Management

economic-dictionary

Management is a set of procedures and actions that are carried out to achieve a certain objective.

That is to say, in general terms, management is a series of tasks that are carried out to achieve a goal set in advance.

The word management is usually related mainly to the corporate world, with the actions that a company develops to achieve, for example, its sales or profit objective.

However, not only companies, projects, or economic assets are managed, but any type of resource. For example, when a person is organized to fulfill a series of duties in a certain time, he is managing his time.

Similarly, an individual could seek psychological help to learn to manage their emotions and thus channel their concern or anger in a positive way.

Management steps

The management steps, mainly in the business field, are the following:

  • Planning: Short and long-term goals are set. This, based on an analysis of the current situation.
  • Organization: The procedures and strategies to be followed to achieve the objectives are determined.
  • Direction: It is the implementation of what is planned, sometimes having a manager who leads a group of people so that everyone works towards the achievement of the same objectives.
  • Control: It is the final stage, when the results obtained are contrasted with what was planned in advance.

Management types

Some important types of management are:

  • Business management: It is a set of actions that are framed in a strategic business plan and that add value to the growth of the company.
  • Portfolio management: It is an activity that consists of making investment decisions and applying them to a set of assets selected in a discretionary and personalized way.
  • Project management: It is the administration of a series of resources with the aim of developing a project (which can be of any type) in a given time.
  • Environmental management: It is a series of tasks aimed at the sustainable development of a project or company, so that it impacts the environment as little as possible.
  • Social management: It is the development of a series of tools and projects to promote social inclusion. That is, greater access to education, health services, job opportunities, housing, security, etc. Likewise, a greater connection between the members of a community is sought.
  • Knowledge management: It is a concept applied to companies. It refers to the transfer of experiences and knowledge between the members of an organization. This, in order to achieve greater benefit for the firm.
  • Public management: It is the administration of State resources (treasury), which should seek the greatest benefit of citizens. Specifically, it is the task of the Executive Branch.

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