Fundamentals of Management
UNIT I
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Fundamentals of Management
Meaning of Management- Management is the art of getting things done by a group of people with the effective utilization of available resources. An individual cannot be treated as a managing body running any organization. A minimum of two persons are essential to form a management. These persons perform the functions in order to achieve the objectives of an organization. Management is the group of activities which drafts plans, prepares policies and arranges men, money, machine and materials required to achieve the objectives. The above definitions reveal that management is the activity of man who struggles for better living in the complex and competitive world, besides, the management gives satisfaction to and rewards those who are engaged in the operation and ensuring an excellent performance. In other words, management is the process consisting of the functions of planning, organizing, staffing, directing and controlling the operations to achieve specified objectives.
Peter F. Drucker defines, “Management is an organ; organs can be described and defined only through their functions.”
Henry Fayol, “To manage is to forecast and plan, to organize, to compound, to co-ordinate and to control.”
Harold Koontz says, “Management is the art of getting things done through and with an informally organized group.”
F.W.Taylor, “Management is the art of knowing what you want to do and then seeing that it is done in the best and cheapest way.”
Features or characteristics of Management
Art as well as science: Management is both an art and a science. It is an art in the sense of possessing of managing skill by a person. In another sense, management is the science because of developing certain principles or laws which are applicable in a place where a group of activities are co-ordinated.
Management is an activity: Management is the process of activity relating to the effective
-------------------------------------------------
Fundamentals of Management
Meaning of Management- Management is the art of getting things done by a group of people with the effective utilization of available resources. An individual cannot be treated as a managing body running any organization. A minimum of two persons are essential to form a management. These persons perform the functions in order to achieve the objectives of an organization. Management is the group of activities which drafts plans, prepares policies and arranges men, money, machine and materials required to achieve the objectives. The above definitions reveal that management is the activity of man who struggles for better living in the complex and competitive world, besides, the management gives satisfaction to and rewards those who are engaged in the operation and ensuring an excellent performance. In other words, management is the process consisting of the functions of planning, organizing, staffing, directing and controlling the operations to achieve specified objectives.
Peter F. Drucker defines, “Management is an organ; organs can be described and defined only through their functions.”
Henry Fayol, “To manage is to forecast and plan, to organize, to compound, to co-ordinate and to control.”
Harold Koontz says, “Management is the art of getting things done through and with an informally organized group.”
F.W.Taylor, “Management is the art of knowing what you want to do and then seeing that it is done in the best and cheapest way.”
Features or characteristics of Management
Art as well as science: Management is both an art and a science. It is an art in the sense of possessing of managing skill by a person. In another sense, management is the science because of developing certain principles or laws which are applicable in a place where a group of activities are co-ordinated.
Management is an activity: Management is the process of activity relating to the effective