Sample Economic Admission Essay on Management Theory

Management Theory

Management is a business aspect that has a wide range of duties that other parts of an organization, such as accounting, may not have. The tasks managers can perform depend on a broad set of skills while those that accountants undertake to depend on a particular expertise. Despite the difference between management and other aspects of a business, all business aspects have functions that guide their operations. This paper explores management as a business aspect, including applications of its functions, and assesses the strengths and weaknesses of Peter S. Gleave’s management performance, a manager at IAP Worldwide Services Inc.

Management is a process that has a social element. According to Nicholas & Steyn (2017), a manager should efficiently utilize the existing organizational resources with the guidance of people to achieve a firm’s objectives. To help an organization achieve the set objectives and goals, the concept of management requires an individual to primarily focus on various business aspects. The concept of management is defined by various characteristics such as that it is a process of continuing and related activities. This implies that the functions of management complement each other. Another characteristic of management is that it concentrates on organizational goals (Nicholas & Steyn, 2017). The concept is largely focused on achieving wide organizational objectives and using the different functions to achieve the objectives and is characterized by the need to work with people and organizational resources to fulfill a firm’s purpose and achieve various goals. Indeed. A manager can utilize the available physical and financial resources and guide the firm’s staff towards the objectives as well to achieve the organizational goals.

Management is a dynamic process as it involves various elements and activities. As such, its functions are different from those of other business operations, such as marketing (Havinal, 2011). The functions of management have remained the same despite the concept evolving over the last 25 years. What may have changed is the management processes that various organizations might have adopted.

The functions of management include planning, organizing, staffing, and directing.  These functions are concerned with achieving organizational objectives and fulfilling the purpose of a firm. Planning is concerned with the development of a detailed plan that a manager can use to ensure that organizational objectives are achieved, and the purpose of a business is fulfilled. In planning, the manager needs to identify the tasks, when and how they should be performed, and who should perform them. Additionally, this function provides an organization with a good sense of what it wants to achieve in short-term and long-term periods. Contrary to planning, organizing is more concerned with using a detailed plan on bringing together the physical, financial, and other resources needed for tasks and utilizing those resources to achieve the organizational objectives (Keegan, Bitterling, Sylva & Hoeksema, 2017). The significance of organizing is that it helps a firm to put in place a structure for its operations. Assigning the most efficient and effective people in all positions within a firm is the ultimate goal of appropriate staffing (Magnus et al., 2014). In terms of achieving the objectives, a manager must effectively staff an organization to ensure the firm’s integrity is maintained. Besides, effective staffing is important in guaranteeing an organization’s operational functionality. As opposed to the other three functions of management, directing is more concerned about the actuation of the management methods to achieve the set objectives. This function goes beyond putting together and utilizing the available organizational resources and ensuring employees perform the tasks they are assigned to as it also involves ensuring that a firm’s productivity level increases rather than going down.

IAP Worldwide Services Inc. is one of the most effectively managed firms across the world, and Peter S. Gleave, a manager at the firm, can be credited for good management. Gleave’s strength is that he effectively performs organizational planning. Gleave’s management success is enabled by his ability to identify the most important organizational tasks and assigning the right personnel to perform them to help the company achieve its objectives. Besides, the manager communicates effectively with the firm’s stakeholders. For example, he seeks their views about matters that concern the enterprise during the strategic planning process. However, Gleave has some weaknesses related to planning. Indeed. The manager sometimes makes organizational plans to serve his interests.

A good management team is of great importance to every organization. However, evaluating the management performance of that team is often difficult as the job includes many intangible aspects. Assessing Gleave’s performance, the manager has so far kept an impressive track record. Responsible money handling is one of the core business ethics issues in IAP Worldwide Services. Considering this fact, Gleave has constantly engaged in responsible money handling to ensure that the company is not put at risk. For instance, Gleave usually assesses the financial statements related to particular company projects to ensure that the funds were used effectively.

Another core business ethics issue of the company is to make better decisions and improve its results. Companies need to take a comprehensive approach to improve their performance management capabilities and drive profitable growth. Therefore, companies should not only implement driver analytics but also should use these analytics to link a particular organization’s strategies with the business forces such as competition that drive value and improves the firm’s decision-making process. In my view, one of the actions the company can take to make better decisions and improve its results is by defining the value drivers such as the competitors, market, and others. Logically, linking the company’s strategies with these value drivers helps to create a strong foundation for effective planning and a better decision-making process. Another way for a company to improve its performance management including the decision-making process is by defining and understanding its business culture. The business culture explains how the organization will support its decision-making process related to driver analytics.

Effective management helps create a positive and professional environment within an organization where an employee may feel valued. By effectively planning, organizing, staffing, and directing people and organizational processes, a firm’s productivity and sales may be increased. Moreover, Gleave’s management performance in the functional area has, over the years, helped IAP Worldwide Services Inc. to achieve its objectives, such as increasing its productivity and sales. Besides, for a company to be successful, it needs to link its culture and value drivers with the business strategies

References

Havinal, V. (2011). Management and entrepreneurship. New Delhi: New Age International Pvt. Ltd., Publishers.

Keegan, A., Bitterling, I., Sylva, H., & Hoeksema, L. (2017). Organizing the HRM function: Responses to paradoxes, variety, and dynamism. Human Resource Management57(5), 1111–1126. DOI: 10.1002/hrm.21893

Magnus, M., Franks, J., Griffith, M. S., Arnold, M. P., Goodman, M. K., & Wheeler, D. P. (2014). Engaging, recruiting, and retaining black men who have sex with men in research studies: don’t underestimate the importance of staffing—lessons learned from HPTN 061, the BROTHERS study. Journal of public health management and practice: JPHMP, 20(6), E1. Retrieved from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4167976/

Nicholas, J. M., & Steyn, H. (2017). Project management for engineering, business, and technology. Abingdon, Oxon: Routledge.