Resource Based View Definition of Management - Narayana Rao K.V.S.S.

 

Management is doing things acquiring and using resources.  -  Prof. Narayana Rao K.V.S.S.  - 18.10.2024

A manager or an entrepreneur visualizes doing a thing, for example in business, it would be exchanging goods or services. He may produce the goods or services or he may procure them and offer to customers. To put the visualized idea into practice he requires resources. He has to acquire them and then use them to do business and pay for the services of each factor or resource used in the business. Theoretically, the entrepreneur only needs the idea which is acceptable to the resource providers. 

The manager makes resource requirement plan. Initially it is an unconstrained resource requirement plan. He will list all the ideal resources. But as he tries to acquire resources constraints become visible and the manager has to modify the resource requirements to use available resources or resources that he could acquire.

(C)  2024 Narayana Rao K.V.S.S.  

Earlier Explanation by me.

Definition of Management: Its Nature and Purpose

Management of an organization is the process of establishing objectives and goals of the organization periodically, designing the work system and the organization structure, and maintaining an environment in which individuals, working together in groups, accomplish their aims and objectives and goals of the organization effectively and efficiently (Narayana Rao). (3rd December 2008, Version 1 of this article)

Management of an organization is the process of establishing objectives and goals of the organization periodically, designing the work system and the organization structure, and maintaining an environment in which individuals, working together in groups in combination with capital equipment and current assets (working capital), accomplish their aims and objectives and goals of the organization effectively and efficiently (Narayana Rao). (24 January 2016).

The above definition was a modification of the definition given by Koontz and O'Donnell.

The definition implies the following.

(i) Management is a process.
(ii) Management applies to every kind of organization, government, profit making, or nonprofit making.

(iii) It applies to managers at all levels in the organization.

(iv) Management is concerned with effectiveness and efficiency.  Effectiveness is producing the product or service the customer wants in business context with the required functional benefits and product attributes at the price he is willing to pay. Efficiency is minimization of resources to produce the saleable output.

Weirich and Koontz

Weihrich and Koontz defined Management and explained it as follows in the tenth edition of their book Management: A Global Perspective (p.4).

"Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims." This definition needs to be expanded:

1. As managers, people carry out the managerial functions of planning, organizing, staffing, leading, and controlling.
2. Management applies to any kind of organization.
3. It applies to managers at all organizational levels.
4. The aim of all managers is the same: to create a surplus.
5. Managing is concerned with productivity; this implies effectiveness and efficiency.

Functions of Management

The process of management can be better understood by breaking it down into the five basic functions of a manager – planning, organizing, staffing, leading and controlling. All the management concepts, principles, theories and techniques can be grouped under these five functions.

Professor Narayana Rao suggests planning, organizing, resourcing, executing and controlling as the appropriate steps for operational approach.

The resource point of view is emphasized in the RBV Definition of Management.

No doubt planning is required to establish the feasibility of the idea and to make a list of resources required. After resources are acquired execution of processes has to be there and control has to be there to modify plans based on achieved results to reach the expected final result for a period.

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