Meaning and Definition of Management
Management is a process of planning, organizing and directing the activities of human beings and physical resources with the intention of accomplishing a predefined objectives.
According to Lousis Allen___“Management is what a manager does”.
According to Koontz and O’Donnel___“Management is the creation and maintenance of an internal environment in an enterprise where individuals, working in groups, can perform efficiently and effectively toward the attainment of group goals. It is the art of getting the work done through and with people in formally organised groups”.
Nature of Management
- It is a Continuous Process: It is never ending process. It continuously follows a series of steps like planning, organizing, staffing, directing and controlling for effective utilization of financial and personnel organizational resources. All these functions are interdependent and one function cannot operate without the presence of the other.
- It as Discipline: In recent times the status of management as a discipline is increasing as it provides certified information and knowledge to management practitioners and also aims at discovering new aspects of the business world.
- Management is an Art as well as a Science: It is a good combination of arts as well as science. As it is an organised body of knowledge and states various facts and truths, hence it can be considered as a science. It is also an art, as it involves managing various process which requires different set of skills by managers.
- Goal Oriented: Every organization has to attain a set of predetermined goals. The success or failure of the management depends on the extent to which these objectives have been achieved.
- Guidance: It provides guidance and explains the way in which human and material resources can be utilised in the most efficient manner. It suggests techniques for effective and economic utilisation of scarce resources to achieve the objectives of a business enterprise. It is an art of getting things done by achieving coordination among employees who carry-out specific and diverse business operations.
- It is Universal: Application of management is universal; it can be applied anywhere and everywhere. Every business activity, club, government offices, charitable and religious institutions, army, etc., comes under the scope of management.
- It is Dynamic: It is difficult for any business environment to remain constant for a long period of time. Hence, It also change with every change in the environment to the business. Management tools and techniques help in converting the threats associated with environment into opportunities.
- It is Decision-Making: Decision-making is an important activity for any business manager Decisions are based on the available facts and figures and depend on the understanding and analysis of the managers. Various technical methods are used to determine the best decision for the overall betterment of the organization.
- It is Profession: It is not an inherent ability, it is a profession. Managers are not born; they are made by proper training and acquiring managerial skills.
Scope of Management
Activity Point of View
Functional Areas of Management