management skills essay

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7 Strategies for Improving Your Management Skills

• 09 Jan 2020

Developing managerial skills is important for all professionals. According to the World Economic Forum , people management is one of the top 10 skills needed to thrive in today’s workforce. Additionally, research by Gallup shows companies with talented managers experience greater profitability, increased levels of productivity, and higher employee engagement scores—highlighting how vital management is to an organization’s culture and success.

Whether you’re an aspiring or seasoned manager, there are actions you can take to improve how you oversee and guide people, products, and projects. Here are seven ways to become a better manager and advance your career.

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How to Improve Your Management Skills

1. strengthen your decision-making.

Sound decision-making is a crucial skill for managers. From overseeing a team to leading a critical meeting , being an effective manager requires knowing how to analyze complex business problems and implement a plan for moving forward.

In the online course Management Essentials , the following components—referred to as the “three C’s”—are presented as essential building blocks for a successful decision-making process:

• Constructive conflict: This involves engaging team members in the decision-making process. It invites diverse perspectives and debate and stimulates creative problem-solving.
• Consideration: All stakeholders involved in a decision should feel their viewpoints were fairly considered before a solution is determined. Without this sense of acknowledgment, they may be less inclined to commit to and implement the solution.
• Closure: This is a function that ensures stakeholders are aligned before proceeding. It requires defining what constitutes a project or initiative as “done” within a set period, determining if anything remains to be accomplished, and ensuring everyone agrees as to whether the outcome was a success.

By ensuring your decision-making process encompasses these qualities, you can become a key contributor at your organization and influence the context in which decisions get made.

2. Cultivate Self-Awareness

A high level of self-awareness is critical for managers, and it’s what separates high-performers from their peers in the workplace.

This core tenet of emotional intelligence requires introspection and an honest evaluation of your strengths and weaknesses. Through engaging in self-assessment and turning to trusted colleagues to gain insight into your managerial tendencies, you can chart a path for your professional development that hones in on areas where you need to improve, enabling you to bring out the best in yourself and others.

Related: Emotional Intelligence Skills: What They Are & How to Develop Them

3. Build Trust

Trust reaps numerous benefits in the workplace. According to research outlined in the Harvard Business Review , employees at high-trust companies report:

• Less stress
• More energy at work
• Higher productivity
• Greater engagement

Forge deeper connections with your colleagues by engaging in small talk before meetings and learning more about their lives outside the scope of their work. In addition, encourage inclusive dialogue about personal and professional differences, and be open to diverse viewpoints in discussions.

Doing so can cultivate empathy among your team , leading to a greater sense of camaraderie, belonging, and motivation.

Related: 6 Tips for Managing Global Teams

4. Be a Better Communicator

Strong communication skills are a hallmark of any successful manager. Being in a managerial role involves tackling complex business situations and ensuring your team has the information and tools required to succeed.

When facing challenges like navigating organizational change , be transparent about tasks at hand and instill your team with a shared vision of how your company can benefit from the impending transition. Continually provide updates and reiterate the plan for moving forward to ensure your employees are aligned and understand how their work factors into larger corporate objectives. By developing communication and other interpersonal skills, you’ll set your team up for success.

5. Establish Regular Check-ins

Make it a habit to regularly check in with your employees outside of their annual performance reviews. According to research by Gallup , team members whose managers provide weekly feedback are over:

• Five times more likely to strongly agree they receive meaningful feedback
• Three times more likely to strongly agree they’re motivated to do outstanding work
• Two times more likely to be engaged at work

Keep the conversation informal when delivering feedback , and focus on the person’s progress toward organizational goals rather than their personality. In addition, help them chart a plan for moving forward, and affirm your role as a trusted advisor as they tackle next steps.

6. Carve Out Time for Reflection

Beyond regular check-ins, set a consistent cadence for reflecting on and reviewing your team’s work. In one study by Harvard Business School professors Francesca Gino and Gary Pisano, it was found that call center employees who spent 15 minutes reflecting at the end of the workday performed 23 percent better after 10 days than those who did not.

In a video interview for Management Essentials , HBS Professor Amy Edmondson says reflection is crucial to learning.

“If we don’t have the time and space to reflect on what we’re doing and how we’re doing it, we can’t learn,” Edmondson says. “In so many organizations today, people just feel overly busy. They’re going 24/7 and think, ‘I don’t have time to reflect.’ That’s a huge mistake, because if you don’t have time to reflect, you don’t have time to learn. You’re going to quickly be obsolete. People need the self-discipline and the collective discipline to make time to reflect.”

Schedule reflection sessions shortly after the completion of an initiative or project and invite all members of your team to participate, encouraging candor and debate. Hone in on problems and issues that can be fixed, and plot a corrective action plan so that you don’t encounter the same pitfalls in your upcoming undertakings.

7. Complete Management Training

Beyond your daily work, furthering your education can be an effective way to bolster your management skills.

Through additional training , such as an online management course , you can learn new techniques and tools that enable you to shape organizational processes to your advantage. You can also gain exposure to a network of peers with various backgrounds and perspectives who inform your managerial approach and help you grow professionally.

For Raymond Porch , a manager of diversity programs at Boston Public Schools who took Management Essentials , engaging with fellow learners was the highlight of his HBS Online experience .

“My favorite part of the program was interacting with my cohort members,” Porch says. “I received valuable shared experiences and feedback and was able to be a thought partner around strategies and best practices in varying scenarios.”

Related: 5 Key Benefits of Enrolling in a Management Training Course

How Managers Become Great Leaders

While the terms “management” and “leadership” are often used interchangeably, they encompass different skill sets and goals . Yet, some of the most effective managers also exhibit essential leadership characteristics.

Characteristics of a great leader include:

• Exemplary leadership: Strong leaders often consider themselves as part of the team they manage. They’re concerned with the greater good of their organization and use delegation skills to effectively assign tasks to the appropriate team members. Just as they must provide feedback to their team, great leaders must accept others’ constructive feedback to improve their leadership style.
• Goal-oriented: It’s crucial for leaders to deeply understand their organization’s business goals. Knowing its overall mission allows them to strategically prioritize initiatives and align their team with a common vision.
• Self-motivated: It’s vital that leaders are self-motivated and use time management skills to reach their goals. They must accomplish difficult tasks while inspiring their team to follow suit.

By bolstering your leadership skills , you can strengthen your relationship with your team and empower them to do their best work, ultimately complementing your managerial skills.

Elevating Your Management Skills

Managing people and implementing projects on time and on budget is a business skill that all professionals should strive to master. Through sharpening your soft skills, building self-awareness, and continuing your education, you can gain the skills needed to excel as a manager and lead both your team and organization to success.

Do you want to become a more effective leader and manager? Explore our online leadership and management courses to learn how you can take charge of your professional development and accelerate your career. To find the right course for you, download the free flowchart .

This post was updated on September 2, 2022. It was originally published on January 9, 2020.

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77 Management Skills Essay Topics

🏆 best essay topics on management skills, 👍 good management skills research topics & essay examples, 🎓 most interesting management skills research titles, 💡 simple management skills essay ideas.

