What is Management? Definitions, Functions, Concept, Importance

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Introduction

Management in businesses and other organizations, including not-for-profit organizations and government bodies, refers to the individuals who set the strategy of the organization and coordinate the efforts of employees or volunteers, in the case of some voluntary organizations to accomplish objectives by using available human, financial and other resources efficiently and effectively. Management typically includes planning, organizing, selecting the staff, leading or directing, and controlling an organization to accomplish various goals. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, natural resources and other resources.
what-is-management
Management is a vital aspect of the economic life of man, which is an organized group activity. A central directing and controlling agency is indispensable for a business concern. The productive resources material, labour, capital etc. are entrusted to the organizing skill, administrative ability and enterprising initiative of the management. Thus, management provides leadership to a business enterprise.
Without able managers and effective managerial leadership the resources of production remain merely resources and never become production. Under competitive economy and ever-changing environment the quality and performance of managers determine both the survival as well as success of any business enterprise. Management occupies such an important place in the modern world that the welfare of the people and the destiny of the country are very much influenced by it.
Management is necessary for a business firm, government enterprises, education and health services, military organizations, trade associations and so on.

Meaning and Definitions of Management

Management is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. It is an operative force in all complex organizations trying to achieve some stated objectives.

Management may be defined in many different ways. Many eminent authors on the subject have defined the term "management", some of these definitions are reproduced below:

According to Lawrence A Appley - "Management is the development of people and not the direction of things".

According to Joseph Massie - "Management is defined as the process by which a co-operative group directs action towards common goals".

In the words of George R Terry - "Management is a distinct process consisting of planning, organizing, actuating and controlling performed to determine and accomplish the objectives by the use of people and resources".

According to James L Lundy - "Management is principally the task of planning, co-ordinating, motivating and controlling the efforts of others towards a specific objective".

In the words of Henry Fayol - "To manage is to forecast and to plan, to organize, to command, to co-ordinate and to control".

According to Peter F Drucker - "Management is a multi-purpose organ that manages a business and manages managers and manages worker and work".

In the words of J.N. Schulze - "Management is the force which leads, guides and directs an organization in the accomplishment of a pre-determined object".

In the words of Koontz and O'Donnel - "Management is defined as the creation and maintenance of an internal environment in an enterprise where individuals working together in groups can perform efficiently and effectively towards the attainment of group goals".

According to Ordway Tead - "Management is the process and agency which directs and guides the operations of an organization in realizing of established aims".

According to Stanley Vance - "Management is simply the process of decision-making and control over the actions of human beings for the express purpose of attaining pre-determined goals".

According to Wheeler - "Business management is a human activity which directs and controls the organisation and operation of a business enterprise. Management is centered in the administrators of managers of the firm who integrate men, material and money into an effective operating limit".

In the words of William Spriegel - "Management is that function of an enterprise which concerns itself with the direction and control of the various activities to attain the business objectives".

In the words of S. George - "Management consists of getting things done through others. Manager is one who accomplishes the objectives by directing the efforts of others".

In the words of Keith and Gubellini - "Management is the force that integrates men and physical plant into an effective operating unit".

According to Newman, Summer and Warren - "The job of management is to make cooperative endeavour to function properly. A manager is one who gets things done by working with people and other resources".

According to John F M - "Management may be defined as the art of securing maximum results with a minimum of effort so as to secure maximum results with a minimum of effort so as to secure maximum prosperity and happiness for both employer and employee and give the public the best possible service".

In the words of Kimball and Kimball - "Management embraces all duties and functions that pertain to the initiation of an enterprise, its financing, the establishment of all major policies, the provision of all necessary equipment, the outlining of the general form of organisation under which the enterprise is to operate and the selection of the principal officers. The group of officials in primary control of an enterprise is referred to as management".

In the words of E.F.L. Brech - "Management is a social process entailing responsibility for the effective and economical planning and regulation of the operations of an enterprise, in fulfillment of a given purpose or task, such responsibility involving: (a) judgment and decision in determining plans and in using data to control performance, and progress against plans; and (b) the guidance, integration, motivation and supervision of the personnel composing the enterprise and carrying out its operations".

According to E. Peterson and E.G Plowman - Management is "a technique by means of which the purpose and objectives of a particular human group are determined, classified and effectuated".

According to Mary Cushing Niles - "Good management or scientific management achieves a social objective with the best use of human and material energy and time and with satisfaction for the participants and the public".

