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Management is a common term and is widely used. It is essential in any type of organization.Management is basically ensuring combining efforts of available resources towards required objectives/ goals/targets.Management is an activity of purpose. It is a process and not an event or happening.Management primarily needs to create an enabling situation. Required things or results need to be made to happen. Management cannot wait for things or results to happen. It cannot give reasons or situations that prevented required results from happening. In fact, good management is one which foresees all possible constraints and plans strategic actions to work around them to achieve targeted objectives. Therefore, good management has to be efficient and also effective. Efficiency means doing a task the right way at economic costs within available resources. Effectiveness means doing the right things.Management depending on situations and individuals can be a Process, Activity, Discipline, Group, Science, Art or Profession and explained below:”Management is a process that defines a sequence for a set of planned activities to utilise available resources optimally, effectively and economically to achieve required results at the right time”. Management can be a social process since it primarily deals with humans in getting them to plan, organize and perform activities that produce required results in a timely manner. It is also an integrating process since it integrates various resources like humans, financial, machinery, equipments and materials to produce required end result. Finally, Management is a continuous process and goes on in search of newer targets/objectives and results when current ones are achieved. Management cannot be said to be over but goes on and that’s why is precisely defined as a process.As an activity, management can be informational, decision-making or inter-personal. Management can never be done without flow of information between involved resources. Once information flows decision has to be taken otherwise nothing moves forward toward completion. Lastly, good management is characterised by good person-management skills that gets everyone involved, motivated yet willing to give one’s best happily.As a discipline, management pertains to study of principles & practices of basic administration. It specifies methods for its practitioners to manage any type of organization. Management is formally taught leading to diploma/degree/masters globally in institutes and universities enhancing a person competency and thereby one’s employability at higher levels of responsibility.Eminent research scholars, thinkers and academicians continually further the discipline of Management. This is then wide-spread through the various institutes that teach various management programmes to students who are selected through rigorous selection procedures.There are family owned businesses that have the family members at the helm and qualify as Patrimonial or Family Manager. Those with formal qualification in Management are known as Professional Managers. Heads of political parties and government-owned enterprises/corporations/undertakings are Political Managers.Management is accepted as both, an art and a science. Management has well researched and documented knowledge and has proven examples to confirm its applicability to day-to-day life and hence is undoubtedly a science. Not everyone can be a successful and authentic manager. Few individuals have that skill, finesse, adequate knowledge and a personal style that makes management an art.Management practitioners are usually categorised in to Top level, Middle level and Front line Managers globally across organizations. Top level Management usually frames the objectives, policies, strategies and directs others towards achievement. Middle level executes the top level’s plans and directives whereas front line managers actually get the job done.Objectives of Management are generally regarded as optimising results, efficiency and rewards. Improving of human life and social living standards and making everyone goal and achievement oriented.Management functions, as defined by KOONTZ and O’DONNEL are widely accepted and are considered as Planning, Organizing, Staffing, Directing and Controlling.Another globally accepted management fundamental are the 14 Principles of Management defined by Frenchman Henri Fayol. The important ones amongst them are Division of Labor, Principle of One Boss, Unity of Direction, Equity, Order, Discipline, Initiative, Fair Remuneration, Stability of Tenure and Sub-Ordination of Individual Interest to General Interest.Why Is Management Important?Organisations globally need team work to achieve goals. In 2015 management positions are projected to increase by 5-9% at the global level.Effective practice of Management helps individuals at personal, professional and social levels to:1. Accomplish goals2. Be more efficient3. Manage time better4. Take informed and right decisions5. Increase earning potential6. Increase success and happiness levelsEffective, efficient, ethical and continuous practice of Management always holds individuals and organisations in good stead creating prosperity, satisfaction and productive use of time at economic scales. Add to this continual up-gradation of one’s knowledge and one has a sure-shot recipe for success.