Meaning and Significance of Management
Management is a set of practices that are required to define objectives of an organization and planning, strategizing, allocating resources and measuring the results to achieve those objectives. Management is and abstract and wide term and is required in every aspect of our lives today. It is hard to precisely define the scope of management in one definition.
Management is closely related to leadership in fundamentals behind both are the same that includes guiding others to achievement of particular objectives through inspired methods. Still, there are number of significant Differences in both terms relating to the ways of inspiration and amount of formal vs. Informal credibility accounted to the two(Management and leadership).
Management primarily Considers guiding the employees working under the managerial person with formal rights given to that person. I.e. there exists a designation hierarchy among the employees of the firm that accounts different levels of rights to the personnel depending on their Position in the hierarchy. That means a high level Person has the rights to order the personnel working under his positioned they have to follow those instructions. Subsequently, the person working below they have to follow their instructions. That is how Instructions are followed in an organizational structure.
Leadership, on the other hand is quite different from management in this context. There is no such Positional hierarchy among the people. Instead, leader may or May not be in formal context but he essentially builds his credibility through non-formal ways by presenting working and Inspiring examples related to objectives of a task in front of other people. These Actions inspires others to follow the person as they trust that this person has the right sort of ideas to accomplish this task. Thus there is no organizational seting in such Context.
Instead, both are different and important forms of management and both are required to define the management term in wide context.
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