DEFINITION

Management is the art of knowing what you want to do

and then seeing that it is done in the best and cheapest
way F.W. Taylor
To manage is to forecast and to plan, to organize to
command, to coordinate and to control Henry Fayol
Management is the process involving planning,
organizing, staffing, directing and controlling human
efforts to achieve stated objectives in an organization.
NATURE AND CHARACTERISTICS OF
MANAGEMENT
Goal-oriented: The basic goal of management is
to ensure efficiency and economy in the
utilization of human, physical and financial
resources. Management is purposeful.
Universal: Management is an essential element
of every organised activity irrespective of the size
or type of activity.
Integrative force: The essence of management
of management lies in the coordination of
individual efforts in to a team. Management
reconciles the individual goals with
organisational goals.
Social Process: Management is done by people,
through people and for people. It is a social
process because it is concerned with
interpersonal relations. Human factor is the most
important element in management.
Intangible: Management is an unseen or
invisible force. It cannot be seen but its presence
can be felt everywhere in the form of results.
Multidisciplinary: management deals with
human behaviour under dynamic conditions.
Therefore, it depends upon wide knowledge
derived from several disciplines like engineering,
sociology, psychology, economics, anthropology
etc.
OBJECTIVES OF MANAGEMENT
Organisational objectives:
(a) Reasonable profits so as to give a fair return
on the capital invested in business
(b) Survival and solvency of the business, i.e.,
continuity.
(c) Growth and expansion of the enterprise
(d) Improving the goodwill or reputation of the
enterprise
Personal objectives:
(a) Fair remuneration for work performed
(b) Reasonable working conditions
(c) Opportunities for training and development
(d) Participation in management and
prosperity of the enterprise
(e) Reasonable security of service.
Social objectives:
(a) Quality of goods and services at fair
price to consumers.
(b) Honest and prompt payment of taxes to
the Government.
(c) Conservation of environment and
natural resources.
(d) Fair dealings with suppliers, dealers
and competitors.
(e) Preservation of ethical values of the
society.
NEED & IMPORTANCE OF
MANAGEMENT:
To facilitate optimum utilization of resources:
Resources such as men, money, materials, machines.
To motivate personnel: The success of
management is reflected from the performance of
their workforce.
To generate efficiency: Lesser the cost-Higher the
returns, this leads to efficient organization
To encourage Initiative: Through individual up
liftment, group benefits which leads to
organizational growth & development.
To develop team spirit: Through team efforts an
organization can achieve growth.
To facilitate innovation: Modern management
demands managers to bring in innovation in their
regular work tasks & decision making to solve
business complications
To improve technology: Innovative ideas lead to
break-through in technology which if incorporated in
an efficient manner by the management leads to
growth & stability to the organization.
To facilitate growth & expansion: Good managers
actively invade & commit toward organizational
goals.
To maintain good relations. Proper
communication, directions & leadership on the
part of managers, lead to good relationship
between subordinates & managers. This leads to
organizational growth.
To assist society: Managers at large have to
incorporate CSR(Corporate Social Responsibility)
techniques that lead organization towards
making a goodwill & brand image.
To create corporate image. Effective
management maintains & develops a brand
image of the company
THANKYOU