1. Meaning of Management Management is a process which consists of series of interrelated functions that are performed by all managers to effectively achieve the goals of an organisation.
2. Definition of Management In the words Koontz, "Management is the art of getting things done through others and with formally organised groups."
3. Concept of Management
(i) Traditional Concept The traditional concept of management is concerned with accomplishing organisational objectives by directing the efforts of others or it is an art of getting things done through others.
(ii) Modern Concept The modern concept insists on achieving goals effectively and efficiently. Thus, it is defined as a process of getting things done with the aim of achieving goals effectively and efficiently.
(iii) Effectively means completing the task/work on time.
(iv) Efficiently means doing the task correctly and with minimum cost.
4. Characteristics/Features of Management
(i) Management is a Goal Oriented Process Management aims to achieve the goals of the organisation by integrating the efforts of all members.
(ii) Management is All Pervasive Management is essential for all organisations, whether big or small, profit or non-profit, social or political.
(iii) Management is Multi-dimensional Management is a complex activity with three main dimensions which are as follows EBROKO
(a) Management of Work Management of work aims to manage the work, i.e. which work to be performed and at what time.
(b) Management of People Management of people implies management of individuals, i.e. to allot authorities, responsibilities and establishing reporting relationships.
(c) Management of Operations It refers to activities of production cycle, which entails the flow of input material and transforms the input into desired output. It is interlinked with both management of work and management of people.
(iv) Management is a Continuous Process It is concerned with constantly identifying the problems and solving them by taking appropriate actions.
(v) Management is a Group Activity Management helps people to realise their individual as well as organisational goals through group efforts.
(vi) Management is a Dynamic Function Management helps an organisation to change, according to the change in the environment.
(vii) Management is an Intangible Force Management is an invisible force that cannot be seen, but its presence can be felt by orderliness, discipline, achievement of goals and happy and satisfied employees.
5. Objectives of Management
(i) Organisational Objectives These are related with survival, profit earning and growth of an organisation.
(a) Survival The company should generate enough revenues to cover cost.
(b) Profit The company should earn reasonable profits so that it can provide fair return to shareholders.
(c) Growth Growth by customary practices, i.e. increasing sales or reducing cost of production, known as organic growth. Growth like amalgamation is known as inorganic growth.
(ii) Social Objectives These involve creation benefits for the society.
(iii) Personal Objectives These are related to fulfilling the financial, social and higher level needs of employees.
6. Importance of Management
(i) Management helps in achieving Group Goals Management is required not for itself but for achieving the goals of the organisation. The task of a manager is to give a common direction to the individual effort in achieving the overall goal of the organisation.
(ii) Management improves Efficiency The main purpose of manager is to utilise the resources optimally and increases productivity through reducing cost in all the activities of organisation.
(iii) Management creates a Dynamic Organisation Efficient management motivates employees to adopt changes by convincing them that changes are not only beneficial for organisation but also it improves the employee's performance.
