Professional Documents
Culture Documents
Chapter 1
Chapter 1
Definition of Management
Concept of Management
Management is a process that aims to bring the efforts of the people working
in the organization to achieve a common objective effectively and efficiently.
• Efficient: The term efficient means completing the task within minimum
cost as well as optimum utilization of resources. It means doing task
correctly with minimum cost. It defines relationship between inputs and
outputs. Input resources are mainly money, material, machines, man
which need to be used efficiently to achieve desired output (Finished
product or service)
Basis Effectiveness Efficiency
EFFIECENCY VS EFFECTIVENESS
1. Goal Oriented Process: Every organization has its own set of basic goals
to achieve as an existence. It is through management that the efforts of
the people working in the organization are directed towards
accomplishment of these objectives. Hence, we can say management is
a goal-oriented process. It is fruitless to operate if an organization
doesn't have a set goal. These goals should be simple and clearly stated.
For example:
Retail store: The goal of the retail store may be to increase sales.
For Example:
For example:
For Example:
McDonalds: It made major changes in its Menu card to survive in India.
Objectives are the desired results that drive the management to work towards
it. There are three objectives of management:
For example: