This is usually the first thing taught about management and is the most important module. Related posts: Essay on the Meaning and Definition of Business Management 7 different meaning of management 10 salient features that highlights the nature of business management 5 main Processes of Management by Objectives Short note on Strategic Management We, human beings are called social animals as we live in a society or a group. Explain the concept of business management State the functions of management Describe the nature and Importance of management. The main purpose of living together in a … (iv) Management is a Social Process: Management is done by people, through people and for people. Staffing is the filling-up of the different job positions in the organization’s structure. Planning Concept, process and types. If you continue browsing the site, you agree to the use of cookies on this website. Management is also a discipline involving specialised training and an ethical code arising out of its social obligations. A profession is calling that requires specialised knowledge and often, long intensive academic preparation. Thus, management is a pervasive activity. directed towards an organisation’s resources (human, financial, physical and informational) with the aim of achieving organisation’s goals in an efficient and effective manner. Managers also help to improve the social life of the public and the economic progress of the country. General Administrative Theory concentrate on the manager’s functions and what makes up good management exercise or implementation. Organizational Behavior Approach (OB) is the study of the conduct, demeanor or action of people at work. Total Quality Management (TQM) is a philosophy of management that focuses on the satisfaction of customers, their needs and expectations. Effective communication at all levels: Management is needed for effective communication within and outside the Organisation. Basic facts or general principles capable of universal application, Developed through scientific enquiry or experiments. There was a jungle of managerial knowledge. For example, if the managers of Reliance Industries Limited decide to expand pro- duction it will create job for thousands of people. One cannot become an effective manager simply by learning management principles by heart. Their Validity can be verified and they serve as reliable guide for predicting future events. As unifying force, management creates a whole that is more than the sum of individual parts. Different scholars from different disciplines view and interpret management from their own angles. It consists of getting the objectives of an organisation and taking steps to achieve objectives. We can say management is a; Management is an Economic Factor. This kind of loose and inadequate understanding of management supported the view that it was an art. Middle-level managers are tactical managers in-charge of the organization’s departments who formulate specific objectives and activities based on strategic goals set by top-level managers. Nature and Significance of Management In this extremely competitive market, one advantage a company can have over its competitors is its quality of management. No greater damage could be done to economy and society than to attempt to professionalise management by licensing managers or by limiting access to management to people with special academic degree”. Discuss whether Management is an Art, Science or Profession. The increase in the complexity of relationships in modern society demands that managers become elite of brain and education. Concept and Characterstics of management Concept of Management . Civil Servants who manage public sector undertakings. Change ), You are commenting using your Twitter account. It refers to all those individuals who perform managerial functions. It is concerned with the best way of doing things and is consequently, personalised in nature. 1. The essential elements of arts are: It is a science because it has an organised body of knowledge consisting of certain universal facts. It comprises principles and practices for effective management of organisations. The principles of science have universal application and validity. The sum total of these activities is known as management process. Save my name, email, and website in this browser for the next time I comment. 3 very important topics in one video! Leadership is influencing the behaviour of someone. The fundamental principles of management are applicable in all areas of organised effort. Concept of Management : Definition, Need, Concept and Nature of Management The term ‘management’ has been used in different senses. 1.1 INTRODUCTION In the modern times one of the most important human … These principles establish cause-and-effect relationship between two or more factors. A good manager is a leader not a boss. Managers have become a very powerful and respected group in modern society. Indeed, it is the only thing that ever has.” …………and we strongly believe on …, Concept of Management : Definition, Need, Concept and Nature of Management. As viewed by a sociologist, management is a class-and-status system. Change ), 9 Factors to Consider When Starting a Business, Information and Communication Technology (ICT) Concepts. Conceptual is the ability to analyze and solve complex problems; Human is the ability to work well with other people; technical is the ability to use one’s expertise. Similarly, a successful manager must know the principles of management and also acquire the skill of applying those principles for solving managerial problems in different situations. Coordination is the harmonious, integrated action of the various processes of an organization.