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CHAPTER-01
NATURE OF MANAGEMENT
Introduction
A business develops in course of time with complexities.
Management is not only essential to business concerns but
also essential to Banks, business concerns but also essential to
Banks, Schools, Colleges, Hospitals, Hotels, Religious bodies
etc. Every business unit has objectives of its won. These
objectives can be achieved with the co-operative efforts of
several personnel. As E. Demock has rightly said the
management is not a matter of pressing a button, pulling a
lever, issuing orders, scanning P & L statement, promulgating
rules and regulations. Rather it is the power to determine
what shall happen to the personalities and happiness of entire
people, the power to shape the destiny of a nation and of all
the nations which make up the world
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Meaning of Management
Features or Characteristics of
Management
Art as well as science
Management is an activity
Management is a continuous process
Management achieving pre-determined objectives:
Organized Activities
Management is a factor of production
Management as a system of activity
Management is a discipline
Management is a purposeful activity
Management is a distinct entity
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Features or Characteristics of
Management
Management aims at maximizing profit
Decision making
Management is a profession
Universal application
Management is getting things done
Management as a class or a team
Management as a career
Direction and control
Dynamic
Management is needed at all levels
Leadership quality
Characteristics of Management
Art as well as science: Management is both an
art of possessing of managing skill by a person
and a science because of developing certain
principles or laws applicable in a place where
a group of activities are co-coordinated.
Characteristics of Management
Management is a continuous process: The process of
management mainly consists of planning, organizing, directing
and controlling the resources. The resources (men and money)
of an organization should be used to the best advantages of
the organization to achieve the objectives.
Characteristics of Management
Organized Activities : Management is a group of organized activities. It can
be in the form of limited company or a small club. All the organizations
have an objectives and these objectives is achieved through systematic way
of organized activities.
Characteristics of Management
Management as a system of activity : Individuals are foundation of
the management. Management ensures the goal congruence
between individuals and organization objectives.
Characteristics of Management
Management is a distinct entity: Management is a distinct
from its functional activity. As function is to do while
management is to how to get things done
Characteristics of Management
Management is a profession: It posses the qualities of a profession.
Characteristics of Management
Management as a career: Now a days management is
developed as a career focused on specialization like Finance,
Marketing, Systems, Personal etc and they are appointed in
the key posts of the management.
Characteristics of Management
Management is needed at all levels: The
functions of planning, organizing, directing,
controlling and decision making is performed
by all the level of organization.
Functions of Management
The important functions of management are as below
Planning
Organizing
Staffing
Directing
Co-coordinating
Motivating or actuating
Controlling
Innovation
Representation
Decision Making
Communication
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Importance of Management
Management meets the challenge of change
Accomplishment of group goals
Effective utilization of business
Effective functioning of business
Resource development
Sound organization structure
Management directs the organization
Integrates various interests
Stability
Innovation
Co-ordination and team spirit
Tackling problems
A tool for personality development
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POSDCORB:
Importance of Management
Management meets the challenge of change: In this ever changing business world,
an efficient management saves the business brought by the challenges.
Importance of Management
Resource development: Resources like men, material, money and machines are
identified and developed by the management.
Management directs the organization: Management directs and controls the org.
Importance of Management
Innovation: New ideas are developed by management and
implemented in the organization.