is also going simultaneously hand-in-hand.
Supervising people and motivating them to work is also a way of providing direction to workers. It also involves, guiding them towards the goal achievement and communicating the work information well so that results are not hamperedat last.
Every step mentioned above will go in vain if co-ordination is not there among the employees and workers. It is one of the most critical factors, in terms of achieving the set results within the decided parameters of time and quality.
Co-ordination brings harmony in the organizational works and motivates the people around practices effectively.
- Controlling and reporting:
This is the step we take at last, but it is planned well in advance. It is mainly a comparison of the standard performance with the actual work done.
In the planning stage, we set some parameters to judge out the results at last, in terms of time taken to produce goods, quality levels to maintain and quantity required to serve the demand well in markets.
After all these, we take corrective measures for mending all our mistakes and provide feedback to the workers or employees for their betterment.
‘Management’, this word revolves around these six major functions aligned and explained above. Without performing these steps above, one cannot manage the business proceedings well and as per the set standards.
Series of subjects in Management Studies:
Management – Being one of the most trending subjects of study, it further provides a huge learning aspect. The syllabus available worldwide contains study matters and topics, which is there to provide excellent exposure in the field of managing a business organization.
The whole topics are further divided into two separate sessions, which will help the students increase their knowledge basewithin a set stipulated time frame:-
- Principles of Management, traditional and scientific managerial aspects
- Business Communication and training for soft skills enhancement
- Financial accounting
- Business mathematics
- Economy and Environment of business
- Managerial Economics
- Office management and automation
- Business statistics
- The business regulatory framework, or legal aspects of an organization
- Cost accounting
- International trade and finances along with corporate accounting methods
- Entrepreneurship development
- Indian financial system and income tax provisions
- Corporate accounting and tax deductions
- Understanding organizational behaviour
- Research methodology as well as general English comprehension
- e-Commerce and e-Business management
- Finance management
- Sustainable environmental studies
- Production management
- Human resource management
- Project management
- Managerial accounting
- Banking and insurance planning
- Laws and regulations regarding banking practices (Country specialized)
- Company law and secretarial practice
- Marketing management
- Operational research
These particular topics are with separate project works, research papers, and live projects. Both the sessions are planned to keep the learning phases of students in concern. After completing these session-wise topics, one will have an in-depth understanding of integratedmanagerial aspects.
These topics are covered well in all management courses available for bachelors or masters in the management field.
The whole curriculum of management studies is balanced well with theoretical learning and real time application of such knowledge while attempting for research and projects.
Management studies – Diverse choicesavailable:
Management is a vast sphere, which includes divergent topics and exciting areas of this particular study.
These topics or areas mentioned below are the ones got published in the ‘Harvard Business Review’ article. Let’s have a quick watch upon the most popular subject matters under this study head:-
- Manpower management:
This area of study mainly focuses on, planning upon the human resources requirements for company workings, and hiring them later. This looks into the matters of manpower outsourcing.
It is focusing on organizing the human resource, monitoring their work and further provides feedbacks for their betterment.
This particular management sphere helps you become an exceptional leader who directs the terms of executives to achieve set organizational goals. Being a leader is not simple; it requires specific skills and attitude for proper functioning at the workplace.
In this area, we will get to learn about internal and external operational measures. The main works we learn here is all regarding – informative media reports, maintaining sheets, preparing and delegation of marketing materials, handling press and news releases and more for ensuring effective communication throughout the organization.
Here, we learn upon strategy making skills and different strategies that are used in any business proceedings. There are many strategy formation techniques one will learn, then department-wise approach making to achieve the set performance standards and competitive advantage.
This is a course designed for personal use, and also one can be a trainer after getting certified in the same. In this type of courses, it teaches all about increasing confidence, persistence, and resilience.
It helps in building emotional strength. Overall, it looks after the complete personification of the individuals enrolled for the same.
In this type of studies under the management head, you get to learn regarding all elements of building a start-up or new venture altogether. This course will provide learning on resources needed, innovation and ideas, along with a long-term vision at a place. And it also prepares the individuals for risk-taking and makes early profits.
- Technology and Innovation:
The world is continually advancing, in form of new innovation and inventions. Being in a technologically upgrading scenario, it is necessary to learn about its management techniques. It is a process of planning, making blueprint or designs, optimizing and later control of its operating works.
Technology and innovation management is essential for making most out of the investments made in areas of technology.
- Marketing Management:
Marketing is one of essential phases of any organizational work. To plan out the process thoroughly with these steps of, planning, conceptualizing, pricing, promotional materials and aspects.
Marketing management specialization is a leading course among the students as it provides broad exposure into the world markets and money structures.
- Decision making and career planning:
This is again a course separately curated for personal level development. It has modules on learning to counsel and to plan out a student’s career with the endless opportunities present.
It is mainly focused upon bettering lives of students by aligning them into world best schools, universities, and further job positions available.
Decision making is a part of this course type, as it plays a vital role in every aspect of life, career, and other significant stages of living and earning.
- Organizational culture and development:
This is a course type, which mainly involves learning on how to improve the corporate work culture. Maintaining harmony and peace at the workplace is equally important as other aspects of a business entity.
It makes you learn enough tips and tricks to balance out every stressful situation at work.
- Product Management:
It is also one of the most appealing fields, among the students of modern ages. These studies focus on marketing and advertising techniques of a concerned new product in the market.
It comprises of modules regarding several steps like idea generation for product specification highlights, sales, evaluation marks, and later compiling of reports for a final decision.
- Work-life Balance:
In this ever-changing and rapidly growing world, we have less time for ourselves. So, this becomes important to balance out both of our professional and personal lives.
This sphere of study makes us attentive towards the line that we ignore for our work or personal events sometimes. It provides learning upon several techniques and types that can achieve perfect work and life balance.
Think upon the varied choices, that management studies have in line to offer students like you. From these heads mentioned above, we can surely take-up on the endless opportunities it has in store for its fellow student followers.
Career opportunities in various Industries:
In the field of management studies, it has ample of opportunities in line for their students. The most attractive point to choose management as a career subject is that it is not industry-specific. And which becomes the reason further, for all the exceptional job roles it offers.
These are the list of industries, which offers extraordinary job positions with better roles and responsibilities at a place.
- Administration and business support services
- Marketing and advertising agencies
- Public Relation
- Aerospace and Defense
- Arts and cultural sciences
- Educational institutions
- Energy and natural resources
- Real estate
- Financial Services
- Government institutions
- Hospitality management
- Law and regulation
- Media management
- Travel and tourism
In these type of industries listed above, job roles for both undergraduates and post-graduates are available. Better job posts as in associate, managers, and executives in different heads of company workings are offered to students from this field.
Our final account:
By having this read on the broad category of varied offerings of this field of study – management, we can also see upon the line of opportunities it has for students.
It is one of the most demanding spheres of study. In the current situation around corporates and other work fields, the utmost priority is given to management students. So, without any worries for career options, study spheres and others, one can choose this subject line of management studies.
This is Maja Kazazic, who had completed an MBA in International Business Management and Public Relations from the Stanford University, California, USA. He is currently placed in an automobile venture as a Senior Public relation Manager. He’s into the field of business and PR for the past six years now.
He is also into teaching and helping out students from the stream of management and public relation. So, feel free to clear your queries in the concerned areas of business management with him.