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Nature & Significance of Management - Coggle Diagram
Nature & Significance of Management
Defination
Management is the process by which a co-operative group directs actions of others toward common goals
Effective v/s Efficiency
Effective
It is doing the right things in the right way and focuses on the end result.
It is result oriented and quality metric
Efficiency
It focuses on the maximum result with the least time and effort.
It is yield oriented and productivity metric
Characteristics of Management
Management is a goal oriented process
Management is all pervasive
Management is multi dimensional
Management of Work
Management of people
Management of operations
Management is a continuous process
Management is a group activity
Management is a dynamic function
Management is an intangible force
Objectives of Management
Organizational Objective
Survival
Profit
Growth
Social Objective
Personnel Objective
Importance of Management
Management helps in achieving group goals
Management increases efficiency
Management creates a dynamic organization
Management helps in achieving personal objective
Management helps in development of society
Nature of Management
Management as an Art
Existence of theoretical knowledge
Personalized application
Based on practice and creativity
Management as a profession
Professional association
Ethical code of conduct
Service motive
Management as science
Systematized body of knowledge
Principle based on experimentation
Universal Validity