Reference no: EM1334015

An outlne of evolution of Management

The industrial revolution took place in the middle of 18th century. Prior to that production of goods took place in a small scale employing few workers. The economy was sufficient, needs of the people were limited and the production mainly took place for the self consumption. Trade was restricted within a community more or less on the barter system.
Payment to workers used to be made in kind

But that also had to be done in a systematic order. Produce had to be bundled in a proper manner within a specified period of being produced, transported to the village market to sell or exchange and properly accounted for.

But that also had to be done in a "systematic order". Produce had to be bundled in a proper manner within a specified period of being produced, transported to the village market to sell or exchange and properly accounted for.

Note the words which actually indicate various types business entities which came into existence over the period of time.

For example:

Bundled in proper manner - Packaging industry;

Within a specified period of time: creating a time Utility in the goods produced;

Transported: Transport and logistics;

Village market: where the produce used to be exchanged;

Properly accounted for: stocking, finance

What is Management?

Management is the process of achieving organizational goals by engaging in the four major functions of planning, organizing, leading, and controlling.

This definition recognizes that management is an ongoing activity, entails reaching important goals, and involves knowing how to perform the major functions of the management.

The Functions of the Management:

Planning is to decide what is required to be done now or near future and formulating plans for action;
Organizing: how to implement the plans to ensure maximum utilization of the resources to achieve the organizational goal;
Staffing: involves job analysis, recruiting and hiring suitable persons according to the requirements of the job;
Leading/Directing: Solving any situation and deciding how and what to do and get the people do it
Controlling / Monitoring: Checking whether the work is progressing according to the plans.

The role of the human resources management of an organization aims to maximize the return on the investment made on the human capital and minimize the financial risk. Human resources management ensures the supply of skilled workers in time, arrange their training if needed and where needed, fore see the future need of the personnel in keeping with the future growth of the organization.