Nature and Significance of Management (Introduction to Management) 15/7/19

Intangible Force

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

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

functions or activities that management performs to get things done. Planning organizing,m staff, directing and controlling

Objectives of Management

Objectives are

Ends towards which activities of an organization are directed

Standards against which performance is assessed