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The purpose of management is to make the best use of available resources, human, physical and monetary, in order to achieve an objective. The work of business management professionals covers basically all areas of work. They can, however, train in several specialist areas. These could be in the areas of International management, dealing with international trade and business, and technology transfer ; Public service management, which includes management of public enterprises, non-governmental organisations and co-operatives ; Hospital management, responsible for the efficient running of hospitals ; Hotel management concentrates on all aspects of hotel administration ; Technology management, which specialises in all aspects of technology, including policy, financing and marketing ; and Rural management, which is concerned with management of rural resources, environment, agricultural produce and so on. There are broadly five functional areas of work for professional managers and most students try and specialise in one of them. These areas are, personnel or human resource development, finance, production or operations, marketing, and information services. The function of Personnel Management / Human Resource Development (HRD) is to make the most effective use of an organisation's resources - it's people. This means handling recruitment, placement, training, as also manpower planning, staff welfare, industrial legislation and labour relations. Other specialist areas in which HRD personnel are involved, include compensation and benefits for the staff, health and safety, and other welfare aspects and staff welfare schemes, handling management of change and so on. Management executives in the area of Finance are responsible for their organisation's financial health. They handle budgets, execute financial programmes and conduct profitability appraisals. Production is a vast area that directs, co-ordinates and controls the operational aspect of an organisation, and the efficient utilisation of men, machines and materials. It is the process by which the physical output of an organisation is planned. Depending on the scope of operations of an organisation, production can also include planning, purchase and control of materials used, and the maintenance and running of equipment. The Marketing & Sales department directs the flow of goods and services from the producer to the end user. Marketing Management therefore involves the planning of strategy to deliver goods and services efficiently and at the least cost to the customer. The work here also involves research and analysis, which would include devising means for collecting information on current and future needs of customers and interpreting their results, planning, testing of new products or services and sales forecasting. Sales is linked to marketing in that it is responsible for putting the marketing strategy into action. This means finding and dealing with customers for the particular goods and services produced by an organisation. Management Information Services is gaining in importance as it involves the collection, processing and dissemination of information of significance to the efficiency of an organisation.
There are basically two ways of entering a career in management :
Eligibility:
Selection:
Duration:
The great demand for MBA degrees / diplomas has spawned a mushrooming of business schools around the country. However, among the leading institutions offering courses in business management are:
High IQ; analytical mind; imagination; creativity; ability to crisply grasp changing information; foresight regarding the implications and consequences of considered action; technical competence; business acumen; entrepreneurial flair; capacity for risk taking; decision making ability; high achievement orientation; ambition; physical and mental agility; self confidence; leadership qualities; interpersonal skills; communication skills; ability to articulate ideas; spirit of team work; sociability; tact; patience and perseverance; flexibility; courage; moral integrity; resilience; emotional stability.
For Management graduates :
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