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    Functional Area of Management

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    Nazrul Alam Kabir
    The document summarizes the functional areas of management and whether management is a science or art. The four main functional areas are production management, marketing management, financial management, and personnel management. Each area is defined along with its key activities. The document also explains how management has elements of both a science and an art. As a science, management involves collecting data and applying statistical analysis, but as an art, it focuses on applying skills to accomplish work through others.

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    Functional Area of Management

    Uploaded by

    Nazrul Alam Kabir
    1K views16 pages
    The document summarizes the functional areas of management and whether management is a science or art. The four main functional areas are production management, marketing management, financial management, and personnel management. Each area is defined along with its key activities. The document also explains how management has elements of both a science and an art. As a science, management involves collecting data and applying statistical analysis, but as an art, it focuses on applying skills to accomplish work through others.

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    Functional Area of Management,

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    The document summarizes the functional areas of management and whether management is a science or art. The four main functional areas are production management, marketing management, financial management, and personnel management. Each area is defined along with its key activities. The document also explains how management has elements of both a science and an art. As a science, management involves collecting data and applying statistical analysis, but as an art, it focuses on applying skills to accomplish work through others.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    1K views16 pages

    Functional Area of Management

    Uploaded by

    Nazrul Alam Kabir
    The document summarizes the functional areas of management and whether management is a science or art. The four main functional areas are production management, marketing management, financial management, and personnel management. Each area is defined along with its key activities. The document also explains how management has elements of both a science and an art. As a science, management involves collecting data and applying statistical analysis, but as an art, it focuses on applying skills to accomplish work through others.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 16

    Functional areas of

    management,

    management is
    Science or Art

    Presented by
    Sweta Gupta
    Functional areas
    of management
    Functional areas of management…

    The scope of management is very wide. The


    various functional areas of management may
    be classified into the following categories.

    1. Production management
    2. Marketing management
    3. Financial management
    4. Personnel management
    1. Production management
    Operations management is the management of
    production function so as to produce the right good,
    in right quantity, at the right cost. It consists of the
    following activities :
     Designing the product
     Location and layout of plant & buildings
     Operation of purchase and storage of materials
     Planning and control of factory operations
     Repairs & maintenance
     Inventory control and quality control
     Research and development, etc.
    2. Marketing management
    Marketing management refers to the identification of
    consumers’ needs and supplying them to the goods
    and services which can satisfy those wants. It
    involves the following activities :
     Marketing research to determine the needs and
    expectations of consumers
     Planning and developing suitable products
     Setting appropriate prices
     Selecting the right channels of distribution
     Promotional activities like advertising and
    salesmanship to communicate with the customers.
    3. Financial management …
    Financial management seeks to ensure the
    right amount and type of funds to business at
    the right time and at reasonable cost. It
    comprises the following activities :
     Estimating the volume of funds required for
    both long-term and short-term needs of
    business
     Selecting the appropriate sources of funds
    … Financial management
     Raising the required funds at the right time
     Ensuring proper utilization and allocation of raised
    funds so as to maintain safety and liquidity of funds
    and the credit worthiness and profitability of business
    of business
     Administration of earnings

    Thus, financial management involves planning,


    organizing and controlling of the financial resources
    4. Personnel management …
    Personal management involves planning,
    organizing, directing and controlling the
    procurement, development compensation,
    maintenance, etc. of the human resource in an
    enterprise. It consists of the following activities
     Manpower planning
     Recruitment
     Selection
    … Personnel management

     Training and development


     Appraisal
     Compensation and promotion
     Employee services and benefits
     Personnel records and research
    Management is
    science or art
    Management is both, a
    science as well as an art. It is
    an inexact science. However,
    its principles are of universal
    applications.
    Management is a Science …
    All scientific information collected first as
    raw data is finally ordered and analyzed with
    the help of statistical tools. It thus becomes
    communicable and intelligible. Communication
    of results also permits repetition of the study, if
    need be, by the original investigator others.
    When the study is replicated and the second try
    provides results similar to the original, one
    drives much more confidence in those results.
    … Management is a Science
    Science is also cumulative in that what is
    discovered is added to that which has been found
    before. Indeed, we ourselves, before we start, look
    around and find out first what has been done so that
    we need no start afresh from a low base each time.
    We learn from past mistakes and obtained guides for
    the future. We build upon the base that has been left
    by others.
    On the basis of above definition of science we
    may presume that management is a science.
    Management as an Art …
    Whereas under “science” one normally
    learns the “why” of a phenomenon, under “art”
    one learns the “how” of it. Art is thus concerned
    with the understanding of how a particular work
    can be accomplished. Management in this sense
    is more an art. It is the art of getting things done
    through others in dynamic and mostly non-
    repetitive situations. Management is like the art
    of musician or the art of a painter who seeks to
    … Management is an Art
    Achieve the desired effect with colour or
    instruments, but mainly with his own skill. He
    does not copy the skills of others.

    We may thus conclude that management


    involves both elements- those of a science and
    an art. While certain aspects of management
    make it a science, certain others which involve
    application of skills.
    Thank you

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