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Nature and Significance of Management (Introduction to Management) 15/7/19
Nature and Significance of Management (Introduction to Management) 15/7/19
Definition
According to Koontz and O'Donnell,
"Management is creating an interval environment of an enterprise where individuals working together in groups perform efficiently and effectively towards achievement of group goals"
Terms
Process
functions or activities that management performs to get things done. Planning organizing,m staff, directing and controlling
Efficively
Finishing the given task on time
Efficiently
means doing the task a at minimum cost
Characteristics/Features of Management
Goal oriented process
Goals
Simple and clearly stated
Imotes tje efforts of different individuals in the organization towards acheiving these goals
All Persuasive
All types of organizations, all levels and all departments
Multi-dimensional
Management of Work
Work
Goals to be achieved and means to achieve it
Includes problems to be solved, decisions to be made, plans to be established, budgets to be prepared, responsibilities to be assigned and authority to be delegated
Management of people
Has two dimensions
Employees as individuals with diverse needs and behavior + individuals as a group of people
make employees' strengths effective and their weaknesses irrelevant
Management of Operations
Every organization has some basic product or service that requires a production process
Flow of input material
Technology for transforming this input into desired output for consumption
Interlinked with both the management of work and the management of people
Continuous process
Ongoing series of continous, composite, but seperate functions simultaniously performed
planning, organising, directing, staffing and controlling
Group Activity
A Firm
collection of individuals with different needs, different purpose
Team work and coordination of individuals effort in a common direction enables all its members to grow and develop as needs and opportunities change
Dynamic Functions
External environment
Social, economic and political factors
Organisation must change itself and its goals according to the needs of the environment
Intangible Force
Cannot be seen but its presence can be felt
targets are met according to plans, employees are happy and satisfied, and there is orderliness instead of chaos
Importance of Management
Management helps in acheiving group goals
Management increases efficency
Management creates a dynamic organisation
Management helps in achieving personal objectives
Management helps in the development of society
Objectives of Management
Objectives are
Ends towards which activities of an organization are directed
Standards against which performance is assessed
Categories
Organization Objectives
Survival
Profit
Growth
Optimum utilization of resources
Social Objectives
Employment opportunities to disadvantaged benifit for society
Providing basic amenities like school and creches to for employees' children
Providing good quality goods at fair prices
Using environmental friendly methods of production
Avoidance of unfair trade prices
Conducting business in a lawful manner
Paying taxes
Personal Objectives
Fair remuneration
Good working conditions
Opportunities for training and development and personal growth
participation in management
Recognition and satisfaction