Concept of Management

Management is a Universal Process. It has its place not only in business concern but also in political, religious, charitable, armed force and even educational institution; hence management is the practice of consciously and continuously shaping organizations. All organizations have people who are responsible for helping them achieve their goals. With the increase in the complexities of management of business concerns in the present- day economic world, the importance of management has increased considerably. Management occupies such an important place in the modern world that the welfare of the people and the destiny of any country are very much influenced by proper management.
Concept-of-Management
Traditionally management meant getting things done through others. In this context C.S. George views, Management consists of getting things through others; a manager is one, who accomplishes objectives by directing the efforts of others.
Hence traditional concept of management restricted management to getting things done. According to modern view, management covers wide range of business related activities. As per the modern thinkers management is a process, an activity a discipline and an effort to coordinate, control and direct individual and group efforts towards attaining the cherished goal of the business.

There are 5 concepts of management. They are:

1. Functional concept
Management basically is the task of planning, coordinating, motivating and controlling the efforts of other towards the goals and objectives of the organization. According to this concept, management is what a manager does (planning, executing, and controlling)

2. Human relation concept
According to this concept, Management is the art of getting things done through and with people in organized groups. It is the art of creating an environment in which people can perform and individuals could cooperate towards attaining of group goals. It is an art of removing blanks to such performance a way of optimizing efficiency in reaching goals.

3. Leadership and decision making concept
According to this concept, management is the art and science of preparing, organizing, directing human efforts applied to control the forces and utilize the materials of nature for the benefits to man.

4. Productive concept
According to this concept, management may be defined as the art of securing maximum prosperity with a minimum effort so as to secure maximum prosperity and happiness for both employer and employee and provide best services thereby.

5. Integration concept
According to this concept, management is the coordination of human and material resources towards the achievement of organizational objectives as well as the organization of the productive functions essential for achieving stated or accepted economic goal.
These above definition of management, given by different writers and authorities, are found giving different senses. Virtually, the five concepts are found developed by the authorities emphasizing in different aspects.
However, it has been realized by many that it will not be fair to define management based upon any one aspect. Management can be taken as process-managerial process or social process either engage in planning, organizing, staffing, directing and controlling or mobilizing the group activities to achieve the corporate goals.

Functions of Management

  • Planning
  • Organizing
  • Staffing
  • Directing
  • Co-ordination
  • Communication
  • Controlling
It comprises of management comprises of various functions of management or managerial activities. Management is concerned with getting things done through the efforts of others. To get the work done through the efforts of others, the management has to undertake a number of activities in a systematic manner. These activities of management are called managerial functions, functions of management or elements of management process.

(i) Planning
It is deciding in advance the future course of operations for a given period. In other words, it is the conscious determination of the objectives to be achieved and the course of action to be taken to achieve the results. It implies decisions-making as to what to do, when to do it. Where to do it, who is to do it, how to evaluate the result.
The process of planning includes the result. The process of planning includes the determination of organizational objectives and the formulation of plans, policies, strategies, programmes, procedures and schedules to achieve the desired organizational objectives.
Planning helps the organization to have a clear picture of the future course of events well in advance, and to make the necessary provision for future eventualities.

(ii) Organizing
It means the manpower, material, resources, viz., men, money, machines, materials, managerial personnel, etc. and putting them together into working order or the achievement of the objectives lay down by the enterprise. It can also be defined as the identification of the activities required to achieve the objectives of the enterprise. The grouping of those activities into manageable units, assignment of the grouped activities to the various personnel and fixing responsibilities on them for the performance of the assigned duties, delegation of sufficient authority to the people to carry out their responsibilities and establishing authority responsibility relationships among the personnel for effective co-ordination of activities.
Organizing function helps in increasing the efficiency of the personnel. Further, by avoiding repetition and duplication of activities, organizing reduces and operating cost of the enterprise.

(iii) Staffing
Staffing function is considered as a separate function of the management by many management experts. But some do not consider it as a separate function of management.
They consider staffing either as a part of organizing, since it involves the manning of the positions created by the organizing process. It is considered as a part of directing, as the staffing activities are closely related to leadership, communication and motivation. However, it is desirable to consider staffing as a separate function of management.
Staffing means ensuring right type of personnel is available to manage and execute the various activities required to attain the objectives of the organization.
In other words, it means manning the various positions created in the organizational structure by appointing qualified competent personnel.