• Starbucks Corporation’s Management Skills
• Management Skills: Literature Review
• Study Skills and Time Management in Education
• Study Skill of Time Management
• Developing and Management Skill
• Financial Planning. Money Management Skill
• Human Resource Management: Skills and Requirements
• The Brand Management Job: Skills and Functions Brand managers work in a spectrum of industries. They endeavor to develop an easily recognizable image for products and services.
• Practicum Project on Developing and Strengthening Leadership and Management Skills of Nurses The focus of the Practicum Project is made on developing and strengthening the leadership and management skills of nurses for increasing the quality level of health care services.
• Project Management and Important Skills To succeed in project planning, it is necessary to apply specific management approaches and techniques to develop a set of skills and talents.
• Applied Management: Developing Leadership Skills Leadership development refers to any activity that enhances the quality of leadership within an individual or organization.
• Psychology Issues: Stress Management Skills Stress management is a skill that is required in everyday life, and that is why it is important. People face stress in almost every part of their life.
• Time Management Skills in Leadership While leadership’s goal is to push forward and develop, management tends to find faults in the present state of a system and fix them.
• Management Skills Learning and Development Plan Examination of career goals and career opportunities for an accountant in the finance department of a hotel, based on the personal experience of the author.
• Management Skills Course Reflections Effective management has usually been associated with teamwork, or group work, which was the same for me, before listening to the lecture.
• Good Time Management and Delegation Skills The management skills of good time management and delegation. These two skills of management are very much closely related and even to a particular extend they move together.
• Self-Management Skills in Chronic Disease Management If a patient does not know how to manage his or her condition and engage in effective self-care, negative health outcomes can be expected.
• Project Selection Approaches and Management Skills Project management is a diverse field that unites a multi-disciplinary team, and their collaboration and the exchange of experiences represent a fruitful area of exploration.
• Effective Management Skills Lecture Reflection Effective management is associated with the power to influence and persuade others to work towards common organizational goals.
• Seminar: Skills for Project Management Valuable individual skills that are usually associated with managers are creativity, the ability to negotiate, risk management, and strategic thinking.
• Leadership Skills vs. Management Skills For any person who leads others and is responsible for specific actions, it is essential to have the qualities of an effective leader and to be a good manager.
• Essential Skills for Effective Leadership and Management In The 48 Laws of Power, Greene outlines the best ways through which leaders and managers can exercise power over their circumstances to become better than their competitors.
• The Yang Sing Hotel’s People Management Skills The Yang Sing Hotel provided custom-made superior services and accommodation at a premium notwithstanding market-monitored rates.
• Fundamentals of Case Management Practice: Skills for the Human Services Reflecting on the chapter on ethics and other professional responsibilities for human service workers provides valuable insight into how ethics codes are critical to a productive.
• Effective Management: Basic Rules and Skills Required There are a number of rules of management and skills a manager should possess in order to observe efficient operations at their workplace.
• Conflict Management as an Essential Skill Conflict management should be one of the critical competencies of modern leaders. This paper shows the crucial status of effective conflict management in the 21st century.
• Concepts and Skills in Modern Management This paper aims to explore concepts and skills in modern management, such as expertise, creative thinking skills, motivation, creativity, and innovation.
• HR Management Skill Set in Health Care It is necessary to note that an HR manager is expected to have an outstanding knowledge of the industry, and some aspects are incredibly valued by employers.
• Core Classroom Management Competencies and Skills of High-School Teachers in the Digital Era The modern educational field is continuously undergoing the influence of multiple factors within the social, political, economic, and technological environments.
• Crucial Management Skills: Assessment and Development The purpose of this paper is to rank all the techniques in management from the most essential to the least important.
• Management Skill: Personal and Professional Development Management skills in the context of personal and professional development are a very important issue in modern corporate world.
• Management Skills Research Papers: The Process of Researching The proper research, should be based on the principles of implementation the innovative managerial skills and the issues of the adjustment of the effective working atmosphere.
• Management Skills Development in Volunteers Activities of the volunteers’ group are studied to identify different issues that are important in regards to the development of management skills.
• Contemporary Management Skills: Development Plan Career planning is one of the very important resolutions and can happen only once in anyone’s life, but for this, I have to identify and redefine my goals.
• Virtual Team Management: Skills and Practices Virtual workplaces provide excellent opportunities for employers and workers alike. However, these opportunities come at the cost of significant challenges and issues.
• Skill Discovery in Business Management The main function of the management is to determine those things that should be done in the organisation and ensuring that results are achieved.
• Conflict Management and Leadership Skills A conflict is a disagreement between two parties of different levels. This essay explores methods of conflict resolution and leadership skills that can be applied in business.
• Auditing Leadership and Management Skills Within Company Effectively
• Information Technology Project Management Skills
• Time Management Skills and Academic Performance
• Essential Nonprofit Management Skills and Development Tips
• Adopting Anger Management Skills That Work
• How Students Can Improve Their Self-discipline and Time Management Skills
• Time Management Skills: Sorting and Prioritizing
• Self Assessment Test Related Project Management Skills
• Management Skills Philosophies and Motivation
• Teaching and Management Skills Necessary for All Children
• Time Management Skills for Distance Learning
• The People Management Skills You Need To Succeed as a Manager
• How Time Management Skills Can Effect Educational Achievement
• Management Skills Need for the Business Successful
• The Conflict Management Skills Needed for Work
• Classroom Management Skills Can Foster Academic Achievement
• Management Skills and Employees’ Job Satisfaction
• Effective Instructional Strategies and Classroom Management Skills
• Teens Must Develop Financial Management Skills
• Management Skills Difference Between Low and High R&D Concentration Firms
• What Are the Essential Skills for Security Management?
• Time Management Skills and Project Management Skills
• Procrastination and Time Management Skills
• Why College Students Have Poor Management Skills
• Effective Management Skills Required Managers
• What Affects Teachers’ Classroom Management Skills
• Myers Briggs Personality Test and Management Skills
• Leadership Styles, Characteristics, and Management Skills
• How Leadership and Management Skills Demonstrate Success
• Ford Motor Company CEO Alex Trotman and His Management Skills
• Physician Health Management Skills and Patient Outcomes
• Management Skills and Strategies For Personal Improvement
• Information Technology Management Skills Research
• What Is a SWOT Analysis and Why Is It Important to Managers?
• Effective Communication and Guided Leadership Management Skills
• Teaching Preschools Conflict Management Skills
• Management Skills for Products and Services
• Effective Policy Advocacy and Management Skills
• Difference Between Management Skills and Entrepreneurship
• Are Management Skills Different Today From 50 Years Ago

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StudyCorgi . "77 Management Skills Essay Topics." June 5, 2022. https://studycorgi.com/ideas/management-skills-essay-topics/.

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These essay examples and topics on Management Skills were carefully selected by the StudyCorgi editorial team. They meet our highest standards in terms of grammar, punctuation, style, and fact accuracy. Please ensure you properly reference the materials if you’re using them to write your assignment.

This essay topic collection was updated on December 26, 2023 .

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Essay on Time Management

• Updated on  
• Aug 27, 2022

“Time isn’t the main thing, it’s the only thing”- Mile Davis.

Time management is a prestigious topic for budding subconscious minds. It is one of the most crucial skills that you must inculcate from early on. This skill has vital importance when you move into a professional setting. It is extremely important to manage time efficiently as not managing time can create many problems in your day-to-day life. It is also a common essay topic in the school curriculum and various academic and competitive exams like IELTS , TOEFL , SAT , UPSC , etc. This blog brings you samples of essays on time management with tips & tricks on how to write an essay.

Essay on Time Management in 200 words

Time stops for none and is equal for all. Everyone has the same 24 hours in a day but some people make better use of time than others. This is one of the most important reasons some people are experts in what they do. Therefore, time management plays a vital role in both personal as well as professional lives.

Time management is basically an effort made consciously to spend a certain amount of time performing a task efficiently. Furthermore, it is estimated that to have better results, one needs to do productive work. Thus, productivity is the key focus here. Moreover, maintaining a careful balance between professional life, social life, and any other hobbies or activities is a great example of efficient time management.

Time management is also crucial for students from an academic perspective as students require to cover many subjects. Thus, efficiently managing time is an important skill in everyone’s life.  Around the world, there are two views for time management – linear time view and multi-active time view. The linear time view is predominant in America, Germany and England, and it aims at completing one task at a time. Whereas a multi-active view aims at completing a number at once and is predominant in India and Spain. Nevertheless, time management is one of the important traits of a successful individual, students are advised to follow whichever is convenient for them.

Essay on Time Management in 300 Words

Time Management is a key skill for job opportunities as employers recruit candidates who have this efficient skill. Thus, it is advised to initiate inculcating this vital skill as soon as possible. In the academic setting, time management plays a vital role and helps in the accomplishment of tasks efficiently and effectively.

Time management is the process of planning and performing pre-scheduled activities with the aim of increasing productivity, effectiveness and efficiency. Different cultures hold different views on Time Management. However, a multi-active time view and a linear time view are the two predominant views. In a linear time view, the aim is set to complete one particular task at a time whereas, in a multi-active view, the focus is on completing a greater number of tasks at once. Emphasis is given on productivity and effectiveness, but students are free to choose their own view of time management.

Time management is crucial as it is helpful in setting a timeline for achieving a particular goal. Moreover, it also increases the efficiency of the tasks at hand. It becomes necessary for working professionals as they need to balance their personal and professional life. Thus, they do not have time to dwell on each and every detail in every task. In such cases, a multi-active view is one of the helpful methods. Time management works best when a goal or target is set. For instance, a student becomes far more effective at learning when they decide to assign 2 hours for learning a particular concept. This is effectively a method of benchmarking progress. So, every time the activity is performed, one can measure themselves and improve upon various aspects of their tasks.The clear conclusion is that time management is a crucial skill for students and working professionals. Thus, everyone must practise time management to improve productivity and efficiency of tasks.

Tips for Writing an Essay on Time Management

To write an impactful and scoring essay here are some tips on how to manage time and write a good essay:

• The initial step is to write an introduction or background information about the topic
• You are required to use the formal style of writing and avoid using slang language.
• To make an essay more impactful, write dates, quotations, and names to provide a better understanding
• You can use jargon wherever it is necessary as it sometimes makes an essay complicated
• To make an essay more creative you can also add information in bulleted points wherever possible
• Always remember to add a conclusion where you need to summarise crucial points
• Once you are done read through the lines and check spelling and grammar mistakes before submission

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Lastly, we hope this blog has helped you in structuring a terrific essay on time management. Planning to ace your IELTS, get expert tips from coaches at Leverage Live by Leverage Edu .

Sonal is a creative, enthusiastic writer and editor who has worked extensively for the Study Abroad domain. She splits her time between shooting fun insta reels and learning new tools for content marketing. If she is missing from her desk, you can find her with a group of people cracking silly jokes or petting neighbourhood dogs.

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Essay on Management: Top 9 Essays

Here is a compilation of essays on ‘Management’ for class 9, 10, 11 and 12. Find paragraph, long and short essays on ‘Management’ especially written for school and college students.

Essay on Management

Essay Contents:

• Essay on the Importance of Management

1. Essay on the Introduction to Management :

Management is a vital aspect of the economic life of man, which is an organised group activity. It is considered as the indispensable institution in the modern social organisation marked by scientific thought and technological innovations. One or the other form of management is essential wherever human efforts are to be undertaken collectively to satisfy wants through some productive activity, occupation or profession.

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It is management that regulates man’s productive activities through co-ordinated use of material resources. Without the leadership provided by management, “the resources of production remain resources and never become production”.

In the words of Drucker manager is the life-giving dynamic element in every business. Productive resources-men, money, materials-are entrusted to the organising skill, administrative ability and enterprising initiative of the management.

Modern business is the complex scene of forces of change constantly at work. The size, strategy, structure, motivation of modern enterprises underline the need of creative touch in successfully piloting their affairs. New products, new methods and techniques appear day-after-day to cater to the ever-changing trends of consumers’ tastes and needs. The ceaseless competitive drive to capture markets necessitates intellectual handling of refined requirements of consumers.

Management today is not just an exercise of blind authority or bossism but it implies scientific thinking, accurate planning and meticulous control to ensure quick and better results. Management has become a profession in view of the modern business becoming more sophisticated.

As ownership gets divorced from management, specialisation in business operations becomes more marked. Proprietors, shareholders and even their directors remain comparatively in the background and experts specialising in delicate and intricate matters of industrial techniques play increasingly positive and prominent role in running the business. Professional experts like engineer, scientist, market surveyor, trained executive, researcher, technician, occupy important place in running the affairs of an enterprise today.

Management now a days, therefore, consists of cadre of experts who performs a profitable job to build-up the competitive strength of the firm and they strive to “develop and expand the assets and profits” of the proprietors. According to Drucker, “Management, which is the organ of society specially charged with making resources productive, that is, with the responsibility for organised economic advance, therefore, reflects the basic spirit of the modern age.”

2. Essay on the Meaning and Definition of Management:

It is not an easy job to give the exact meaning of management.

