The term ‘management’ is used extensively in business. It is the core or life giving element in business. We expect that a business unit should be managed efficiently. This is precisely what is done in management.
Management is essential for the conduct of business activity in an orderly manner. It is a vital function concerned with all aspects of working of an enterprise.Current management theory and practice did not just eventuate. It evolved over many years. The evolution of the discipline of management has helped to develop a body of knowledge about the practice of management. The development of management thought is the result of contributions made by pioneering management thinkers and experts from other social sciences such as economics and psychology. In the next couple of decades, management theory and practice is bound to change in order to meet the complex and ever changing environmental variables.
The phenomenal growth in multinational and transnational operations, fast changing technology, increasing complexity of decision making, dynamic social and economic environment, globalisation of business and elastic project organisations and task groups will significantly influence the future managerial world and managerial tasks. There are successful business and management leaders publishing their memories and offering their experience to the world. There is great increase in the number of business schools.Management education is bank ably providing expertise to nonage the business and this trend is likely to continue. Career paths are likely to be based on expertise alone. Managers will be under pressure to develop this expertise and apply it in an ever-widening range of situations rather than their ability to survive the bureaucratic jungle. They will have to combine their personal, professional and operational qualities and capacities to the satisfaction of employers and the society.
The future must be considered as an opportunity and not a problem. The future business environment will he dominated by information echnology (IT), globalisation, material and energy shortages, problems of pollution and ecological balance, consumerism, inflation and R & D. The costs of employing expert managers are regarded as an investment for effective business performance. Management is a designated expertise, increasingly professionalized and is likely to progress to a highly organised status. It is assumed that young people will choose management as an occupation and will progress from lower to middle and from middle to top management positions. An ever-greater range of knowledge is available to all aspects of business and management.