Richard Branson, Rupert Murdoch, Alan Sugar and Bill Gates: many highly successful entrepreneurs undertook very little formal management training or development prior to establishing their companies. .
Given the above, why study management? What relevance can theories about management have for the practising manager?.
What is Management?.
There are many definitions of management, the most widely quoted one attributed to the famous management philosopher, Mary Parker Follett is that, "management is the art of getting things done through other people". Daniel A. Wren says that management is an activity essential to organised endeavours that performs certain functions to obtain the effective acquisition, allocation and utilization of human efforts and physical resources for the purpose of accomplishing a particular goal. Two essential elements are implicit in most definitions of management; firstly it takes place in formal organisation, involving people in organised interaction, secondly it includes directing and facilitating the work of others. The processes of management represent the functions of primary activities engaged in by mangers, these functions are labelled as, planning, organising, leading and controlling. Management teaches students how to apply principles, which focus on people at work, the day-to-day job of "managing" and on organisations as a whole. Students may also take courses, which attempt to explain the implications of managerial roles, both in and out of the workplace. .
Why Study Management?.
Whenever there is a need for people to work together accomplishes a particular goal there is a need for management. The managerial role is critical for economic performance and human satisfaction at work. The value of study in management cannot be overestimated. Whatever your interests in life and work and whatever your future hopes, wishes and goals, management will help you succeed.