Different writers have used the term “Management” in different senses, which will be clear from the following discussion:

Management as a Process :

In the words of George R. Terry, “Management is a distinct process consisting of planning, organising actuating and controlling performed to determine and accomplish objectives by the use of human beings and other resources.” The elements of management are: planning, organising, actuating (directing) and controlling.

These are also called the functions of management. It is through the performance of these functions that management is able to effectively utilise manpower and physical resources such as capital, machines, material, etc. to produce goods and services required by the society.

This has been shown in Fig. 1:

Henri Fayol has defined management as a process consisting of five functions: “To manage is to forecast and plan, to organise, to command, to coordinate and to control.”

However, modern authors do not view coordination as a separate function of management. They consider it as the essence of managing. Koontz and O’Donnell have classified the functions of management as follows: planning, organising, staffing, directing and controlling. These functions are inter-dependent and interrelated. There is no fixed sequence of their performance. They are performed more or less simultaneously.

Management is regarded a process because it involves a series of functions as shown in:

It starts with planning and ends with controlling. But it does not mean that managerial functions are followed in a specific sequence. A manager performs all the managerial functions simultaneously. Moreover, Management is a never-ending process.

There are three features of management as a process:

(i) Management is a social process as it deals with human beings.

(ii) Management is an integrating process as it organises human resources for the efficient use of other resources like capital, materials, technology, machines, etc.

(iii) Management is a continuous process. It is always involved in identifying the organisation problems and solving them.

“Management is the technique of getting things done.”

“Management is the art of getting things done.”

Marry Parker Follet defined management as “an art of getting things done through others”. This is a traditional definition of management. It emphasises that management directs the workers for getting results from them and supervises their performance. The workers are treated merely as a factor of production like materials, machines and capital.

This definition is insufficient in the modern world because of the following reasons:

(i) The above definition is incomplete because workers are treated as a mere means to organisational goals.

(ii) The management tries to manipulate the behaviour of the workers.

(iii) The needs and aspirations of the workers are not considered.

People are not mere cogs in the wheel and so they should not be treated as commodity or mere means to certain ends. Needs and aspirations of the people working in an organisation should not be overlooked. They must be satisfied so as to obtain sustained and consistent effort towards organisational objectives.

Management may be defined as a technique of getting things done through others by satisfying their needs and providing them opportunity for growth and development. According to Harold Koontz, “Management is the art of getting things done through and with people in formally organised groups. It is the art of creating environment in which people can perform as individuals and yet cooperate towards attainment of group goals.”

In order to accomplish results, management must create opportunities, and encourage growth and development of employees and provide guidance and assistance, wherever necessary. All this demands skillful application of the basic principles of the science of management. Managers must have conceptual, technical and social skills in translating the abstract organisational philosophy into concrete action.

Management is the dynamic life-giving element in every organisation. It is the activating element that gets things done through people. It provides the force necessary to transform the resources of a business organisation into desired goods and services. The primary job of management is to convert the disorganised resources of men, machines and materials into a productive organisation.

Management as a Group :

In the words of sociologists, management is a group or a class who together carry out various managerial activities.” Thus, management refers to the group of people in an enterprise who are carrying out management functions.

In other words, all individuals occupying managerial positions are collectively known as management. A manager is a person who performs the managerial functions of planning, organising, staffing, directing and controlling.

Since a manager performs the managerial functions, he is a member of the management of the organisation. Used in this sense, management includes all those who manage the affairs of an organisation. But in practice, the term ‘management’ is used to indicate the top management consisting of chairman, managing director or chief executive and Board of Directors.

Management as a Discipline :

As a discipline, management refers to the body of knowledge and a separate field of study. Management is an organised body of knowledge which can be learnt through instructions and teaching. It entails the principles, practices, techniques and skills of management which help in achieving organisational objectives. This discipline is taught widely in schools and colleges in most of the countries of the world.

Management has acquired the status of a discipline because of the following two reasons:

(i) A lot of research is being carried out by the scholars in the field of management. The results of research will be useful for future managers.

(ii) It is a specialised body of knowledge, which is studied and practised in management institutions.

Management as an Activity :

Management is an activity concerned with getting things done through people and directing the efforts of individuals towards a common objective. In the words of Harold Koontz, “Management is the art of getting things done through and with people in formally organised groups.”

Management gets results from the people by satisfying their needs, and expectations, and providing them opportunity for their personal growth. Management is a distinct activity in any organisation which is necessary for the achievement of its objectives.

According to another functional classification management activities are classified as:

Classification of Management Activities

1. Informational Activities:

Management has to act as a communicative link between subordinates and superiors. On one hand management receives, requests explanations, statements and suggestions from their subordinates and on the other hand it also receives orders and instructions from superiors. In their informational role as managers the requisite information is passed on to both subordinates and superiors.

2. Decisional Activities:

Management being both administrative and executory has to take routine and strategic decisions regarding various operational activities so that the organisation work is executed smoothly. In their decisional role as managers, management can also be termed as innovators, resource allocators, negotiators and crisis managers.

3. Inter personal Activities:

Management being a team work and group activity requires cooperation, coordination and harmonious relationship between individuals and departments. In order to integrate and charrelise best efforts of individuals to attain predetermined objectives of the enterprise, managers in their interpersonal role act as a figure head of the enterprise, as a leader and as a liason.

Other Definitions of Management:

Various writers have given various definitions of the management.

The following are some of the important definition:

According to E.F.L. Brech, “Management is the process of planning and regulating the activities of an enterprise.”

According to Lawrence A. Appley, “Management is the development of people and not the direction of things management is personnel administration.”

According to Koontz and O’Donnell, “It is the task of manager to establish and maintain an internal environment in which people working together in groups can perform effectively and efficiently towards the attainment of group goals.”

According to Kimball and Kimball, “Management embraces all duties and functions that pertain to the initiation of an enterprise, its financing, the establishment of all major policies, the provision of all necessary equipment, the outlining of the general form of organisation under which the enterprise is to operate and the selection of the principal officers. The group of officials in primary control of an enterprise is referred to as “the management.”

According to William Spriegel, “Management is that function of an enterprise, which concerns itself with the direction and control of the various activities to attain the business objectives.”

According to Keith and Gubellini, “Management is the force that integrates men and physical plant into an effective operating unit.”

According to S. George, “Management consists of getting things done through others. Manager is one who accomplishes the objectives by directing the efforts of others.”

According to Newman, Summer, Warren, “The job of management is to make cooperative endeavour to function properly. A manager is one who gets things done by working with people and other resources in order to reach an objective.”

3. Essay on the Characteristics of Management:

The main characteristics of management are as follows:

(i) It is Goal-Oriented:

The important goal of all management activities to achieve the objectives of a business concern. The objectives of the business may be economic, social and humane.

(ii) It is a Process:

When it is used in the sense of a process, it refers to what management does. In other words, it refers to the process of managing, planning, organising, staffing, guiding, directing supervising and controlling.

(iii) It is a Group Activity:

For the success of a business, it is necessary that all human and physical resources are co-ordinated to achieve the maximum levels of productivity. We all know that the combined productivity of various resources will always be higher than the total productivity of each resources.

(iv) Management is Universal:

It is required in all types of organisations, e.g., family, club, university, government, army, business. The basic principles of management are applicable in business as well as in other organisations. However, these principles are flexible and they can be modified to suit different situations.

(v) It is an Art and Science:

It consists of both the elements of science and art. The science of management gives a body of principles or laws for guidance in the solution of specific management problems and objective evaluation of results. The management as an art consists of this use of skill and effort for producing desirable results or situations in specific cases.

(vi) It is a Factor of Production:

Not only the land, labour and capital are of effective use for the production of goods and services but the managerial skills are also used effectively for this purpose.

(vii) Management is Dynamic:

Management denotes is an ever-changing environment, It involves adoption of an organisation to changes in its environment, and modifying the environment for the benefit of the organisation. Therefore, management is a constantly growing process.

(viii) Management is a Profession:

Management is considered to be a profession as it possesses all the attributes of profession as:

(i) A systematic corpus of knowledge,

(ii) A period of apprenticeship, and

(iii) A code of conduct.

(ix) Management is an Important Organ of Society:

Management has become an important organ of society. Management of large scale undertakings influence the economic, social, moral, religious, political and institutional behaviour of the members of the society.

(x) It is a System of Authority:

In every organised group supreme authority must rest somewhere. There should be a clear line of authority from the supreme authority to every individual in the group.

4. Essay on the Nature of Management:

A study of literature of management often gives rise to a question as to whether management is a science or an art. The brief discussion which follows leads us to the conclusion that it is both a science and an art.

Management as a Science :

Science is by definition a body of knowledge gathered by experimentation and observation, artificially tested and expressed in the form of general principles.

Following are the essential features of science:-

1. Systematised Body of Knowledge:

Science being ‘systematic’ is based on cause and effect relationship. It consists of theories and principles which have the capacity to give reasons for past happenings and at the same time, can be used to predict the result of specification in future.

2. Scientific Methods being used:

Personal opinions and individual likes and dislikes don’t influence scientific principles. They are obtained through scientific investigation and reasoning. They are critically tested and can be scientifically proved at any time.

3. Principles based on Experiments:

Observation and testing the validity and truth through experimentation makes a statement, a principle.

4. Universally applicable:

Scientific princAples may be applied in all situations and at all times, exceptions though may be logically explained. These principles, under required given conditions never fail at any place or point of time.

The debate about whether or not managing is a science continues. The answer to this question depends largely on the degree to which the scientific method is used to determine managing principles and solve managing problems.

Management satisfies many of the scientific principles, for e.g.:

1. Management is a systematised body of knowledge. Its principles explaining cause and effect relationship between various variables, e.g., Principle of Unity of Command if not followed leads to inefficiency, confusion and duplication of work.

2. Management principles are evolved on the basis of observation and repeated experimentation. For instance, it is being observed through experiments that if stability in tenure of an employee is not there, his working efficiency decreases.

But, at the same time, there exists many scientific features which do not coincide with those of management.

Briefly, the method of science consists of the following steps:

1. Facts or data are collected in an objective manner.

2. These facts are classified in some way, usually on the basis of similarities or dissimilarities, in an attempt to make the data more meaningful.

