INTRODUCTION

The word management refers to all the tasks and activities undertaken by the people in an organization for the successful
achievement of goals and targets. It involves continuous activities such as planning, organizing, leading and monitoring physical,
financial and information resources. Any organization’s success depends on the strength of those in management positions.

The term management is flexible and has been used in various ways. While it refers to organizational activities, it also denotes a
body of knowledge or discipline. Some describe it as a means of leadership while others view it as an economic resource. To
understand the meaning and nature of management, let’s look at the concept from a broader perspective. Here are various
categories that describe management in multiple contexts.

Meaning of Management

Management is the art of getting things done by a group of people with the effective utilisation of available resources.
Management is the process consisting of the functions of planning, organising, staffing, directing and controlling the
operations to achieve specified objectives.

Definitions

According To Harold Koontz "Management is the art of getting things done through others and with formally
organised groups."

According to George R. Terry ''Management Is a distinct process consisting of planning, organising, actuating and
controlling; utilising in each both science and art, and followed in order to accomplish pre-determined objectives."

According to Massie & Douglas “Management is the process by which co-operative group directs actions towards
common goals."

Characteristics of Management

1. Management is universal – The principles & techniques of management have universal application. They are not
rigid. They can be modified & applied in different situations.

2. Management is goal oriented – The basic goal of management is to ensure efficiency & economy in the
utilization of human, physical & financial resources. Managerial success is measured by the extent to which the
objectives are achieved. Thus management is purposeful.

3. Management is an intangible force – Management is an unseen force which cannot be seen but its presence can
be felt in the form of results, targets achieved according to plans, satisfied employees & orderliness in the
organization.

4. Management is pervasive – Management is an essential element of every organised activity irrespective of the
size or type of organization i.e. Government, business, sports, university or hospital. It is also prevalent in all the
levels of the organisation, and in all the departments.

5. Management is a continuous process – Management functions are continuous & never ending. These functions
are simultaneously performed by all managers all the time i.e. planning, organizing, staffing, directing & controlling.

6. Management is a dynamic function – Management is a dynamic function as it has to adopt the changes according
to the need of the environment & growth of the business.

7. Management is multi-dimensional – It is multidimensional as it involves management of work, people &

Importance of Management

The efficient management of human & material resources is essential for achievement of objectives of any
organization. The success of any business lies in the quality of management. The significance of management will be
more clear through the following points :-
1. Determination of objectives – Management helps in determining the objective of the organization. No
organization can succeed in its operations unless its objectives are identified & well defined. These objectives have to
be communicated to all the people working in the organization.

2. Achievement of the objectives – Management plays a vital role in accomplishment of organizational objectives &
goals. The coordination & integration of material & human resources helps in achieving the pre-determined goals
effectively & efficiently.

3. Efficient use of resources – An efficient management can lead a business towards growth & prosperity.
Management reduces wastage of human, material & financial resources through proper planning & control.

4. Encourages innovation – Management encourage innovation in the organization. Innovation brings new ideas,
new methods, new products & makes the organization more competitive.

5. Personal objectives – Personal objectives are concerned with satisfaction of financial & social needs of the
employees. Through motivation & direction management helps the individuals to achieve their personal goals while
working towards organizational objectives.

6. Economic development – Management helps in development of the society by producing good quality products,
creating employment opportunities & adopting new technology.

7. Creates dynamic organization – Management helps the employees to overcome their resistance to change & adopt
as per changing situation to ensure its survival & growth.

 Nature Of Management

Management—as a systematic process—helps identify a group of people who carry out particular activities, thereby
improving an organization’s efficiency and effectiveness. Here are the salient features that highlight the nature of
management in businesses.

1. Universality Management is a universal process and is essential for all organizations. If there is human
activity, there is management. The principles of management are applicable irrespective of the size and
location of a business. The universal principle also means that managerial skills can be developed over time
and they’re transferrable.

2. Social Process The nature of management involves organizing people in groups and managing them. It
requires different levels of empathy, understanding and dynamism. In addition to taking care of social and
emotional well-being, the process involves developing, motivating and retaining employees.

3. Purposeful Management always has an end goal of achieving an organization’s targets, mission and vision.
The success of management can be measured by the extent to which an organization achieves its objectives.
There is an underlying purpose of increasing efficiency and productivity. The objectives should be realistic,
attainable and time-bound.

4. Intangible There is no physical proof of the management process. Its success can be measured by the
outcomes of its efforts. For example, lower turnover rates indicate there’s high employee engagement and job
satisfaction. This further shows that managers or individuals in managerial roles have taken proactive steps
toward improving employee retention.

5. Coordination Management coordinates all the functions of an organization by bringing together different
teams and departments. Without coordination, there would be ambiguity and chaos. Therefore, by getting
people on the same page, there is communication and minimized duplication of efforts.

6. Creativity Management is made up of individual components and is a composite process. Every independent
component contributes in unique ways. For example, group efforts encourage creative ideas and imagination.
The sum of individual efforts creates synergy and something new is born.
 7. Dynamic Function Management should be dynamic at its core because businesses are often influenced by
economic, social, political and technological factors. With room for flexibility and adaptability, individuals
can perform well even in stressful situations. There should be adequate training and facilitation within the
process.

Functions of Management

Management is the process of planning, organising, staffing, directing, and controlling the available
resources effectively and efficiently for achieving the goals of the organisation. These interrelated
elements of the management process are called functions of management.

 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
 Organising is the administrative operation of specifying grouping tasks, duties, authorising power and designating
resources needed to carry out a particular system. Once a definite plan has been set for the completion of an
organisational intent, the organising party reviews the actions and resources expected to execute the program. It
ascertains what actions and resources are needed. It determines who will do a distinct job, where and when it will be
done.
 Staffing is obtaining the best resources for the right job. A significant perspective of management is to make certain that
the appropriate people with the apt skills are obtainable in the proper places and times to achieve the goals of the
company. This is also called the human resource operations and it includes activities such as selection, placement,
recruitment and coaching of employees.

 Directing involves directing, leading and encouraging the employees to complete the tasks allocated to them. This entails
building an environment that inspires employees to do their best. Motivation and leadership are 2 chief elements of
direction. Directing also includes communicating efficiently as well as managing employees at the workplace.
Motivating workers means simply building an atmosphere that urges them to want to work. Leadership is inspiring others
to do what the manager wants them to do.
 Controlling is the management operation of controlling organisational achievement towards the accomplishment of
organisational intentions. The job of controlling comprises ascertaining criteria of performance, computing the current
performance, comparing this with organised rules and taking remedial action where any divergence is observed. Here
management should ascertain what activities and outputs are important to progress, how and where they can be regulated
and who should have the power to take remedial response.