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Management is an art of accomplishing the goals by carrying out a series of steps in an appropriate manner. It is carried out to increase the efficiency of an organization. The organized method involves preparation of plans, their arrangement, direction and control over efforts of human.
The various process involved are interrelated to each other. This ensures that the resources are perfectly chosen and utilized to accomplish the goals. The five M’s of management are Manpower, Machine, Material, Money, Methods.
Manpower is an important resource for an organization to achieve its goal. The selection of right person is mandatory to bring the effectiveness. Materials are the basic elements of any organization so right materials must be selected in any business activity. Machine is the organizational tool as all services can be carried out effortlessly which increases profitability. It is necessary to identify the best method to carry out the managing task. Money is all an organization need to run itself.
Management is required in all the organizational levels to give birth to success. A manager has several responsibilities that keep on changing being aware of the strategy of the action plan. At managerial level, one measures the overall progress and takes the responsibilty to take the graph in the positive direction. It involves management of resources, capital, human resource , market and methods. Various levels of management are:
1 Top level management
2 Middle level management
3 Low level management
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