Management Basics
Study of Fayol and Taylor
February 7, 2025
Management as a group refers to all those persons who perform the task of managing an enterprise. When we say that management of ABC & Co. is good, we are referring to a group of people those who are managing.
Thus as a group technically speaking, management will include all managers from chief executive to the first - line managers (lower-level managers). But in common practice management includes only top management i.e. Chief Executive, Chairman, General Manager, Board of Directors etc.
In other words, those who are concerned with making important decisions, these persons enjoy the authorities to use resources to accomplish organizational objectives & also responsibility to for their efficient utilization.
Management as a group may be looked upon in 2 different ways:
- All managers taken together.
- Only the top management
The interpretation depends upon the context in which these terms are used. Broadly speaking, there are 3 types of managers -
- Patrimonial/Family Manager: Those who have become managers by virtue of their being owners or relatives of the owners of company.
- Professional Managers: Those who have been appointed on account of their specialized knowledge and degree.
- Political Managers/Civil Servants: Those who manage public sector undertakings.
Managers have become a part of elite group of society as they enjoy higher standard of living in the society.