MODULE 1
INTRODUCTION
Management is what managers ‘do’, It is the process of coordinating work
activities with and through other people so that work activities are completed
efficiently and effectively. The Term ‘Management’ is used to refer the process
of Managing the activities of Enterprise. In layman’s Language Management
refers to group of personnel of an enterprise who have supervisory role over
others
For management, it is important to be both effective and efficient. Effectiveness
and efficiency are two sides of the same coin. But these two aspects need to be
balanced and management at times, manager has to compromise with efficiency.
For example, it is easier to be effective and ignore efficiency i.e., complete the
given task but at a high cost. Suppose, a company’s target production is 5000
units in a year. To achieve this target the manager has to operate on double shifts
due to power failure most of the time. The manager is able to produce 5000 units
but at a higher production cost. In this case, the manager was effective but not so
efficient, since for the same output, more inputs (labour cost, electricity costs)
were used.
In simple efficiency Means doing the things correctly; refers to the relationship
between inputs and outputs; Seeks to minimise the resource and cost.
Effectiveness Means doing the right things; Goal Attainment
IMPORTANCE OF MANAGEMENT
It is the critical element in the economic growth of the country.
It is essential in all organised efforts, be it a business activity or any other activity.
It is the dynamic life giving element in any organisation.
DEFINITION OF MANAGEMENT
There is no universally accepted definition of the term Management. Different
authorities on management defined the term ‘management’ in different ways.
Here are the few definitions According to Mary Parker Follet, “Management is
the art of getting of things through people.”
According to Harold Koontz, “Management is art of getting things done through
and with the people in formally organised groups”.
, In the words of Henry Fayol Management is “To manage is to forecast and to
plan, to organise, to command, to co-ordinate and to control.”
In the words of George R Terry, “Management is a distinct process consisting of
planning, organising, actuating and controlling performance to determine and
accomplish the objectives by use of people and resources”
Management is defined in terms of functions undertaken by the manager to
achieve organisational goals. Management is the systematic way of doing things.
It is an art of creating an environment in which people can perform and an
individual could co-operate towards attaining the group goals.
CONCLUSION
It may be noted that Management is not just getting things done through others.
It is getting things done through others by satisfying their needs and providing
them with the opportunities for growth and advancement. It is the process for the
utilisation of minimum input for the production of maximum output.
FUNCTION OF MANAGEMENT
Management functions are common to all business organisations and even to non-
profit organisations they are integrated and interrelated and integrated.
Luther Gullick an early writer of Management Coined the word “POSDCORB”
to describe the Functions
(P) Planning, (O) Organizing, (S) Staffing, (D) Directing, (Co)Coordinating, (R)
Reporting, (B) Budgeting
The important functions of management or important elements of Management
process are
1) Forecasting
2) Planning
3) Organising
4) Staffing
5) Directing and Motivating
6) Co-ordinating
7) Controlling
8) Communication
9) Leadership
10) Decision -Making
➢ Forecasting: It is the important element of planning. It is the systematic
attempt to probe the future by inference from known facts. It is the process of
INTRODUCTION
Management is what managers ‘do’, It is the process of coordinating work
activities with and through other people so that work activities are completed
efficiently and effectively. The Term ‘Management’ is used to refer the process
of Managing the activities of Enterprise. In layman’s Language Management
refers to group of personnel of an enterprise who have supervisory role over
others
For management, it is important to be both effective and efficient. Effectiveness
and efficiency are two sides of the same coin. But these two aspects need to be
balanced and management at times, manager has to compromise with efficiency.
For example, it is easier to be effective and ignore efficiency i.e., complete the
given task but at a high cost. Suppose, a company’s target production is 5000
units in a year. To achieve this target the manager has to operate on double shifts
due to power failure most of the time. The manager is able to produce 5000 units
but at a higher production cost. In this case, the manager was effective but not so
efficient, since for the same output, more inputs (labour cost, electricity costs)
were used.
In simple efficiency Means doing the things correctly; refers to the relationship
between inputs and outputs; Seeks to minimise the resource and cost.
Effectiveness Means doing the right things; Goal Attainment
IMPORTANCE OF MANAGEMENT
It is the critical element in the economic growth of the country.
It is essential in all organised efforts, be it a business activity or any other activity.
It is the dynamic life giving element in any organisation.
DEFINITION OF MANAGEMENT
There is no universally accepted definition of the term Management. Different
authorities on management defined the term ‘management’ in different ways.
Here are the few definitions According to Mary Parker Follet, “Management is
the art of getting of things through people.”
According to Harold Koontz, “Management is art of getting things done through
and with the people in formally organised groups”.
, In the words of Henry Fayol Management is “To manage is to forecast and to
plan, to organise, to command, to co-ordinate and to control.”
In the words of George R Terry, “Management is a distinct process consisting of
planning, organising, actuating and controlling performance to determine and
accomplish the objectives by use of people and resources”
Management is defined in terms of functions undertaken by the manager to
achieve organisational goals. Management is the systematic way of doing things.
It is an art of creating an environment in which people can perform and an
individual could co-operate towards attaining the group goals.
CONCLUSION
It may be noted that Management is not just getting things done through others.
It is getting things done through others by satisfying their needs and providing
them with the opportunities for growth and advancement. It is the process for the
utilisation of minimum input for the production of maximum output.
FUNCTION OF MANAGEMENT
Management functions are common to all business organisations and even to non-
profit organisations they are integrated and interrelated and integrated.
Luther Gullick an early writer of Management Coined the word “POSDCORB”
to describe the Functions
(P) Planning, (O) Organizing, (S) Staffing, (D) Directing, (Co)Coordinating, (R)
Reporting, (B) Budgeting
The important functions of management or important elements of Management
process are
1) Forecasting
2) Planning
3) Organising
4) Staffing
5) Directing and Motivating
6) Co-ordinating
7) Controlling
8) Communication
9) Leadership
10) Decision -Making
➢ Forecasting: It is the important element of planning. It is the systematic
attempt to probe the future by inference from known facts. It is the process of