3. From the classifications, hypotheses are formulated establishing cause and effect relationships between various given factors.

4. The hypotheses are then tested to determine their reliability and validity.

5. After the hypotheses are verified and if they stand the test of time, they then have interpretive or predictive value when applied to similar phenomena.

In referring to the hope of dream that a true science of management may someday be achieved. Professor Mee states, “This hope probably will be realized in another chapter in another book in another century.” Perhaps the best that can be said is that a science of management is just beginning to emerge.

It has often been stated that even when management attempts to use the method of science (from which managing principles are also derived), management is neither as precise nor as comprehensive as the natural and social sciences.

There are several reasons why this is true:

1. The rational approach and the application of the method of science are relatively new in business and industry. As a result, managing has not developed the comprehensiveness found in other disciplines that have used the scientific approach for a much longer time.

In fact, one of the more significant developments in the last seventy-five years in the field of management has been the tendency toward using the rational approach in solving management problems.

2. Relatively few managers are trained or experienced in using the method of science. Those who are trained may find it too time-consuming and, because of this as well as other limiting factors, seek other ways to reach decisions and to solve problems.

3. Precision measuring instruments and tools are not always available in management. A manager is forced to use relative measurement where absolute measurement is not possible or feasible. To evaluate the performance of a group of supervisors, for example, he may have to use a relative measuring device such as a carefully prepared rating scale. For his purposes, however, the relative measuring technique is just as useful and effective.

4. In the physical sciences, the researcher works with a single variable, holding all other factors constant. Managers can seldom do this. They almost always deal with people, the human element with all its weaknesses. The human element can never be treated as a constant; hence precision is less than in the physical sciences, though equal to that of the social sciences. Businessmen are always dealing with the unpredictable: people, governments and nature.

5. Most importantly, managerial decision-making, unlike problem solving in the sciences, stresses action rather than truth. A manager’s decisions must have practical application. Managers strive for reasonable results under uncertain conditions rather than for perfection. A method, technique, or device only has to be “good enough” to get the job done.

Management as an Art :

Art refers to the skill to put into action a systematized body of knowledge for the achievement of a given task. To get mastery in any skill it is necessary to have the thorough knowledge of the principles of doing the particular task. At the same time it is necessary to possess the tact, the care to be taken, the discretion and proper judgement in applying the principles involved.

Presence of mind, promptness to react to the given situation and correct response demanded by the prevailing condition are all essential to perform skillfully the task undertaken.

Experiences and judgement add to this skill. Management is also an art as it is necessary to apply the principles of management in planning, organising, staffing, directing and controlling the whole series of activities all through the managerial process.

Throughout the stages of the process of decision-making and execution of these decisions all the individuals occupying various positions at different levels of management need all the skills involved.

Briefly, these skills are called the planning skills, the organising skills, the staffing skills, the directing skills (how to motivate, to communicate, and to lead) and the controlling skills. Sometimes it is said that a good manager is born and not made. But it has been now established and accepted that it is through learning and training process that skilled managers are developed.

As Koontz and O’Donnell have rightly pointed out the work of managing a business or any group activity is an art. But for this the organised body of knowledge is required. It is certainly a science. Thus art and science are not exclusive terms but complementary ones.

Management as an art has the following features:

(a) Personal Skill:

Human beings apart, there are other factors which vary in their effect and role in the achievement of the managerial tasks. Managers have to apply their skill to deal with them.

(b) Practical Knowledge:

Business enterprises involve risks. Only those who have experience can deal effectively with such risks.

(c) Result Oriented Approach:

Management as an process aims at achieving concrete goals. It aims at utilising available resources optimally by creating a congenial atmosphere.

(d) Personal Judgement:

No doubt there are useful principles of management, but it needs individual judgement to apply them properly and at appropriate time. It means art is necessary.

(e) Continuous Practice:

The art of management is much older than the science of management which as an organised body of knowledge is hardly about ninety to hundred years old.

Management: Both Science and Art :

Management is a combination of an organised body of knowledge and skillful application of this knowledge. According to Brech, “A systematic body of knowledge underlies the competent practice of management”.

Much of this knowledge are to be found in various academic disciplines. Competent performance of various management functions necessarily needs an adequate basis of knowledge and a mature scientific approach.

Thus management is both a science and an art. It is a science because it uses certain principles. It is an art because it requires continuous practice to ensure the best possible result. Thus science and art in management are not mutually exclusive. Both of them exist together in every function of management.

Management as a Profession:

Profession is defined as a composite of intellectual and executive qualities applied to carry out successfully the specified activities for the benefit of others. It is an intellectual field. One enters into it to work without any expectation of a direct share in the profits earned out of the activities to carry out which one might be contributing his specialist knowledge or intellect.

According to George, “Profession is that which has a well-defined body of knowledge, which is learned, intellectual and organised, to which entry is restricted by examination, or education and which is primarily concerned with service to others above self-award.”

Features of Profession:

The above statement makes the following features of profession clear:

1. Existence of a body of knowledge, techniques, skills and specialised knowledge.

2. Formalised methods of acquired training and experience.

3. The establishment of a representative organisation with professionlisation as its goal.

4. The formation of an ethical code for the guidance of its conduct.

5. The charging of fees based on the nature of service extended.

In the light of what has been said above management can be said to be a profession.

The arguments in favour of this statement are given below:

1. Body of knowledge:

All over the world there is marked growth of an organised systematic body of knowledge about management as a process.

2. Formal methods of teaching:

The establishment of professional schools of management in which management as a body of knowledge can be taught is seen everywhere. India is no exception to it as is clear from the establishment of Indian Institutes of Management at Ahmedabad, Calcutta, Bangalore, Lucknow and Post­graduate Departments of Management as well as Institutes/Colleges of Management being established in different parts of the country.

3. Fee as remuneration:

The number of management consultants is increasing Even a large number of well reputed firms are establishing their consultancy agencies.

4. Existence of ethical code:

There is growing emphasis on the ethical basis of management behaviour.

5. Establishment of representative organizations:

Both at the national and international levels management associations have been formed with their membership rules, codes of conduct, etc. All India Management Association, New Delhi.

National Institute of Personnel Management, Calcutta, Institute of Marketing and Management, Institute of Chartered Accountants of India, New Delhi, Institute of Costs and Works Accountants of India, Calcutta are the well established associations in India. And many more organisations in the specialised fields/ branches of management are being organised.

Management as Profession: A Controversy :

However, there is no agreement on this point. Questions are asked: Is management a profession? Is it becoming a profession? As it is well known, a large number of business units are operating as sole traders and single entrepreneurship enterprises. By definition and in practice they are managed by proprietor-managers. So is the case with partnership firms and joint Hindu family firms.

But company form of business enterprises in India and corporate organisations in USA and other countries are even by definition the enterprises in which ownership is divorced from management. Even then question remains if all of them are managed by professional managers. As things stand, under law it is the shareholders who elect the Board of Directors from amongst themselves.

Thus the topmost group at the top level management of a company or corporate body are not professional managers. But all the big companies operating on large scale do appoint executives and managers on salary-cum-perks basis. Thus they are the professional managers.

In large companies even the Vice Presidents of marketing, finance, etc. who are on the Board of Directors are the professional managers. So are all those working at the middle level and lower level of management. In case of public undertakings management is in effect with the professional managers. Exceptions to it are Departmental Undertakings such as Railways. Posts & Telegraphs etc. which are controlled by the various departments of the Government.

But there also other than the Minister-in-charge all those looking after the management are professionals. A new trend is becoming more and more marked. Proprietary managers are becoming more interested in acquiring the latest knowledge and technique of management. They are sending their own sons, daughters and other close relatives abroad to acquire degrees and diplomas in management.

Others are joining short- term courses in management run by organisations like Administrative Staff College, Hyderabad. All India Management Association etc. Such persons are now occupying positions at the topmost layers of the managerial hierarchy.

Are these persons to be regarded as proprietary managers or professional managers ? No doubt all the features of profession are not applicable to them. But they do possess other features.

In conclusion, it may be said that all the requirements of profession are not satisfied by managers at the top. But management is, by and large, becoming professionalised, it is more so in the developed nations. But even in India large number of managerial cadres are getting professionalised.

This is applicable to both the public and private sectors. Even the case of smaller enterprises, which are run by proprietary managers, assistance of professionals such as chartered accountants, cost accountants and lawyers are being utilised to a great extent.

5. Essay on the Objectives of Management:

Objectives can be divided into three categories: Individual, Social and Organisational. Recognising the three categories and reacting appropriately to each is a challenge for all modern managers.

(I) Individual Objectives :

Individual objectives are the personal goals each organisation member would like to reach through activity within the organisation. These objectives might include high salary, personal growth and development, peer recognition, and societal recognition.

(II) Social Objectives :

Social objectives deal with the goals of an organisation toward society. Included are obligations to abide by requirements established by the community, such as those pertaining to health, safety, labour practices and price regulation.

Further, they include goals intended to further social and physical improvement of the community and to contribute to desirable civic activities.

It should be noted that most business houses in achieving their primary goals also contribute to their respective communities by creating needed economic wealth, employment and financial support to the community.

(III) Organisational Objectives:

Drucker indicates that the very survival of management may be endangered if managers emphasize only a profit objective. This single-objective emphasis encourages managers to take action that will make money today with little regard for how a profit will be made tomorrow.

In practice, managers should strive to develop and attain variety of objectives in all management areas where activity is critical to the operation and success of the system. Following are the eight key areas in which Drucker advises managers to set management objectives.

1. Market Standing:

Management should set objectives indicating where it would like to b£ in relation to its competitors.

2. Innovation:

Management should set objectives outlining its commitment to the development of new methods of operation.

3. Productivity:

Management should set objectives outlining the target levels of production.

4. Physical and Financial Resources:

Management should set objectives with regard to the use, acquisition and maintenance of capital and monetary resources.

5. Profitability:

Management should set objectives that specify the profit the company would like to generate.

6. Management Performance and Development:

Management should set objectives that specify rates and levels of managerial productivity and growth.

7. Worker Performance and Attitude:

Management should set objectives that specify rates of worker productivity as well as the attitudes workers possess.

