It is also called operational management or functional areas of management. As being management, a social and universal process, its area is very wider. Inter disciplinary approach of management widens the functional areas.
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There are five main functional areas of management viz., human resource, production office, finance and marketing; which have been discussed below.
Nowadays, some new and emerging dimen¬sions are also considered areas of management as: time management, environment management, transport management, international management, for ex management.
In time management, the emphasis is given on achieving the target in minimum time. By the nature, only one thing time is allotted equally to every creature as 24 hours in a day. But the person, who knows the art of time management, ranks first. Japanese time management is regarded best in the world.
In environment management, the efforts are made to check the different types of industrial pollution viz., air, water and noise. It is the responsibility of general manager to plan for congenial ecology to plant, animal and human being. Transport management is the specialized branch for arranging efficient and cheaper transport facility.
In the age of multinational corporations (MNCs), the primary concern of international management is with the management of people, material and money of the international environment.
It is the extension of simple management process itself, but across national frontiers. A manager while dealing with different nations must take into account the legal, political, social, economic and technical aspects in the global perspective. Forex (foreign exchange) management is the application of management principles for earning more and more foreign money.