Best Management Skills to Solve Problems

10/06/2020

"Management is an art of getting things done through and with the people in formally organized group. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals."- Harold Koontz

"Management is a problem-solving process of effectively achieving organizational objectives through the efficient use of scarce resources in a changing environment."- Kreitner

Management is the process of administration of tasks through team coordination to attain an organizational goal by employing the available resources.

The growth of the workplace and success of companies depends on the competitiveness of those possessing the management positions. In addition to communicating with their own team, capable managers also connect with the senior professionals in the organization to ensure goal achievement within deadlines, for further escalation of the company's mission. Although, depending on industries the responsibilities of managers differ.

Some basic operations of a manager include setting goals, organizing, strategy planning, motivating and encouraging team, mentoring team members, and performance evaluation. And, a managerial skill set involves leadership ability, planning and strategy making, good communication, and organizational skill.

Besides, the aforementioned skills of managers, there is some domain-specific managerial skillset.

1. Time Management

This is more of a skill than a domain of management. Time management refers to organizing, planning, and prioritizing tasks with specific time constraints, in order to get all the work done within a specific time period. Some enormous benefits of using time management strategies are:

  • Increased productivity and efficiency
  • Reduced stress and heightened satisfaction
  • More advancement opportunities
  • Escalated chances of goal achievement

2. Productivity Management

The aim of productivity management is to measure the efficiency and effectiveness of the process. The productivity managers are responsible for driving firms and businesses into greater profitability points and they are also tasked with maximization of productivity via process-oriented progress and observations. The five main aspects which impact productivity: real process, production process, income distribution, monetary process, and market value.

3. Financial Management

Financial management involves organizing, planning, directing, and controlling the financial procedures, such as raising and utilizing funds for the enterprise, allocation, and control of finances, and procurement. And, it is a general process of applying management principles to financial domains of an organization. Some functions of financial management include estimating capital requirements, determining capital composition, managing funds' source, cash management, financial controls, surplus disposal, and investments.

4. Project Management

Project management is the process of initiating and planning a project before executing it to meet specific requirements by the application of knowledge, skills, techniques, and tools.

The process involves five steps:

Step 1: Initiating

Step 2: Planning

Step 3: Executing

Step 4: Monitoring and Controlling

Step 5: Closing

It's distinctive from other management domains in terms of a constrained timescale and budget, by which the final deliverables are to be submitted invariably.

Basic Skills: Excellent leadership ability, negotiating and persuasive ability, good communication, risk management, critical thinking, contract management, business case writing ability, quality, and task management.

5. Operation Management

It is an administrative process that is concerned with creating the highest efficiency level possible within an organization. The operations manager's main purpose is to transform raw materials and laborers into quality goods and fine services and utilize resources acquired from staff, equipment, materials, and technology. They are also responsible for maintaining a cost-revenue balance.

Operations Management issues involve, strategic issues, the vastness of manufacturing plants, methods of project management, implementation and network structuring of information technology, acquisition and dealings of raw materials, quality control, policy maintenance, waste management, inventory level management, and in-process levels of a company.

Basic skills: excellent organizational ability, high-level coordination, good understanding ability.

6. Business Management

Business managers are responsible for managing business administrative tasks, assisting a marketing program, analysing budget. In essence, they've should also have ingenious knowledge and understanding of administration, accounting, and marketing necessary to run a business. Moreover, business management involves duties, such as, supervising and training new employees, plan or assist in planning seminars or conferences organized by the company.

Necessary skills: strong analytical skills, foresee future insights, teamwork ability, emotional intelligence, excellent leadership ability, ability to motivate and inspire employees.

7. Event Management

Event management involves various functions for the execution of large-scale events, such as conferences, weddings, concerts, festivals, conventions, and ceremonies. The process includes overseeing logistics required for planning an event. The event managers execute event plans by the management of staff, relationships with vendors, finances, and other aspects of events. In addition to these, budget management, managing teams, supervising services of all staff involved in the event planning, are parts of the event manager's duty.

Skills required: high-level planning ability, excellent organizational skills, flexibility, multi-tasking ability, persistence, efficient time-management skills, approachable, creativity, excellent communication skills, and personable.

So, which one you can best relate to?

Successful management can be done only through consistent and persistent effort on the team and service you provide for the enterprise. Depending on your personality, you can find out which domain-specific management can be best for you.

To be an excellent manager, it is very important to learn, understand, and imitate the managing methods, techniques, and behaviors of successful managers, along with the implementation of your own authentic management strategies.