8. Public Responsibility:

Management should set objectives that indicate the company’s responsibilities to its customers and society and the extent to which the company intends to live up to those responsibilities.

6. Essay on the Levels of Management:

More of the authors have conceived of three levels of management in any fairly-sized business undertaking.

These are as follows:

1. Top Level Management

2. Middle Level Management

3. Lower level Management

Management is considered as a Three-tier activity. The top tier centres round the determination .of objectives and policies, the middle tier concerned with implementation of policies through the assistance of lower tier of the organisation.

The various tasks in a business enterprise “become structured somewhat like a pyramid, with the highest level of management centred at its apex”.

The managerial set-up of any undertaking, therefore consists of three levels – Top Management, Middle Management and Operating Management or Lower Level Management.

The following chart illustrates Levels of Management in a company form of enterprise of fairly large size:

This gradation of level of management is not a watertight arrangement but represents a hierarchy of authority and responsibility designed to secure a systematic sequence of operations. Each level is blended into another through its functions and all the layers of authority constitute an integrated arrangement.

The demarcation of the levels is only to analyse the range of responsibility and span of control and it underlines the principle of specialisation in administrative executive processes.

A. Top Level Management:

Top level management is made up of Board of Directors, its Chairman, Managing Director or General Manager and other key officers responsible for smooth and systematic conduct of the affairs of the enterprise.

The top level management is a concept of functions concerning the manner in which the enterprise should be shaped.

In view of large size of modern companies, the key functions cannot be performed by a single person, and hence a compact group of elected office-bearers, experts and executives form the top management level of enterprises these days. Board of Directors is assisted by Managing Director, General Manger etc. in directing the company’s operations.

Top level management’s work is a creative process and it also involves commitments of high order of responsibility. As Allen observes “top-management work is a work which must be performed at the apex of the organisational pyramid because it cannot be carried out effectively at lower levels.”

Top management is also described “as the policy-making group responsible for the overall direction and success of all company activities.” It is a chief custodian of the property of the enterprise. It is the main mobiliser of resources in men and materials essential for the inception, maintenance, operations and expansion of the undertaking.

It is more basically a panel of planning the company’s operations and in due course shall develop into an evaluating and controlling medium for securing the maximum possible performance. It is concerned with the problems and policies of the entire enterprise.

The functions of top management include:

“Identifying key factors for the survival and growth of the company and devising basic objectives, policies and programmes for dealing with these factors: being sensitive to the inter-dependence of the numerous actions and maintaining a strategic balance in these actions; and keeping an eye on how current activities of the company will cutting with predicted changes-social, political, technological and competitive-and adopting company plans to the anticipated environment.”

Functions of the Managers at the Top Level Management :

The fundamental functions of mangers of the top management may be classified into the following categories:

(1) Determining the objectives.

(2) Framing the policies and making plans to carry out the objectives and policies.

(3) Setting up an organisational framework to conduct the operations as per plans.

(4) Assembling the resources needed to put the plans into operation.

(5) Controlling the operations through organisation.

1. Determining the Objectives :

Objectives are goals which every enterprise seeks to achieve. Most of the companies describe in detail the nature of their activities in the objects clause of their Memoranda of Association. But by and large the general objectives which top management should aim at are survival, profit, business growth, prestige or status and social acceptance.

Production of particular product of specific quality, satisfaction of customer’s needs, earning of profit by production and sales, looking out for expansion and diversification of business, building up an image or reputation of the company in the eyes or estimation of the society are the broad objectives set up by top management.

Objectives also may be specific. They relate to types of activities. Specialty in workmanship, competitive pricing, marketing method, widening the area of sales abroad, relations with the workers, customers, public, government, etc.

2. Framing of Policies :

The objectives are realised through policies framed by the management. Policies signify the decisions taken by the management on different strategic aspects of company’s operations or activities.

Production policy indicates the schedules of production to meet the market demand.

Product policy lays down the standards, specifications, size, design, colour shapes etc. of the product.

Marketing policy describes the channels of selling the product (direct sale or dealership, agency etc.), advertising and sales promotions techniques to be adopted, the sales targets to be attained etc.

Pricing policy emphasises the quality aspect of the product as well as the comparative competitive nature of the rates quoted, discounts allowed etc.

Personnel policy deals with recruitment, placement, training, remuneration, promotion, rewarding and regulating the productivity of the personnel.

Financial policy is concerned with procuring funds required for investment in fixed assets or required to be held over for working capital needs, sources of finance, e.g., borrowing, self-financing, issuing additional capital etc.

Top management has also to devise plans and schemes for precise execution of policies within a given time. Plans set out the course along which operations in different departments are to be conducted as per the criteria laid down in the respective policies.

production schedule, sales campaign, financial arrangements, personnel motivation have to be drawn as to focus and guide the activities of the company in the direction of the realisation of the basic objectives.

3. Organising:

Organisation means division of functions, allocation of duties to the personnel, fixation of range of their responsibility and the scope of their authority and co­ordination of the activities of the departments of the undertaking. Standardisation of administrative procedures is the main task of organising the enterprise.

Systems and procedures are the methods intended to govern the departmental activities of a company. Organisation ensures smooth flow of work from one stage to another, or from one department to another, so that the whole undertaking is enabled to achieve the targets to the benefit of the company and satisfaction of customers.

4. Assembling the Resources:

Prior to the launching of the plans, the resources of money, men and materials have to be assembled. Executives and operatives are appointed after careful selection on the basis of their merits and the nature of jobs to be handled.

Money capital has to be raised through issue of shares, debentures, etc. and arrangement for working capital has to be made through reserves, bank advance etc.

Then the physical resources-machinery, tools, furniture, buildings, water supply, power, other ancillary equipment-have to be collected as per estimated needs. The management has to find out the sources of finance for implementing the plans and programmes.

5. Controlling :

Top level management does not directly execute work. But the Chief Executive in the top management has the responsibility of exercising supervision over all the departments to make sure that the middle and lower managements are functioning as per the plans.

By controlling we mean instituting checks or comparisons of actual results with the planned targets. It implies evaluation or measurement of the work turned out in each section or department with reference to the goals envisaged in the basic plans and policies of the company.

The top level management lays down the standards of performance for the purpose of comparison of the actual results with the planned performance. Standard cost per unit, sales quotas, net profit per unit of sales are some of the reliable criteria for comparison.

Top level management finds out to what extent the performance has been upto the mark and identifies in the course the sources of strength and weakness in the different phases of organisation and operations.

Top level management has to act as coordinator and regulator of the activities of the undertaking in its different dimensions. It will call for reports, statistical data, special studies, accounting records to know the position of performance and to apply regulatory checks wherever and whenever necessary.

B. Middle Level Management:

Middle level management is concerned with the task of implementing the policies and plans chalked out by the top management. Middle management comprises departmental heads and other executive officers attached to different departments.

These departmental managers and officers are expected to take concrete steps for actual realisation of the objectives and operational results visualised in the plans finalised by the top officers of the organisation. “This group is responsible for the execution and interpretation of policies throughout the organisation and for the successful operation of assigned division or departments.”

Managers at the middle level management level exercise the usual functions of management in respect of their own departments. They have to plan the operations, issue instructions to their assistants, collect the resources required and control the work of the men under them and evaluate the results achieved by their department with reference to the plans formulated by the top management.

If the top management is endowed with the authority of policy-making, middle management is entrusted with the programming of efforts essential for implementing the basic pre-determined policies.

Functions of Managers at the Middle Level Management :

The functions of the managers at the middle level management can be broadly summarised as follows:

(i) Interpretation of policies framed by top level management.

(ii) Preparing the organisational set-up in their departments for fulfilling the objective implied in various business policies.

(iii) Finding out the suitable personnel and assigning duties and responsibilities to them for the execution of the plans of the concerned departments.

(iv) Compiling detailed instructions regarding operations and issuing them to the assistants and operatives to focus and guide their efforts accordingly.

(v) Motivating the personnel for higher productivity and rewarding them for their merit, capacity or calibre.

(vi) Cooperating with other departments so as to evolve a smoothly functioning organisation.

(vii) Collecting reports, statistical information and other records about the work turned out in respective departments and forwarding the same with their observations to the top level management.

(viii) Recommending to the top management, new or revised policies for their departments to secure better performance.

Middle level management managers are responsible for all the leading functions within each department. They provide “the guidance and the structure for a purposeful enterprise”.

The top management’s plans and ambitious expectations cannot be fruitfully realised without the key officers at the middle level management.

Managerial Structure at the Middle Level Management :

Generally the following functions at the middle level management are performed through the various departments under the departmental managers or heads.

1. Production department headed by works manager is concerned with the following functions:

(i) To collect the work orders and issue them to concerned sections.

(ii) To guide the foremen, and prescribe methods and process to be followed in execution of the work allotted.

(iii) To devise a system of inspection of factory functioning, the components, semi-finished and finished products.

(iv) Assembling the tools, equipment, plant, qualified personnel etc. to execute the production’s plan.

(v) Controlling the factory expenses.

2. Engineering Department headed by chief engineer has to perform the following functions:

(i) Production-planning, routing, scheduling.

(ii) Plant layout suited to the execution of production plans.

(iii) Designing the products, their specifications, standards, quality, workmanship etc.

(iv) Research in methodology of production for improving technical efficiency.

(v) Plant and tools maintenance and development of the full capacity of production.

(vi) Economy in production costs and resource consumption.

3. Personnel Department:

It is headed by the chief personnel officer, labour officer. He has to devise selection procedure and training schemes: he has to maintain service records of the staff and formulate methods of remuneration in conformity with the productivity and cost of living. He has to assure wholesome working conditions to the personnel and look after their social and economic security and welfare.

4. Stores Department headed by stores manager is concerned with systematic organisation of purchasing raw materials, stores articles, tools, equipment, spare parts, etc. and proper custody of the materials with the responsibility of issuing them to the requisitioning departments.

He has to sort and arrange neatly the stockpile of materials etc. and keep an up to date record of materials, stores, tools, etc. received, issued, consumed, balance held in stock, etc.

5. Office Manager is in-charge of secretarial work of correspondence, filing, indexing, use of office appliances, maintenance of records and reports pertaining to the different departments.