(iv) Directing
Directing is one of the important functions of management. While planning, organizing and staffing are merely the preparations for doing the work, directing function actually starts the work. Directing is responsible for the effective execution of the pre-determined plans. So, one can say that directing is the pivot around which the entire performance and undertaking revolves.
Directing is concerned those activities which deals with instructing, influencing, guiding, supervising and motivating the subordinates in their jobs. In other words, it is guiding, supervising and motivating the subordinates for the achievement of the pre-determined organizational goals. In short, it is the actuating function which makes the subordinates works efficiently for the implementation of the plans and the attainment of the pre-determined goals.

(v) Co-ordination
It is the orderly synchronization of efforts of the people working in an organization for the achievement of the organizational objectives. In other words, it is the harmonious blending of the activities of the different departments and the different specialists for the achievement of the desired ends. In short, it is the orderly arrangement of group efforts to provide unity of action in the pursuit of a common purpose.
In the context of the study of management functions, it is better to have some ideal about co-ordination. There are some writers who consider co-ordination as a separate function of management. It is the very essence of management process. It is all-pervasive and permeates every function of management process.

(vi) Communication
It is the fundamental function of management, literally, communicating means sharing a common idea or establishing a common ground of understanding with some one. In practice, it is the process of passing information and understanding from one person to another. In management communication is the exchange of facts and view points among persons in an organization or between organizations which bring about commonness of interest, purpose and effort.

(vii) Controlling
It is the process of measuring actual results (i.e., current performance), the pre determined or standard results), identification of the variances or deviation between the actual results and the pre-determined results if any and taking correction of the performance of persons against the pre-determined standards. Controlling ensures that everything is undertaken according to the plans already determined.

Characteristics of Management

An analysis of the various definitions of management indicates that management has certain characteristics. The following are the salient characteristics of management:

1. Management aims at reaping rich results in economic terms: Manager's primary task is to secure the productive performance through planning, direction and control. It is expected of the management to bring into being the desired results. Rational utilization of available resources to maximize the profit is the economic function of a manager. Professional manager can prove his administrative talent only by economizing the resources and enhancing profit. According to Kimball- "Management is the art of applying the economic principles that underlie the control of men and materials in the enterprise under consideration".

2. Management also implies skill and experience in getting things done through people: Management involves doing the job through people. The economic function of earning profitable return cannot be performed without enlisting co-operation and securing positive response from "people". Getting the suitable type of people to execute the operations is the significant aspect of management. In the words of Koontz and O'Donnell - "Management is the art of getting things done through people in formally organized groups".

3. Management is a process: Management is a process, function or activity. This process continues till the objectives set by administration are actually achieved. "Management is a social process involving co-ordination of human and material resources through the functions of planning, organizing, staffing, leading and controlling in order to accomplish stated objectives".

4. Management is a universal activity: Management is not applicable to business undertakings only. It is applicable to political, social, religious and educational institutions also. Management is necessary when group effort is required.

5. Management is a Science as well as an Art: Management is an art because there are definite principles of management. It is also a science because by the application of these principles predetermined objectives can be achieved.

6. Management is a Profession: Management is gradually becoming a profession because there are established principles of management which are being applied in practice, and it involves specialized training and is governed by ethical code arising out of its social obligations.

7. Management is an endeavour to achieve pre-determined objectives: Management is concerned with directing and controlling of the various activities of the organisation to attain the pre-determined objectives. Every managerial activity has certain objectives. In fact, management deals particularly with the actual directing of human efforts.

8. Management is a group activity: Management comes into existence only when there is an group activity towards a common objective. Management is always concerned with group efforts and not individual efforts. To achieve the goals of an organisation management plans, organizes, co-ordinates, directs and controls the group effort.

9. Management is a system of authority: Authority means power to make others act in a predetermined manner. Management formalizes a standard set of rules and procedure to be followed by the subordinates and ensures their compliance with the rules and regulations. Since management is a process of directing men to perform a task, authority to extract the work from others is implied in the very concept of management.

10. Management involves decision-making: Management implies making decisions regarding the organisation and operation of business in its different dimensions. The success or failure of an organisation can be judged by the quality of decisions taken by the managers. Therefore, decisions are the key to the performance of a manager.

11. Management implies good leadership: A manager must have the ability to lead and get the desired course of action from the subordinates. According to R. C. Davis - "management is the function of executive leadership everywhere". Management of the high order implies the capacity of managers to influence the behaviour of their subordinates.

12. Management is dynamic and not static: The principles of management are dynamic and not static. It has to adopt itself according to social changes.

