Concept, nature and significance of management
1) Nature, concept and significance of management
2) Functions and principles of management
3) Development of supervision thought
WHICH MEANS AND DEFINITION OF MANAGEMENT
Managing is the procedure by which a co-operative group directs action towards one common goal. By Joseph Messie
To manage is always to forecast and plan, to arrange, to control, to synchronize and to control. By Henri Fayol
Administration is the fine art of understanding what you wish men to accomplish in the cheapest way. Simply by F. Watts. Taylor
Features (or characteristics) of managing
Management can be an activity worried about guiding human and physical resources such that organizational goals can be obtained. Nature of management may be highlighted because -- 1) Management can be Goal-Oriented: The success of any managing activity is definitely accessed by simply its achievement of the established goals or perhaps objective. Management is a purposeful activity. It is a tool which in turn helps use of human & physical assets to fulfill the pre-determined desired goals. For example , the aim of an business is maximum consumer fulfillment by making quality products and at reasonable prices. This can be achieved by employing efficient persons and making better use of scarce resources.
2) Management works with Human, Physical and Financial Resources: In a business, human beings assist nonhuman assets like machines. Materials, economical assets, complexes etc . Administration integrates human being efforts to people resources. This brings tranquility among the human, physical and financial resources.
3) Management can be Continuous: Management is an ongoing process. That involves continuous handling of problems and issues. It is concerned with discovering the problem and taking appropriate steps to fix it. Electronic. g. the target of a organization is maximum production. Pertaining to achieving this kind of target numerous policies must be framed yet this is not the conclusion. Marketing and Advertising is also to be performed. For this procedures have to be again framed. Hence this is a continuous process.
4) Management is all Pervasive: Management is required in all of the types of organizations whether it is political, interpersonal, cultural or perhaps business as it helps and directs different efforts towards a definite purpose. Thus night clubs, hospitals, politics parties, colleges, hospitals, organization firms every require managing. When ever more than one person is engaged in working for one common goal, management is necessary. Be it a small business company which may be engaged in trading or a large firm like Orde Iron & Steel, supervision is required just about everywhere irrespective of size or form of activity.
5) Management is actually a Group Activity: Management is certainly much less worried about individual's efforts. It is more concerned with teams. It involves the use of group effort to achieve predetermined target of management of FONEM & Co. is good refers to a group of folks managing the enterprise. Objectives of business
The main targets of administration are:
1) Getting Maximum Results with Minimum Initiatives - The main objective of management is usually to secure maximum outputs with minimum efforts & assets. Management is basically concerned with thinking & utilizing human, material & financial resources in such a method that would bring about best combination. This combination brings about reduction of numerous costs. 2)Increasing the Effectiveness of factors of Production - Through proper using various elements of creation, their performance can be elevated to a great extent that can be obtained by simply reducing spoilage, wastages and breakage of all kinds, this in turn causes saving of the time, effort and money which is essential for the expansion & wealth of the venture. 3) Optimum Prosperity intended for Employer & Employees - Management ensures easy and synchronised functioning from the enterprise. This in turn helps in featuring maximum benefits to the worker in the shape of good working condition, suitable wage system, incentive plans on the...