Concept of Management
Concept, nature and significance of management
1) Nature, concept and significance of management
2) Functions and principles of management
3) Development of management thought
MEANING AND DEFINITION OF MANAGEMENT
Management is the process by which a co-operative group directs action towards a common goal.
By Joseph Messie
To manage is to forecast and plan, to organize, to command, to coordinate and to control.
By Henri Fayol
Management is the art of knowing what you want men to do in the cheapest way.
By F.W. Taylor
Features (or characteristics) of management
Management is an activity concerned with guiding human and physical resources such that organizational goals can be achieved. Nature of management can be highlighted as --
1) Management is Goal-Oriented: The success of any management activity is accessed by its achievement of the predetermined goals or objective. Management is a purposeful activity. It is a tool which helps use of human & physical resources to fulfill the pre-determined goals. For example, the goal of an enterprise is maximum consumer satisfaction by producing quality goods and at reasonable prices. This can be achieved by employing efficient persons and making better use of scarce resources.
2) Management integrates Human, Physical and Financial Resources: In an organization, human beings work with non-human resources like machines. Materials, financial assets, buildings etc. Management integrates human efforts to those resources. It brings harmony among the human, physical and financial resources.
3) Management is Continuous: Management is an ongoing process. It involves continuous handling of problems and issues. It is concerned with identifying the problem and taking appropriate steps to solve it. E.g. the target of a company is maximum production. For achieving this target various policies have to be framed but this is not the end. Marketing and Advertising is also to be done. For this policies have to be
1) Nature, concept and significance of management
2) Functions and principles of management
3) Development of management thought
MEANING AND DEFINITION OF MANAGEMENT
Management is the process by which a co-operative group directs action towards a common goal.
By Joseph Messie
To manage is to forecast and plan, to organize, to command, to coordinate and to control.
By Henri Fayol
Management is the art of knowing what you want men to do in the cheapest way.
By F.W. Taylor
Features (or characteristics) of management
Management is an activity concerned with guiding human and physical resources such that organizational goals can be achieved. Nature of management can be highlighted as --
1) Management is Goal-Oriented: The success of any management activity is accessed by its achievement of the predetermined goals or objective. Management is a purposeful activity. It is a tool which helps use of human & physical resources to fulfill the pre-determined goals. For example, the goal of an enterprise is maximum consumer satisfaction by producing quality goods and at reasonable prices. This can be achieved by employing efficient persons and making better use of scarce resources.
2) Management integrates Human, Physical and Financial Resources: In an organization, human beings work with non-human resources like machines. Materials, financial assets, buildings etc. Management integrates human efforts to those resources. It brings harmony among the human, physical and financial resources.
3) Management is Continuous: Management is an ongoing process. It involves continuous handling of problems and issues. It is concerned with identifying the problem and taking appropriate steps to solve it. E.g. the target of a company is maximum production. For achieving this target various policies have to be framed but this is not the end. Marketing and Advertising is also to be done. For this policies have to be