Top 5 Types Of Management and Their Importance

Management

Management is a field where any graduate, be it engineering, commerce, science, or arts gets to learn something relevant from it. There are many types of management studies where the student gets to learn and apply the concept to practical problems of organizations and Industries at large.

Cramming for a business and management studies degree allows you to develop a comprehensive knowledge of business systems and equips you with subject-specific expertise in fields such as markets, customers, finance, operations, communication, information technology and business policy and strategy.

We would love to briefly introduce every management stream popular among the organizations and working professionals.

Management

To list some of them

  • 1. Marketing Management

  • To stay in the market we need to be unique and different from the rest of the people already in the market. Marketing includes endorsing the specific project/product and making people aware of it.

Without marketing, this market will never be complete. Some of the good names which are in marketing sector are AIB, etc. Some brands like Nestle focus on marketing with ethically accepting themes.

2. Finance Management

In any organization which has trading taking place in form of money, be it digital or physical has to be kept a record of. There are obviously records of everything which the organization takes as intake and result, but certainly, it also needs to manage its expenses and make a priority list of it.

Lavishly spending may cause the industry/organization to bankrupt. To avoid/rescue from this situation, the financial management course is introduced to train students pursuing an interest in this field.

3. Human Resource Management

Human Resource Management as the name suggests, is a branch of management where it handles the queries and functions revolving the assets of the company (i.e. humans).

The Human resources manager takes note of all the working employees in the industry and provides human resources if required by any department within the organization.

The key functions include management of employees, training employees for communication skills, motivating employees, managing the pay scale of employees, granting holidays for the employees etc.

Management

4. Asset Management

Well, this field of management is kind of new here. The wealth or Property owned by many of the successful businessmen is not easy to keep an eye on. These asset managers will provide asset solutions to these people in need of it.

The asset managers are expert in handling the wealth and land-related things which sometimes bothers the client as it is not easy to manage. Some popular faces in Canada include Waseem Malleye who is an asset manager based in Canada.

5. Project Management

Several Organisations is based or I could say are dependent on the work of their employees. But some organizations outsource their task to other companies who are willing to work for them for a specified amount based on the project. This is where the project manager comes into the picture.

To manage such project which is outsourced and keeping a track about the deadlines and advance payments is all that project manager has to look about.

Apart from all that the project manager has to ensure that there is no compromise in quality of the project and no substandard things are done. Some of the renowned companies which handle projects are Analog, TCS, Tech Mahindra etc.

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