13. Management draws ideas and concepts from various disciplines: Management is an interdisciplinary study. It draws ideas and concepts from various disciplines like economics, statistics, mathematics, psychology, sociology, anthropology etc.

14. Management is Goal Oriented: Management is a purposeful activity. It is concerned with the achievement of pre-determined objectives of an organisation.

15. Different Levels of Management: Management is needed at different levels of an organisation namely top level, middle level and lower level.

16. Need of organisation: There is the need of an organisation for the success of management. Management uses the organisation for achieving pre�determined objectives.

17. Management need not be owners: It is not necessary that managers are owners of the enterprise. In joint stock companies, management and owners (capital) are different entities.

18. Management is intangible: It cannot be seen with the eyes. It is evidenced only by the quality of the organisation and the results i.e., profits, increased productivity etc.

Nature of Management

The nature of management can be described as follows:

1. Multidisciplinary: Management is multidisciplinary because it includes knowledge/information from various disciplines- economics, statistics, maths, psychology, sociology, ecology, operations research, history, etc. Management integrates the ideas and concepts taken from these disciplines and presents newer concepts which can be put into practice for managing the organizations.

2. Management is dynamic: Management has framed certain principles, which are flexible in nature and change with the changes in the environment in which an organization exits.

3. Relative, Not Absolute Principles: Management principles are relative, not absolute, and they should be applied according to the need of the organization. A particular management principle has different strengths in different conditions. Therefore, principles should be applied according to the prevailing conditions.

4. Management: Science or Art: Management likes other practices�whether medicine, music composition, or even accountancy- is an art. It is know�how. Yet managers can work better by using the organized knowledge about management. It is this knowledge that constitutes science. Thus, managing as practice is an art; the organized knowledge underlying the practice may be referred to as science.

5. Management as Profession: Management has been regarded as a profession by many while many have suggested that it has not achieved the status of a profession. Schein concluded that by some criteria management is indeed a profession, but by other criteria it is not. Today we can see many signs that management is working towards increased professionalism.

6. Management is Universal: Management is a universal phenomenon. However, management principles are not universally applicable but are to be modified according to the needs of the situation.

Levels of Management

Generally, there are Three Levels of Management, these are;
  1. Administrative or Top Level of Management.
  2. Executive or Middle Level of Management.
  3. Supervisory or Lower Level of Management.

1. Top Level of Management
The Top Level Management consists of the Board of Directors (BOD) and the Chief Executive Officer (CEO). The Chief Executive Officer is also called General Manager (GM) or Managing Director (MD) or President. The Board of Directors are the representatives of the Shareholders, i.e.
they are selected by the Shareholders of the company. Similarly, the Chief Executive Officer is selected by the Board of Directors of an organisation.

The main role of the top level management is summarized as follows:-
  • The top level management determines the objectives, policies and plans of the organisation.
  • They mobilises (assemble and bring together) available resources.
  • The top level management does mostly the work of thinking, planning and deciding. Therefore, they are also called as the Administrators and the Brain of the organisation.
  • They spend more time in planning and organising.
  • They prepare long-term plans of the organisation which are generally made for 5 to 20 years.
  • The top level management has maximum authority and responsibility. They are the top or final authority in the organisation. They are directly responsible to the Shareholders, Government and the General Public. The success or failure of the organisation largely depends on their efficiency and decision making.
  • They require more conceptual skills and less technical Skills.

2. Middle Level of Management
The Middle Level Management consists of the Departmental Heads (HOD), Branch Managers, and the Junior Executives. The Departmental heads are Finance Managers, Purchase Managers, etc. The Branch Managers are the head of a branch or local unit. The Junior Executives are Assistant Finance Managers, Assistant Purchase Managers, etc. The Middle level Management is selected by the Top Level Management.

The middle level management emphasizes more on following tasks:-
  • Middle level management gives recommendations (advice) to the top level management.
  • It executes (implements) the policies and plans which are made by the top level management.
  • It co-ordinate the activities of all the departments.
  • They also have to communicate with the top level Management and the lower level management.
  • They spend more time in co-ordinating and communicating.
  • They prepare short-term plans of their departments which are generally made for 1 to 5 years.
  • The Middle Level Management has limited authority and responsibility. They are intermediary between top and lower management. They are directly responsible to the chief executive officer and board of directors.
  • Require more managerial and technical skills and less conceptual skills.

3. Lower Level of Management
The lower level management consists of the Foremen and the Supervisors. They are selected by the middle level management. It is also called Operative/Supervisory level or First Line of Management.

