INTRODUCTION TO MANAGEMENT
MANAGEMENT - MEANING AND DEFINITION
Every organization uses four kinds of resources. ie; human,financial, physical and
information - and management are all about achieving organizational goals using
these resources effectively. The people who perform these functions are known as
"managers" and collectively it is called "management ".
Management is the art of getting things done by a group of people with the effective
utilisation of available resources. There are various definitions given by various
management gurus but simply management is the process consisting of the
functions of planning, organising, staffing, directing and controlling the operations to
achieve specified objectives.
Thus management is the process of getting things done with the aim of achieving
goals effectively and efficiently.
DEFINITIONS
● F. W. Taylor : "Management is the art of knowing what you want to do and then
seeing that it is done in the best and cheapest way."
● Peter Drucke : " Management is a multipurpose organ that manage a business and
manages managers and manages workers and work. "
OBJECTIVES OF MANAGEMENT
Objectives of management can be classified into organisational objectives, social
objectives and personal or individual objectives. Management has to achieve all
these objectives. Management has to achieve all these objectives in an effective and
efficient manner.
, 1.Organisational or Economic objectives
The main objective of any organisation should be to utilise human and material
resources to the maximum possible advantage, ie; to fulfill the economic objectives
of a business. These are survival, profit and growth.
Survival :
The management of an organisation must ensure the survival of the organisation by
earning enough revenues to cover costs.
Profit:
Management must ensure that the organisation makes a profit, which is an incentive
for the continued successful operation of the enterprise. Profit is an essential to
cover costs and risks for the business.
Growth :
It is important for every business to grow in the long run. Management must exploit
fully the growth of potential of the organisation. The growth of a business can be
measured in terms of
1. Increase in sales turnover
2. Increase in the number of products
3. Increase in number of employees
4. Increase in capital investment, etc.
2.Social objectives
Social objectives of management involve the creation of benefit or economic value
for society. This includes :
● Using environment friendly methods of production.
● Providing basic amenities like schools and creches to employees.
● Giving employment opportunities to the disadvantaged sections of the society,
etc.
3.Personal objectives
Personal objectives of management involve the creation of benefits or economic
value for society.
This includes:
● Financial needs: by giving them a competitive salary.
● Social needs: such as peer recognition, and
● Higher-level needs : such as personal growth and development.
Management has to reconcile personal objectives with organisation's objectives for
harmony in the organisation.
MANAGEMENT - MEANING AND DEFINITION
Every organization uses four kinds of resources. ie; human,financial, physical and
information - and management are all about achieving organizational goals using
these resources effectively. The people who perform these functions are known as
"managers" and collectively it is called "management ".
Management is the art of getting things done by a group of people with the effective
utilisation of available resources. There are various definitions given by various
management gurus but simply management is the process consisting of the
functions of planning, organising, staffing, directing and controlling the operations to
achieve specified objectives.
Thus management is the process of getting things done with the aim of achieving
goals effectively and efficiently.
DEFINITIONS
● F. W. Taylor : "Management is the art of knowing what you want to do and then
seeing that it is done in the best and cheapest way."
● Peter Drucke : " Management is a multipurpose organ that manage a business and
manages managers and manages workers and work. "
OBJECTIVES OF MANAGEMENT
Objectives of management can be classified into organisational objectives, social
objectives and personal or individual objectives. Management has to achieve all
these objectives. Management has to achieve all these objectives in an effective and
efficient manner.
, 1.Organisational or Economic objectives
The main objective of any organisation should be to utilise human and material
resources to the maximum possible advantage, ie; to fulfill the economic objectives
of a business. These are survival, profit and growth.
Survival :
The management of an organisation must ensure the survival of the organisation by
earning enough revenues to cover costs.
Profit:
Management must ensure that the organisation makes a profit, which is an incentive
for the continued successful operation of the enterprise. Profit is an essential to
cover costs and risks for the business.
Growth :
It is important for every business to grow in the long run. Management must exploit
fully the growth of potential of the organisation. The growth of a business can be
measured in terms of
1. Increase in sales turnover
2. Increase in the number of products
3. Increase in number of employees
4. Increase in capital investment, etc.
2.Social objectives
Social objectives of management involve the creation of benefit or economic value
for society. This includes :
● Using environment friendly methods of production.
● Providing basic amenities like schools and creches to employees.
● Giving employment opportunities to the disadvantaged sections of the society,
etc.
3.Personal objectives
Personal objectives of management involve the creation of benefits or economic
value for society.
This includes:
● Financial needs: by giving them a competitive salary.
● Social needs: such as peer recognition, and
● Higher-level needs : such as personal growth and development.
Management has to reconcile personal objectives with organisation's objectives for
harmony in the organisation.
