The word management is a combination of four terms, i.e. man+age+men+t (technique). In this way, management refers to a technique used by a man for dealing and managing persons (men) of different age group, to work together for achieving a common objective.
Although management is not confined to men only, it incorporates a complete balance of 5M i.e. Men, Money, Material, Machine, and Methods. The person who is in charge of the activities of management in an organisation is known as Manager.
Now, let’s discuss what management is? And from where it starts? The answer is management starts from your home. All of us have seen our mother taking care of our needs whether they are small or big, maintaining the budget of the household, takes decisions regarding investment or finance, makes plans for our future, keeps a check on our activity, organizes the schedule, guides and motivates us for achieving our career objective etc. that’s all management. These are the functions of Management, i.e. Planning, Controlling, Organizing, Leading & Motivating and Decision Making.
The major difference between leadership and management are as under:
- Leadership is a virtue of leading people through encouraging them. Management is a process of managing the activities of the organisation.
- Leadership requires trust of followers on his leader. Unlike Management, which needs control of manager over its subordinates.
- Leadership is a skill of influencing others while Management is the quality of the ruling.
- Leadership demands foresightedness of leader, but Management has a short range vision.
- In leadership, principles and guidelines are established, whereas, in the case of management, policies and procedures are implemented.