6. Accounts Department:

The chief Accountant is responsible for maintaining up-to-date accounts of financial transactions and recording sales, purchases, receipts and payments.

He is also required to compile periodically the Trading Account, Profit and Loss Account and Balance sheet of the firm.

He should ensure that monthly financial statements indicating the position of the firm are placed before the Board and other top management officials.

7. Costing Department:

In bigger enterprises a separate department for costing is constituted and cost accountant is appointed to administer the functions of the section.

Costing department is entrusted with the main functions of ascertaining the prime and supplementary costs and submission of cost-sheets to the top level management for appraisal.

Costing department keeps detailed records of costs of completed jobs in progress, costs of materials, labour, factory overhead costs and sales on cost. It helps the management to find out the disparity between estimated costs and actual costs and the reason thereof so that remedial measures can be adopted.

8. Sales Department:

This section is the life-blood of the enterprise because the sales are the barometer of business profits and reputations of the firm. The work of the department is to create demand for the goods for promoting maximum possible sales at quick pace in wider markets.

The vital functions of the department are as follows:

(i) Market research to find out the needs, tastes and buying habits of the consumers.

(ii) Looking out for new markets for the goods.

(iii) Organising advertisement campaigns and other sales promotion activities for creating, maintaining and expanding the demand.

(iv) Collecting orders from the customers through agents, dealers or salesmen.

(v) Executing the orders by timely despatch of goods.

(vi) Supervision of salesmen’s efforts, training and stimulation of salesmen.

(vii) Organising after-sale service and similar sales promotion efforts.

(viii) Looking after proper warehousing, packing and despatch of goods.

(ix) Attending to customers’ complaints and suggestions.

C. Lower Level Management (Operating Management) :

It is described as the lowest level in the administrative framework and actual operations are the responsibility of the rank and file constituting this level of management.

Foremen, supervisors and sub-departmental executives assisted by a number of workers, clerks etc. carry out the actual operations as per schedule. Their authority and responsibility is limited and they have to follow the lines drawn by the higher levels of management.

The plans and policies of the top level management will fail if the foremen and operatives do not fully realise the spirit of sustained work. The quality of the workmanship and quantity of output will depend on the hard labour, discipline and loyalty of the operating personnel. The foremen or supervisors are responsible for executing the work orders allotted to their respective sections.

They pass on the instructions of middle level management to the working force, procure the materials, tools etc. required for the jobs, assign specific duties to individual workmen and guide them in acting upon the instructions and handling the job on hand with ability and accuracy.

They seek to maintain precise standards of quality, prevent wastage of materials by negligent workmen, look to the safety of machines and equipment and ensure steady flow of output as per plans and programmes prescribed by the top level and middle level managements.

They are also responsible for maintaining discipline among the respective batches of workers, preserving and boosting their morale and fostering the team spirit in them.

7. Essay on Theo Haimann’s Three Notions about Management:

According to Theo Haimann management is used in three different senses:

(i) It is used as a noun. It refers to the group of managerial personnel of an enterprise.

(ii) It refers to the processes of managing, planning, organising, staffing, guiding, directing, supervising and controlling.

(iii) It is used apart from the above two—personnel and activity- but it describes the subject, the body of knowledge and the whole practice, the discipline.

I. Management is an art of getting things done through other people :

It is a process of activity consisting of some basic techniques for getting the objective of an enterprise fulfilled through the efforts of people. It is the activating element in any concern for getting things done through people. But today it is thought to be against humanity. At present: “It is the art of getting things done through and with the people informally organized groups.”

The job of management is to give active leadership that unites the productive but passive resources into a fruitful organization.

As per E. Peterson and E.G. Plowman:

“It is a technique by means of which the purposes and objectives of a particular human group are determined, clarified and effectuated.”

As per E.F.L. Breach it has been said as:

“A social process entailing responsibility for the effective of efficient planning and regulation of the operations of an enterprise, such responsibility involving a judgement and decision in determining plan and using data to control performances and progress against plans. The guidance, integration, inspiration and supervision of the personnel comprising enterprise and carrying out its operations.”

Breach signifies that it is not possible to take management in relation to things or mechanical operations of machines but only in relation to the people who are employed to operate or use such things.

As per Prof. Harold Koontz it is:

“The art of getting things done through and with people informally organized groups. It is the art of creating an environment in which people can perform as individuals and yet co-operate towards attainment of groups’ goals. It is art of removing blocks to such performance, a way of optimizing efficiency in reaching goals.”

II. Management is what management does:

The three functions of management are:

(i) Planning,

(ii) Implementing, and

(iii) Controlling.

Planning includes formation of policy and its translation into plans. Implementing includes the execution. Controlling means exercising administrative control over the plans.

In the words of Dr. James Lundy:

“Management is principally a task of planning, co-ordinating, motivating and controlling the efforts of others towards a specific objective. It involves the combining of the traditional factors of production (land, labour and capital) in an optimum manner, paying dues attention, of course, to the particular goals of the organization.”

This definition includes three major management activities of:

(1) Planning is the ascertainment of the course or objectives of a business, division or department to attain maximum profit effectiveness, the establishment of policies and continuous seeking and finding out new and better ways to do things.

(2) Implementing seeks to the doing phases, after preparation of plans, personnel attend their jobs with training of motivation not do rightly. Activities must run to the planning, supervision and direction of the subordinates and at the same time groups efforts are coordinated.

(3) Lastly, controlling seeks to evaluate acts of those who are responsible for executing the plans agreed upon. It consists of: (a) Controlling adherence to plans (b) appraising performance.

III. Management is the development of the people:

Business is not the management of things. As Appley Lowrence puts it: “The development of people and not the direction of things.” It is the selection, training supervision and development of people. These days most of the large as well as medium-sized enterprises are managed by the professional managers i.e., the managers who have got either little or no share in the ownership of the enterprise. They take management as a career.

Mcforland has noted following characteristics of a profession:

1. A body of principles, techniques, skills and specialised knowledge.

2. Formal methods of acquiring training.

3. Laying down of certain ethical codes of guidance of conduct.

4. Charging of fees according to the nature of services rendered.

And management is truly a profession in the sense that it fulfills all these conditions. Management these days is very much a systematised body of knowledge (science) and is an identifiable discipline. It has also developed a number of its tools and techniques.

In India, now there are a number of management institutes and university departments imparting formal management training. But management still, at last so in our country, does not fulfill the last time requirements of being a profession. There is, for example, still no unified ethical code of conduct for the managers as is there for the doctors and lawyers.

8. Essay on the Functions of Management:

Various authors have given various functions of management according to the time and development of the management science.

All these can be classified into the following categories:

(i) Planning

(ii) Organisation

(iii) Direction

(iv) Co-ordination

(v) Control.

These functions of management have been discussed in detail in the following paragraphs:

(i) Planning:

It is deciding in advance what is to be done, how it is to be done and when it is to be done. Planning involves projecting the future course of action for the business as a whole and also for the different sections within it. It helps in bridging the gap between the present and the future.

Planning is possible whenever there is a question of choosing and planning process is possible only when alternatives are there. In fact planning is an intellectual process. It signifies use of rational approach to the solution of problems. The important aspects of planning process are defining and establishing objectives, policies, procedures methods, rules, budgets, programmes and strategies.

(ii) Organisation:

Organisation is the structural relationship in an enterprise between the various factors i.e., men, material and management which combine to achieve the objectives set by the enterprise. In a dynamic society like ours, the organisation is not fixed. If it does not promote the objectives of the enterprise, it must be modified.

(iii) Direction:

Direction consists of command, execution, control, supervision and motivation i.e., achieving the good results. It is concerned with to use Lawrence H. Appley’s maxim “that management is essentially getting things done through the efforts of other people.”

It needs the personal touch. A good manager has to see that his orders are properly carried out and have achieved the desired results. It will need proper supervision by him and control of all the levels below him.

Moreover, his order must always create motivation among subordinates. It is only possible when his orders are of the right type and at the right moment. For it, more of initiative, sincere and tact is required than aggressiveness. A good executive must always be a good leader.

(iv) Co-Ordination:

Co-operation permeates all operating organisations and makes their entire structure more effective by harmonizing and property timing the various activities. It means synchronising the activities of all persons and functions in the enterprise and rooting out personal prestige and vested interests.

Proper co-ordination presupposes a number of conditions which can be summed up as:

(i) Fixed responsibility

(ii) Adequate authority at each executive level

(iii) Organisational structure facilitating

(iv) Co-ordination.

(v) Control:

This includes the setting of the targets or standards and comparing the actuals with standards in order to know the deviations, analysis and probing the reasons for such deviations, fixing of responsibility in terms of persons responsible for negative deviation, and correction of employees performance so that group goals, and plans devised to achieve them are accomplished.

9. Essay on the Importance of Management:

Management is absolutely essential if human efforts are to be effective to meet all round development of the society through productive activity, occupation or profession. It is essential in all organisations and at all levels of organisation in an enterprise. Without the enlightened guidance and leadership made available by management “the productive resources will remain resources and shall never become production”.

Management is a dynamic element which gives life to a business enterprise. The productive resources such as materials, men, and money are entrusted to the administrative ability, enterprising initiative and organising skill of management.

In short, management is important for the following reasons:

(i) Provides Effectiveness to Human Efforts:

It helps achieve better equipment, plants, offices, products, services, human relations. It keeps abreast of changing conditions, and it supplies foresight and imagination. Improvement and progress are its constant watch-words.

(ii) Critical Ingredient in Nation’s Growth:

An underdeveloped nation usually lacks adequate managerial know-how. National development is not solely one of transferring capital, technology, and education to citizens of an undeveloped nations. It is also supplying or developing management which provides the generation and direction of effective human energies. Management know-how utilizes the available resources effectively toward achievement of basic needs.

(iii) Brings Order to Endeavours:

By means of management, apparently isolated events or factual information or beliefs are brought together and significant relationships discerned. These relationships bear on the immediate problem, point out future hurdles to be overcome, and assist in determining a solution to the problem.

(iv) Provides Judgement and Courage:

To determine worthwhile goals, carefully select and utilize resources efficiently by means of applying planning, organising, directing and controlling require a high degree of judgement and the exercise of great courage.

