Meaning of Management
Management literally means Managing Men. But in wider sense, it includes not only human factors but
also non-human factors of Business such as Machines, Material, Methods, Money etc. The efficient use
of there non-human factors by Men refers to the Management.
Men, Material, Machine, Method and Money are called. The 5M’s of management .
Management is the process consist of planning, organising, staffing, directing and controlling
the entreprises efficiently and effectively.
Features of Management
1. Goal oriented process
Management undertakes a series of activities for achieving pre determined goals.
2. Pervasive
Management is to be pervasive because it is needed in all types of organisation and in various
levels of the organisation.
3. Complex Activity ( multi-dimensional)
Management includes Management of work, Management of people and Management of
operation.
4. Continuous process
Management consist of ongoing series of functions such as planning, organising, staffing,
directing and controlling.
5. Group Activity
Management is needed when a group of people work for at any common goal. Management
means group of managerial personnel of an organisation.
6. Dynamic Activity
Management has to adapt to the changing environment .
7. Intangible force
Management cannot be seen but it’s present can be fell.
Objectives of Management
1. Organisational objectives
2. Social objectives
3. Personal objectives
Organisational objectives
Objectives set by management for the organisation. An organisation has to achieve economic
objectives such as profit, survival, growth.
, Social objectives
Social responsibility of business should be fulfilled modern management. Some of the social
responsibilities are given below.
1. Environment protection
2. Provide good quality products at reasonable rate
3. Payment of tax to government.
4. Provide welfare measures to employees
5. Fair dealing to suppliers
6. Prevent unfair trade practice
Personal objectives
It includes fair remuneration, growth and development, recognition, rewards etc.
Importance of Management
1. It helps in achieving group goals .
2. Management increases business efficiency.
3. Management creates a dynamic organisation
4. Management helps in achieving personal objectives.
5. Management helps in the development of society
Nature of Management
1. Management as an Art
Features of Art
Practical knowledge ( Application of the principle of management)
Personal skill
Concrete result ( aims at achieving a definite goal.
Creativity ( develops one's own style or method)
Perfection through practice.
Management satisfies these features of art and hence it is considered as an art.
2. Management as a Science
Features of Science
Systematical body of knowledge
Based on scientific method of observation
Subject to experimentation
Based on cause and effect relationship
Universal validity
Predictability of results
Management literally means Managing Men. But in wider sense, it includes not only human factors but
also non-human factors of Business such as Machines, Material, Methods, Money etc. The efficient use
of there non-human factors by Men refers to the Management.
Men, Material, Machine, Method and Money are called. The 5M’s of management .
Management is the process consist of planning, organising, staffing, directing and controlling
the entreprises efficiently and effectively.
Features of Management
1. Goal oriented process
Management undertakes a series of activities for achieving pre determined goals.
2. Pervasive
Management is to be pervasive because it is needed in all types of organisation and in various
levels of the organisation.
3. Complex Activity ( multi-dimensional)
Management includes Management of work, Management of people and Management of
operation.
4. Continuous process
Management consist of ongoing series of functions such as planning, organising, staffing,
directing and controlling.
5. Group Activity
Management is needed when a group of people work for at any common goal. Management
means group of managerial personnel of an organisation.
6. Dynamic Activity
Management has to adapt to the changing environment .
7. Intangible force
Management cannot be seen but it’s present can be fell.
Objectives of Management
1. Organisational objectives
2. Social objectives
3. Personal objectives
Organisational objectives
Objectives set by management for the organisation. An organisation has to achieve economic
objectives such as profit, survival, growth.
, Social objectives
Social responsibility of business should be fulfilled modern management. Some of the social
responsibilities are given below.
1. Environment protection
2. Provide good quality products at reasonable rate
3. Payment of tax to government.
4. Provide welfare measures to employees
5. Fair dealing to suppliers
6. Prevent unfair trade practice
Personal objectives
It includes fair remuneration, growth and development, recognition, rewards etc.
Importance of Management
1. It helps in achieving group goals .
2. Management increases business efficiency.
3. Management creates a dynamic organisation
4. Management helps in achieving personal objectives.
5. Management helps in the development of society
Nature of Management
1. Management as an Art
Features of Art
Practical knowledge ( Application of the principle of management)
Personal skill
Concrete result ( aims at achieving a definite goal.
Creativity ( develops one's own style or method)
Perfection through practice.
Management satisfies these features of art and hence it is considered as an art.
2. Management as a Science
Features of Science
Systematical body of knowledge
Based on scientific method of observation
Subject to experimentation
Based on cause and effect relationship
Universal validity
Predictability of results