The lower level management performs following activities:-
  • Lower level management directs the workers / employees.
  • They develop morale in the workers.
  • It maintains a link between workers and the middle level management.
  • The lower level management informs the workers about the decisions which are taken by the management. They also inform the management about the performance, difficulties, feelings, demands, etc., of the workers.
  • They spend more time in directing and controlling.
  • The lower level managers make daily, weekly and monthly plans.
  • They have limited authority but important responsibility of getting the work done from the workers. They regularly report and are directly responsible to the middle level management.
  • Along with the experience and basic management skills, they also require more technical and communication skills.

Functional Areas of Management

Various functional areas of management are:

1. Production Management
In the words of E. F. L. Brech, “Production management is the process of effective planning and regulating the operations of that section of an enterprise which is responsible for the actual transformation of materials into finished products”.

From the above definitions, it is clear that production management is that branch of management which is concerned with the various aspects of production, such as production planning and control, quality control, research in production etc.

In fact production, planning and controlling are the main aspects of production management. Production of goods and services undertaken by numerous industries forms an important part of business activity. It is primarily concerned with conversion of raw materials into finished products through various activities and operations. This are performed in a logical sequence, and is known as conversion process.

The term production was earlier linked with factories, where the goods, where the goods of tangible shape, volume, colour, and weight are produced. Today production is used in a general sense as a process through which goods and services are produced. The production function implies bringing together men and machines for producing goods and services to the satisfaction of human needs and wants. Production management includes management of non-manufacturing or service organizations such as transport, banking, insurance, warehousing, health and educational services.

Production management deals with decision-making in relation to the production process so that goods and service of required quality and quantity are produced within a given time schedule and cost. To achieve the objectives, production process are designed and controlled to maintain the cost effectiveness of the entire production system.

Production function may be viewed as ‘input-output systems’ working in an external environment for achieving objectives. The inputs of the production system may be identified as necessary resources such as land, building, capital, machine, technology, labor and management. Owing to the conversion of inputs, some outputs are produced in the form of products and services for society. The output may be in the form of finished product, cured patients, serviced customers, delivered goods etc.

2. Marketing Management
The functional area of marketing is mainly concerned with the distribution system. Goods and services, produced by numerous industries, are made available to customers as efficiently as possible. A large number of activities and operations are performed by the organizations involved in the distribution system. Thus, planning, organizing, staffing, directing and controlling of these operations which are performed in the flow of goods from producers to consumers is regarded as marketing management. It includes within it the elements such as the plans and policies of the organization must be framed in such a way so as to attain customer satisfaction, it also says that the organization should generate more profitable sales volume by maintaining cost-effectiveness of the marketing system and also that all the activities and operations of marketing should be integrated and well-coordinated with other activities of the organization.
Marketing is not mere selling of goods and services. It may be considered as a process of planning, organizing, and controlling resources plans, policies, action programmes and activities of marketing to satisfy consumer needs and generate maximum profits.

3. Financial Management
It is a life-giving element to business organizations. It may be considered as a foundation of all economic activities. An organization cannot be formed without adequate finances. Finance is the life blood for an organization to take its origin, finance is needed for conducting business activities, seeking its growth and development and for preserving and protecting its identity in changing environment.
Generally, finance is referred to as a process of arranging and timely procurement of required funds at a reasonable cost. It involves many problems,
decision areas and operations and has emerged as one of the important functional areas of business management, attracting attention of the management scientists, scholars and practitioners.
In simple words financial management may be defined as planning and controlling of financial activities of the organization and refers to process of efficient management of funds for achieving organizational goals. It involves an application of funds for achieving organizational goals. It involves an application of management principles and generalizations in the area of financial decision-making.

4. Personnel Management
To achieve organizational objectives, a large number of activities are performed and physical resources like land, building, capital, machine and raw materials are utilized by the manpower employed in the organization. Smooth functioning, efficient utilization of resources and success, to a large extent; depend on the availability of a team of highly-talented, committed and motivated employees. Personnel management assumes a significant role in the entire corporate sector. It is mainly concerned with managing human aspect of organization. The core management lies in organizing and guiding, directing and controlling activities of employees working in an organization.

Importance of Management

Importance of Management can be summarized as follows:

1. It helps in Achieving Group Goals
It arranges the factors of production, assembles and organizes the resources, integrates the resources in effective manner to achieve goals. It directs group efforts towards achievement of pre-determined goals. By defining objective of organization clearly there would be no wastage of time, money and effort. Management converts disorganized resources of men, machines, money etc. into useful enterprise. These resources are coordinated, directed and controlled in such a manner that enterprise work towards attainment of goals.

