What is Management?
Here are two definitions provided by the American Management Society.
1. The organization and coordination of the activities of an enterprise in accordance with certain policies to achieve of defined objectives. Management is often included as a factor of production along with machines, materials, and money. According to the management guru Peter Drucker (1909-2005), the basic task of a management is twofold: marketing and innovation. Practice of modern management owes its origin to the 16th century enquiry into low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535). As a discipline, management consists of the interlocking functions of formulating corporate policy and organizing, planning, controlling, and directing an organization's resources to achieve the policy's objectives.
2. The directors and managers who have the power and responsibility to make decisions to manage an enterprise. The size of management can range from one person in a small organization to hundreds or thousands of managers in multinational companies. In large organizations the board of directors formulates the policy which is then implemented by the chief executive officer. Some business analysts and financiers accord the highest importance to the quality and experience of the managers in evaluating an organizations current and future worth. American Management SocietyŽ
How can one use a Management degree?
As one could see from the broadness of the previous definitions, the occupational options for one with management training are many and varied. The following is an abbreviated list taken from the Bureau of Labor Statistics where some level of management knowledge and training is needed.
Advertising, marketing, promotions, public relations, and sales managers
Computer and information systems managers
Engineering and natural sciences managers
Farmers, ranchers, and agricultural managers
Food service managers
Human resources, training, and labor relations managers and specialists
Industrial production managers
Medical and health services managers
Office and administrative support worker supervisors and managers
Property, real estate, and community association managers
Purchasing managers, buyers, and purchasing agents
What kind of pay might one expect with a Management degree?
Salary and compensation will vary tremendously based on education, experience and business or industry. To look at some examples lets take the compensation for Food Service Managers and Human Resource Managers as reported by the Bureau of Labor Statistics.
Food Service Managers:
Median annual wages of salaried food service managers were $46,320 in May 2008. The middle 50 percent earned between $36,670 and $59,580. The lowest 10 percent earned less than $29,450, and the highest 10 percent earned more than $76,940. Median annual wages in the industries employing the largest numbers of food service managers were as follows:
|Special food services||$52,680|
|Limited-service eating places||$41,320|
In addition to receiving typical benefits, most salaried food service managers are provided free meals and the opportunity for additional training, depending on their length of service. Some food service managers, especially those in full-service restaurants, may earn bonuses depending on sales volume or revenue.
Human Resource Managers:
Annual salary rates for human resources managers vary according to occupation, level of experience, training, location, and firm size. Median annual wages of human resources managers, all other were $96,130 in May 2008. The middle 50 percent earned between $73,480 and $126,050. The lowest 10 percent earned less than $56,770, and the highest 10 percent earned more than $163,220. Median annual wages of employment, recruitment, and placement specialists were $45,470 in May 2008. The middle 50 percent earned between $35,020 and $63,110. The lowest 10 percent earned less than $28,030, and the highest 10 percent earned more than $85,760.
For more on salaries of management majors, see:
What is required of a Management Major at Missouri Valley College?
In Management Missouri Valley College offers three tracks or concentration.
The administration concentration is the more traditional track. The program and courses are those would be expected by most major companies for initial employment. Here are the Major requirements according to the 2011-2012 Missouri Valley College Catalog.
- Management Major with Administration concentration requirements: AC 210, AC 220, BA 212, BA 232, BA 282, CS 119, or 3 hours of Computer Science above that level; EC 206, EC 216.BA 292, BA 302, BA 312,BA 322, BA 324, BA 382, BA 412 or EN 327, BA 422, BA 432, BA 442, EC 375, MA 185. (Total 60 hours).
The College also offers a Small Business Development concentration. This concentration is tailored to the student anticipating joining a small family business or for the budding entrepreneur. The catalog requirements for the Small Business development Concentration are these:
- Management Major with Small Business Development concentration: Business core courses; AC 210, AC 220, BA 212, BA 232, BA 282, CS 119, or 3 hours of Computer Science above that level, EC 206, EC 216, AC 230, BA 242, BA312, BA 322, BA 352, BA 362, BA 382, BA 412 or EN 327, NP221, SP 325, SP 420, BA 442. (Total 60 hours).
The most recent concentration in Management at Missouri Valley College is Sports Management. Sport management is a field of education concerning the business aspect of sport. Some examples of sport managers include the front office system in professional sports, college sports managers, recreational sport managers, sports marketing, event management, facility management, sports economics, sport finance, and sports information. The Valley Catalog requirements for the Sports Management concentration is:
- Management Major with Sports Management Concentration requirements: AC 210, AC 220, BA 212, BA 232, BA 282, CS 119, or 3 hours of Computer Science above that level, EC 206, EC 216, BA 302, BA 312, BA 322, BA 382, BA 412 or EN 327, BA 422, BA 442, HM 221, PE 100, PE 233, PE 300, PE 333, PE 336, EX 401.
Who could one speak to for more information about management at Missouri Valley College?
Chair Business Division