Management is required for an established life and essential to managing all types of management. Sound management is the fortitude of thriving companies. Managing life implies getting everything done to accomplish life’s aspirations and maintaining an establishment means getting things done with and by other people to deliver its objectives.
To put it in other words, the organization and coordination of the pursuits of an industry for the idea of accomplishing determined objectives efficiently and thoroughly are marked as management.
This authoritatively obligatory association connects individuals as subordinates and superiors and gives rise to distinct degrees in an establishment. There are 3 levels in the ranking order of an establishment.
- Top Management: They comprise of the senior-most executives of the company by the name they are called. They are normally regarded to as the chairman, the chief executive officer (CEO), the chief operating officer (COO), president and vice-president (VP). Top management is a team comprising of managers from various operational levels, managing marketing, finance, etc., For instance, chief finance officer (CFO), vice president (marketing). Their primary task is to combine various components and regulate the actions of different units according to the overall intentions of the company. These top-level managers are accountable for the progress and continuation of the establishment. They investigate the trading atmosphere and its connections for the survival of the company. They form overall organisational aims and approaches for their accomplishment. They are held responsible for all the pursuits of the company and for its influence on society. The job of the top manager is difficult and stressful, necessitating long hours and dedication to the company.
Must Read: Class 12 Business Studies Syllabus 2018-19
- Middle Management: It is the connection between top and lower level managers. They are lower to top managers and above to the first line managers. They are normally called as division heads, for instance, production manager. Middle management is accountable for executing and regulating systems and manoeuvrings generated by top management. At the same time, they are liable for all the actions of first-line managers. Their principal task is to bring out the plans formed by the top managers. For this purpose, they have to:
- Understand the procedures outlined by top management
- Guarantee that their staff has the required workers
- Designate certain tasks and duties to them, drive them to accomplish aspired objectives
- Interact with other departments for the stable operation of the company. At the same time, they are subject to all the actions of first-line managers
- Supervisory or Operational Management: Managers and supervisors include the lower level in the bureaucracy of the business. Supervisors immediately manage the efforts of the workforce. Their power and ability are defined according to the maps drawn by the top management. Supervisory management performs a significant task in the system since they coordinate with the genuine workforce and move on directions of the middle management to the employees. Through their efforts worth of output is reported, wastage of substances is reduced and security measures are affirmed.
The above mentioned is the concept, that is elucidated in detail about the Levels of Management for the class 12 Commerce students. To know more, stay tuned to BYJU’S.