From time to time, gadgets and aids are offered to replace management, but actually at best they assist and do not represent management. Serious consideration of such devices usually points out the need for more management judgement and courage to be used. Nothing takes the place of management.

(v) Helps in Achieving Group Goals:

Management touches and influences the life of nearly every human being. Management makes us aware of our potentials, shows the way toward better accomplishment, reduces obstacles, and causes us to achieve goals that we probably would not otherwise attain.

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A generative AI reset: Rewiring to turn potential into value in 2024

It’s time for a generative AI (gen AI) reset. The initial enthusiasm and flurry of activity in 2023 is giving way to second thoughts and recalibrations as companies realize that capturing gen AI’s enormous potential value is harder than expected .

With 2024 shaping up to be the year for gen AI to prove its value, companies should keep in mind the hard lessons learned with digital and AI transformations: competitive advantage comes from building organizational and technological capabilities to broadly innovate, deploy, and improve solutions at scale—in effect, rewiring the business  for distributed digital and AI innovation.

About QuantumBlack, AI by McKinsey

QuantumBlack, McKinsey’s AI arm, helps companies transform using the power of technology, technical expertise, and industry experts. With thousands of practitioners at QuantumBlack (data engineers, data scientists, product managers, designers, and software engineers) and McKinsey (industry and domain experts), we are working to solve the world’s most important AI challenges. QuantumBlack Labs is our center of technology development and client innovation, which has been driving cutting-edge advancements and developments in AI through locations across the globe.

Companies looking to score early wins with gen AI should move quickly. But those hoping that gen AI offers a shortcut past the tough—and necessary—organizational surgery are likely to meet with disappointing results. Launching pilots is (relatively) easy; getting pilots to scale and create meaningful value is hard because they require a broad set of changes to the way work actually gets done.

Let’s briefly look at what this has meant for one Pacific region telecommunications company. The company hired a chief data and AI officer with a mandate to “enable the organization to create value with data and AI.” The chief data and AI officer worked with the business to develop the strategic vision and implement the road map for the use cases. After a scan of domains (that is, customer journeys or functions) and use case opportunities across the enterprise, leadership prioritized the home-servicing/maintenance domain to pilot and then scale as part of a larger sequencing of initiatives. They targeted, in particular, the development of a gen AI tool to help dispatchers and service operators better predict the types of calls and parts needed when servicing homes.

Leadership put in place cross-functional product teams with shared objectives and incentives to build the gen AI tool. As part of an effort to upskill the entire enterprise to better work with data and gen AI tools, they also set up a data and AI academy, which the dispatchers and service operators enrolled in as part of their training. To provide the technology and data underpinnings for gen AI, the chief data and AI officer also selected a large language model (LLM) and cloud provider that could meet the needs of the domain as well as serve other parts of the enterprise. The chief data and AI officer also oversaw the implementation of a data architecture so that the clean and reliable data (including service histories and inventory databases) needed to build the gen AI tool could be delivered quickly and responsibly.

Our book Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI (Wiley, June 2023) provides a detailed manual on the six capabilities needed to deliver the kind of broad change that harnesses digital and AI technology. In this article, we will explore how to extend each of those capabilities to implement a successful gen AI program at scale. While recognizing that these are still early days and that there is much more to learn, our experience has shown that breaking open the gen AI opportunity requires companies to rewire how they work in the following ways.

Figure out where gen AI copilots can give you a real competitive advantage

The broad excitement around gen AI and its relative ease of use has led to a burst of experimentation across organizations. Most of these initiatives, however, won’t generate a competitive advantage. One bank, for example, bought tens of thousands of GitHub Copilot licenses, but since it didn’t have a clear sense of how to work with the technology, progress was slow. Another unfocused effort we often see is when companies move to incorporate gen AI into their customer service capabilities. Customer service is a commodity capability, not part of the core business, for most companies. While gen AI might help with productivity in such cases, it won’t create a competitive advantage.

To create competitive advantage, companies should first understand the difference between being a “taker” (a user of available tools, often via APIs and subscription services), a “shaper” (an integrator of available models with proprietary data), and a “maker” (a builder of LLMs). For now, the maker approach is too expensive for most companies, so the sweet spot for businesses is implementing a taker model for productivity improvements while building shaper applications for competitive advantage.

Much of gen AI’s near-term value is closely tied to its ability to help people do their current jobs better. In this way, gen AI tools act as copilots that work side by side with an employee, creating an initial block of code that a developer can adapt, for example, or drafting a requisition order for a new part that a maintenance worker in the field can review and submit (see sidebar “Copilot examples across three generative AI archetypes”). This means companies should be focusing on where copilot technology can have the biggest impact on their priority programs.

Copilot examples across three generative AI archetypes

• “Taker” copilots help real estate customers sift through property options and find the most promising one, write code for a developer, and summarize investor transcripts.
• “Shaper” copilots provide recommendations to sales reps for upselling customers by connecting generative AI tools to customer relationship management systems, financial systems, and customer behavior histories; create virtual assistants to personalize treatments for patients; and recommend solutions for maintenance workers based on historical data.
• “Maker” copilots are foundation models that lab scientists at pharmaceutical companies can use to find and test new and better drugs more quickly.

Some industrial companies, for example, have identified maintenance as a critical domain for their business. Reviewing maintenance reports and spending time with workers on the front lines can help determine where a gen AI copilot could make a big difference, such as in identifying issues with equipment failures quickly and early on. A gen AI copilot can also help identify root causes of truck breakdowns and recommend resolutions much more quickly than usual, as well as act as an ongoing source for best practices or standard operating procedures.

The challenge with copilots is figuring out how to generate revenue from increased productivity. In the case of customer service centers, for example, companies can stop recruiting new agents and use attrition to potentially achieve real financial gains. Defining the plans for how to generate revenue from the increased productivity up front, therefore, is crucial to capturing the value.

Upskill the talent you have but be clear about the gen-AI-specific skills you need

By now, most companies have a decent understanding of the technical gen AI skills they need, such as model fine-tuning, vector database administration, prompt engineering, and context engineering. In many cases, these are skills that you can train your existing workforce to develop. Those with existing AI and machine learning (ML) capabilities have a strong head start. Data engineers, for example, can learn multimodal processing and vector database management, MLOps (ML operations) engineers can extend their skills to LLMOps (LLM operations), and data scientists can develop prompt engineering, bias detection, and fine-tuning skills.

A sample of new generative AI skills needed

The following are examples of new skills needed for the successful deployment of generative AI tools:

• data scientist:
• prompt engineering
• in-context learning
• bias detection
• pattern identification
• reinforcement learning from human feedback
• hyperparameter/large language model fine-tuning; transfer learning
• data engineer:
• data wrangling and data warehousing
• data pipeline construction
• multimodal processing
• vector database management

The learning process can take two to three months to get to a decent level of competence because of the complexities in learning what various LLMs can and can’t do and how best to use them. The coders need to gain experience building software, testing, and validating answers, for example. It took one financial-services company three months to train its best data scientists to a high level of competence. While courses and documentation are available—many LLM providers have boot camps for developers—we have found that the most effective way to build capabilities at scale is through apprenticeship, training people to then train others, and building communities of practitioners. Rotating experts through teams to train others, scheduling regular sessions for people to share learnings, and hosting biweekly documentation review sessions are practices that have proven successful in building communities of practitioners (see sidebar “A sample of new generative AI skills needed”).

It’s important to bear in mind that successful gen AI skills are about more than coding proficiency. Our experience in developing our own gen AI platform, Lilli , showed us that the best gen AI technical talent has design skills to uncover where to focus solutions, contextual understanding to ensure the most relevant and high-quality answers are generated, collaboration skills to work well with knowledge experts (to test and validate answers and develop an appropriate curation approach), strong forensic skills to figure out causes of breakdowns (is the issue the data, the interpretation of the user’s intent, the quality of metadata on embeddings, or something else?), and anticipation skills to conceive of and plan for possible outcomes and to put the right kind of tracking into their code. A pure coder who doesn’t intrinsically have these skills may not be as useful a team member.

While current upskilling is largely based on a “learn on the job” approach, we see a rapid market emerging for people who have learned these skills over the past year. That skill growth is moving quickly. GitHub reported that developers were working on gen AI projects “in big numbers,” and that 65,000 public gen AI projects were created on its platform in 2023—a jump of almost 250 percent over the previous year. If your company is just starting its gen AI journey, you could consider hiring two or three senior engineers who have built a gen AI shaper product for their companies. This could greatly accelerate your efforts.

Form a centralized team to establish standards that enable responsible scaling

To ensure that all parts of the business can scale gen AI capabilities, centralizing competencies is a natural first move. The critical focus for this central team will be to develop and put in place protocols and standards to support scale, ensuring that teams can access models while also minimizing risk and containing costs. The team’s work could include, for example, procuring models and prescribing ways to access them, developing standards for data readiness, setting up approved prompt libraries, and allocating resources.

While developing Lilli, our team had its mind on scale when it created an open plug-in architecture and setting standards for how APIs should function and be built.  They developed standardized tooling and infrastructure where teams could securely experiment and access a GPT LLM , a gateway with preapproved APIs that teams could access, and a self-serve developer portal. Our goal is that this approach, over time, can help shift “Lilli as a product” (that a handful of teams use to build specific solutions) to “Lilli as a platform” (that teams across the enterprise can access to build other products).

For teams developing gen AI solutions, squad composition will be similar to AI teams but with data engineers and data scientists with gen AI experience and more contributors from risk management, compliance, and legal functions. The general idea of staffing squads with resources that are federated from the different expertise areas will not change, but the skill composition of a gen-AI-intensive squad will.

Set up the technology architecture to scale

Building a gen AI model is often relatively straightforward, but making it fully operational at scale is a different matter entirely. We’ve seen engineers build a basic chatbot in a week, but releasing a stable, accurate, and compliant version that scales can take four months. That’s why, our experience shows, the actual model costs may be less than 10 to 15 percent of the total costs of the solution.