2. Optimum Utilization of Resources
Management utilizes all the physical & human resources productively. This leads to efficacy in management. Management provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses. It makes use of experts, professional and these services leads to use of their skills, knowledge, and proper utilization and avoids wastage. If employees and machines are producing its maximum there is no under employment of any resources.
Reduces Costs - It gets maximum results through minimum input by proper planning and by using minimum input & getting maximum output. Management uses physical, human and financial resources in such a manner which results in best combination. This helps in cost reduction.

3. Establishes Sound Organization
No overlapping of efforts (smooth and coordinated functions). To establish sound organizational structure is one of the objective of management which is in tune with objective of organization and for fulfillment of this, it establishes effective authority & responsibility relationship i.e. who is accountable to whom, who can give instructions to whom, who are superiors & who are subordinates. Management fills up various positions with right persons, having right skills, training and qualification. It ensures that all jobs should be cleared to everyone.

4. Establishes Equilibrium
It enables the organization to survive in changing environment. It keeps in touch with the changing environment. With the change is external environment, the initial co-ordination of organization must be changed. So it adapts organization to changing demand of market / changing needs of societies. It is responsible for growth and survival of organization.

5. Essentials for Prosperity of Society
Efficient management leads to better economical production which helps in turn to increase the welfare of people. Good management makes a difficult task easier by avoiding wastage of scarce resource. It improves standard of living. It increases the profit which is beneficial to business and society will get maximum output at minimum cost by creating employment opportunities which generate income in hands. Organization comes with new products and researches beneficial for society.

Summary

Management in businesses and other organizations, including not-for-profit organizations and government bodies, refers to the individuals who set the strategy of the organization and coordinate the efforts of employees or volunteers, in the case of some voluntary organizations to accomplish objectives by using available human, financial and other resources efficiently and effectively.
Management is a vital aspect of the economic life of man, which is an organized group activity. A central directing and controlling agency is indispensable for a business concern. The productive resources material, labour, capital etc. are entrusted to the organizing skill, administrative ability and enterprising initiative of the management. Thus, management provides leadership to a business enterprise. Without able managers and effective managerial leadership the resources of production remain merely resources and never become production. Under competitive economy and ever-changing environment the quality and performance of managers determine both the survival as well as success of any business enterprise. Management occupies such an important place in the modern world that the welfare of the people and the destiny of the country are very much influenced by it. Management is necessary for a business firm, government enterprises, education and health services, military organizations, trade associations and so on.

Management is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. It is an operative force in all complex organizations trying to achieve some stated objectives.
Management is a Universal Process. It has its place not only in business concern but also in political, religious, charitable, armed force and even educational institution; hence management is the practice of consciously and continuously shaping organizations. All organizations have people who are responsible for helping them achieve their goals. With the increase in the complexities of management of business concerns in the present- day economic world, the importance of management has increased considerably. Management occupies such an important place in the modern world that the welfare of the people and the destiny of any country are very much influenced by proper management.

Traditionally management meant getting things done through others. In this context C.S. George views, Management consists of getting things through others; a manager is one, who accomplishes objectives by directing the efforts of others. Hence traditional concept of management restricted management to getting things done. According to modern view, management covers wide range of business related activities. As per the modern thinkers management is a process, an activity a discipline and an effort to coordinate, control and direct individual and group efforts towards attaining the cherished goal of the business. There are 5 concepts of management.

Management aims at reaping rich results in economic terms: Manager's primary task is to secure the productive performance through planning, direction and control. It is expected of the management to bring into being the desired results. Rational utilization of available resources to maximize the profit is the economic function of a manager. Professional manager can prove his administrative talent only by economizing the resources and enhancing profit. According to Kimball - "management is the art of applying the economic principles that underlie the control of men and materials in the enterprise under consideration".

Management utilizes all the physical & human resources productively. This leads to efficacy in management. Management provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses. It makes use of experts, professional and these services leads to use of their skills, knowledge, and proper utilization and avoids wastage. If employees and machines are producing its maximum there is no under employment of any resources.

Efficient management leads to better economical production which helps in turn to increase the welfare of people. Good management makes a difficult task easier by avoiding wastage of scarce resource. It improves standard of living. It increases the profit which is beneficial to business and society will get maximum output at minimum cost by creating employment opportunities which generate income in hands. Organization comes with new products and researches beneficial for society.
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