Nature & Significance of Management
Nature & Significance of Management
Everyone!!!
Nature & Significance of
Management
- By Group 1 to 10
Meaning of Management
Management is the creation of internal environment where individuals working
in a group can perform effectively and efficiently for the achievement of
organizational goal.
It is the process of getting things done with the aim of achieving goal
‘Effectively’ and ‘Efficiently’.
CHARACTERISTICS
Lawful
Business Social Needs
Profit
Good Quality
Products
Objectives are the ends towards which all activities of an organisation are directed.
Objectives can be classified into 3 categories:
1. Organisational objective – They are the main objectives, which are needed to
achieve the economic goals of the organisation. Every organisation aims to
achieve 3 main organisational objectives.
a. Survival: Survival is only possible when the organisation is able to earn enough
revenue to cover its costs.
b. Profit: It is the lifeblood of a business. Profit is the reward for risk bearing and
provides a vital incentive for continued successful operation of a business.
c. Growth: An organisation must grow and expand to survive in the long run.
Growth of an organisation indicates how well it is able to exploit its potential
opportunities.
2. Social objectives – It refers to objectives, which are desired to be achieved
for the benefit of the society. They include:
a. Using environment friendly methods of production
b. Generation of employment opportunities
c. Providing basic amenities to employees
d. Supply of good quality goods at fair price
e. Avoiding unfair trade practices.
Creates dynamic
Increases efficiency
organisation
Importance
Nature
Management as a Management as a
Science Profession
Management as an Art
Management as a science
Science is a systematic body of knowledge acquired through observation and experimentation
that explains certain general truths or operation of general laws.
On comparing the features of science with management, we can say that management cannot
be considered an exact science, but we can refer to it as inexact science or social science.
Management as an art
Art can be considered as a skilful and personal application of systematic knowledge to bring
desired results.
Features of profession:
Functions
Planning controlling
Organising Directing
Staffing
1. Planning – Planning is the purpose of ascertaining in advance what is supposed to be
done and who has to do it. This signifies establishing goals in advance and promoting
a way of delivering them effectively and efficiently.
3. Staffing – Staffing is obtaining the best resources for the right job. This is also called
the human resource operations and it includes activities such as selection, placement,
recruitment and coaching of employees.
Nature of Coordination
1. Integrates group efforts – Coordination unifies unrelated interests into purposeful activity. It gives
a common focus to group efforts.
2. Ensure unity of action – Coordination aims to achieve unity of actions to realise a common
purpose. It acts as a binding force between departments.
3. Continuous process – Coordination is a never ending process. It begins at planning and ends at
controlling.
4. All pervasive – Coordination is required in all departments and at all levels because of
interdependence of various actions. It is a necessity to bring harmony and integration of activities.
5. Deliberate function – Manager has to coordinate efforts of different people in a deliberate manner.
Coordination does not occur spontaneously nor can it be achieved by force.
Importance of Coordination
1. Growth in size – With increase in size of organisation, number of employees
also rise, at times, it may become difficult to integrate their efforts and activities.
Therefore, for organisational efficiency, coordination helps to harmonise
individual goals and organisational goals.
1. ABC Ltd. Is able to achieve its target sales within prescribed times as
employees are happy and there is orderliness and coordination in the work
environment. Discuss the characteristics of management depicted here.
1.Adarsh
2.Aman
3.Anshika
4.Ananya
5.Animesh
6.Annishh
7.Anvi
8.Ayushi
9.Atharva
10.Aditi