Building for scale doesn’t mean building a new technology architecture. But it does mean focusing on a few core decisions that simplify and speed up processes without breaking the bank. Three such decisions stand out:

• Focus on reusing your technology. Reusing code can increase the development speed of gen AI use cases by 30 to 50 percent. One good approach is simply creating a source for approved tools, code, and components. A financial-services company, for example, created a library of production-grade tools, which had been approved by both the security and legal teams, and made them available in a library for teams to use. More important is taking the time to identify and build those capabilities that are common across the most priority use cases. The same financial-services company, for example, identified three components that could be reused for more than 100 identified use cases. By building those first, they were able to generate a significant portion of the code base for all the identified use cases—essentially giving every application a big head start.
• Focus the architecture on enabling efficient connections between gen AI models and internal systems. For gen AI models to work effectively in the shaper archetype, they need access to a business’s data and applications. Advances in integration and orchestration frameworks have significantly reduced the effort required to make those connections. But laying out what those integrations are and how to enable them is critical to ensure these models work efficiently and to avoid the complexity that creates technical debt  (the “tax” a company pays in terms of time and resources needed to redress existing technology issues). Chief information officers and chief technology officers can define reference architectures and integration standards for their organizations. Key elements should include a model hub, which contains trained and approved models that can be provisioned on demand; standard APIs that act as bridges connecting gen AI models to applications or data; and context management and caching, which speed up processing by providing models with relevant information from enterprise data sources.
• Build up your testing and quality assurance capabilities. Our own experience building Lilli taught us to prioritize testing over development. Our team invested in not only developing testing protocols for each stage of development but also aligning the entire team so that, for example, it was clear who specifically needed to sign off on each stage of the process. This slowed down initial development but sped up the overall delivery pace and quality by cutting back on errors and the time needed to fix mistakes.

Ensure data quality and focus on unstructured data to fuel your models

The ability of a business to generate and scale value from gen AI models will depend on how well it takes advantage of its own data. As with technology, targeted upgrades to existing data architecture  are needed to maximize the future strategic benefits of gen AI:

• Be targeted in ramping up your data quality and data augmentation efforts. While data quality has always been an important issue, the scale and scope of data that gen AI models can use—especially unstructured data—has made this issue much more consequential. For this reason, it’s critical to get the data foundations right, from clarifying decision rights to defining clear data processes to establishing taxonomies so models can access the data they need. The companies that do this well tie their data quality and augmentation efforts to the specific AI/gen AI application and use case—you don’t need this data foundation to extend to every corner of the enterprise. This could mean, for example, developing a new data repository for all equipment specifications and reported issues to better support maintenance copilot applications.
• Understand what value is locked into your unstructured data. Most organizations have traditionally focused their data efforts on structured data (values that can be organized in tables, such as prices and features). But the real value from LLMs comes from their ability to work with unstructured data (for example, PowerPoint slides, videos, and text). Companies can map out which unstructured data sources are most valuable and establish metadata tagging standards so models can process the data and teams can find what they need (tagging is particularly important to help companies remove data from models as well, if necessary). Be creative in thinking about data opportunities. Some companies, for example, are interviewing senior employees as they retire and feeding that captured institutional knowledge into an LLM to help improve their copilot performance.
• Optimize to lower costs at scale. There is often as much as a tenfold difference between what companies pay for data and what they could be paying if they optimized their data infrastructure and underlying costs. This issue often stems from companies scaling their proofs of concept without optimizing their data approach. Two costs generally stand out. One is storage costs arising from companies uploading terabytes of data into the cloud and wanting that data available 24/7. In practice, companies rarely need more than 10 percent of their data to have that level of availability, and accessing the rest over a 24- or 48-hour period is a much cheaper option. The other costs relate to computation with models that require on-call access to thousands of processors to run. This is especially the case when companies are building their own models (the maker archetype) but also when they are using pretrained models and running them with their own data and use cases (the shaper archetype). Companies could take a close look at how they can optimize computation costs on cloud platforms—for instance, putting some models in a queue to run when processors aren’t being used (such as when Americans go to bed and consumption of computing services like Netflix decreases) is a much cheaper option.

Build trust and reusability to drive adoption and scale

Because many people have concerns about gen AI, the bar on explaining how these tools work is much higher than for most solutions. People who use the tools want to know how they work, not just what they do. So it’s important to invest extra time and money to build trust by ensuring model accuracy and making it easy to check answers.

One insurance company, for example, created a gen AI tool to help manage claims. As part of the tool, it listed all the guardrails that had been put in place, and for each answer provided a link to the sentence or page of the relevant policy documents. The company also used an LLM to generate many variations of the same question to ensure answer consistency. These steps, among others, were critical to helping end users build trust in the tool.

Part of the training for maintenance teams using a gen AI tool should be to help them understand the limitations of models and how best to get the right answers. That includes teaching workers strategies to get to the best answer as fast as possible by starting with broad questions then narrowing them down. This provides the model with more context, and it also helps remove any bias of the people who might think they know the answer already. Having model interfaces that look and feel the same as existing tools also helps users feel less pressured to learn something new each time a new application is introduced.

Getting to scale means that businesses will need to stop building one-off solutions that are hard to use for other similar use cases. One global energy and materials company, for example, has established ease of reuse as a key requirement for all gen AI models, and has found in early iterations that 50 to 60 percent of its components can be reused. This means setting standards for developing gen AI assets (for example, prompts and context) that can be easily reused for other cases.

While many of the risk issues relating to gen AI are evolutions of discussions that were already brewing—for instance, data privacy, security, bias risk, job displacement, and intellectual property protection—gen AI has greatly expanded that risk landscape. Just 21 percent of companies reporting AI adoption say they have established policies governing employees’ use of gen AI technologies.

Similarly, a set of tests for AI/gen AI solutions should be established to demonstrate that data privacy, debiasing, and intellectual property protection are respected. Some organizations, in fact, are proposing to release models accompanied with documentation that details their performance characteristics. Documenting your decisions and rationales can be particularly helpful in conversations with regulators.

In some ways, this article is premature—so much is changing that we’ll likely have a profoundly different understanding of gen AI and its capabilities in a year’s time. But the core truths of finding value and driving change will still apply. How well companies have learned those lessons may largely determine how successful they’ll be in capturing that value.

The authors wish to thank Michael Chui, Juan Couto, Ben Ellencweig, Josh Gartner, Bryce Hall, Holger Harreis, Phil Hudelson, Suzana Iacob, Sid Kamath, Neerav Kingsland, Kitti Lakner, Robert Levin, Matej Macak, Lapo Mori, Alex Peluffo, Aldo Rosales, Erik Roth, Abdul Wahab Shaikh, and Stephen Xu for their contributions to this article.

This article was edited by Barr Seitz, an editorial director in the New York office.

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Reflection on Time Management Skills Essay

Defining time management, effectiveness criteria, measuring my time-management skills.

Time management is a crucial skill to live a proactive life that helps to achieve goals and avoid frustration from procrastination. Effective time management is an ability to analyze, define, and prioritize everyday activities. Even though I try to have a daily schedule, my planning skills lack crucial features to be effective.

Time management is an ability to find a balance between all the obligations and needs and fit them into one’s daily, weekly, monthly, and even yearly routine. According to Burchard (2016), time management should start with setting life goals and working down towards hourly schedule, as every action is supposed to be a step to achieving one’s objectives. In simpler words, it is creating a plan where every point is viewed as an opportunity to progress in life. Therefore, time management is an ability to analyze the use of time, acknowledge the responsibilities, set the priorities, and act without procrastination.

Effective time management involves creating plans for periods of different length. Strategic planning for any action should include long-range, mid-range, and short-range steps (Cuseo, Thompson, Campagna, & Fecas, 2016). A good time-management plan includes transforming intention into action and provides flexibility to accommodate unforeseen opportunities (Cuseo et al., 2016). Moreover, it allows time to take care of unexpected outcomes and offers opportunities for both work and play (Cuseo et al., 2016). According to Burchard (2016), even free time and leisure activities should be planned to achieve a higher goal in life. In short, effective time-management is creating a plan of all the macro and micro steps that correlate with one’s life’s purpose.

My time-management skills are relatively poor, as I have not had enough time to develop my planning proficiency. Most of my life, my schedule was decided by others, including my parents, teachers, and school authorities. When I started my higher education, I was caught amidst a variety of new obligations and expectations, such as cooking, doing laundry, managing money, managing free time, and completing my assignments. Even though I usually have short-term plans, they do not correlate with a bigger picture, as I have never had a plan for a year or a month. I always have my daily schedules, but most of the time I do not think of my weeks.

In my schedule, I always find time for work and play, and I have no problems in transforming intentions into actions. However, my plans are not flexible enough, as I tend to overlook the possibility of unforeseen events. For example, I usually go to sleep around 11 p.m.; therefore, I started working on the current essay three hours before going to bed. However, I did not expect that I would have to include a scholarly article into my reference list. For this reason, I am forced to stay up late that ruins my plans for the next day, as I will not have enough sleep. In short, my time-management skills are poor due to an inability to provide time for unexpected events.

I am also prone to procrastination, which interferes with the ability to control the time spent on the critical task. According to Häfner, Oberst, and Stock (2014), to procrastinate is to “voluntarily delay an intended course of action despite expecting to be worse off for the delay” (p. 352). Even though the problem is demonstrated by 60% of students, I should use effective prevention techniques to develop efficient time-management skills (Häfner et al., 2014). In short, while procrastination is a common feature for students, it should be avoided with the help of every accessible tool.

Time is a valuable resource that requires careful management, as it can help to get better control over one’s life. However, understanding is not enough to acquire full control over time; information and intentions should be transformed into action. While there is enough time available to improve my planning skills, I still have a long way to go to master the art of time-management.

Burchard, B., (2016). Simple time management rules [Video file]. Web.

Cuseo, J., Thompson, A., Campagna M., & Fecas, V. (2016). Thriving in college and beyond: Research-based strategies for academic success and personal development (4th ed.). Dubuque, IA: Kendall Hunt Publishing.

Häfner, A., Oberst, V., & Stock, A. (2014). Avoiding procrastination through time management: An experimental intervention study. Educational Studies , 40 (3), 352-360. Web.

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