Definition (Meaning and Concept of Management)
- Management is the act of getting people together to accomplish desired goals using available resources efficiently and effectively.
- It comprises planning, organizing, directing, and controlling.
- It is a set of activities directed at an organization’s resource with the aim of achieving organizational goals in an efficient and effective manner.
- Management is the art of getting things done through people.
- It coordinates activities so that they are completed efficiently and effectively with and through other people.
- It comprises a series of actions that lead to the accomplishment of objectives of the organization.
According to Association of Mechanical Engineers, the U.S.A., management is the art and science of preparing, organizing, and directing human efforts applied to control the forces and utilize the materials of nature for the benefits to man.
There are two concepts of management. They are functional concept and leadership concept.
According to functional concept, the act of planning, organizing, directing, staffing, and controlling is known as management. It gives importance to the functions of management.
According to Louis Allen, “Management is what a manager does.” According to Henri Fayol, “Management is to manage is to forecast and to plan, to organize, to command, to co-ordinate, and to control.
According to leadership concept, the act of providing leadership to organization for the achievement of its goal is known as management.
According to Koontz 0′ Donnel,” Management is the art of getting things done through and with the people informally organized groups.”7
According to Mary Parker Follet, “Management is the art of getting things done through people.”
Characteristics of Management
- Management is a process
Management is process of planning, organizing, directing and controlling. It is going process.
- Group Activity
The significance of management is the group participation but not individualization.
- Goal Oriented
An organization has its certain purpose/s or goals. Managerial activities are conducted in order to achieve these purposes/goals.
- Art,Science, and Profession
As management presents everything in easy and attractive way, it is an art. And as management can apply the principles of science in practice for the achievement of organizational goal, it is science. As the qualities of art and science are found in management, it is art and science.
- Universal application
Management is a universal activity, applied to any form of activity, economic or other. Its principles are universally applied.
- Separate Entity
It is a scientific system or art to have works done by others. It is conducted remaining under the rules and regulations.
It is management of works, management of people, and management of operation.
- Dynamic Activity
It adjusts itself to the regularly changing environment such as economic, political-legal, socio – cultural and technological.
- Authority system
Management is also a collective activity. Organizational works are executed collectively.
Principle of Management
- Principle of policy making
Clear policy is necessary for effective management. The policies should be applicable and acceptable.
- Principle of balance
It is essential for organizational effectiveness. The Chief Executive Officer (CEO) should take proper steps to balance at all levels and in all departments of the organization.
- Principle of planning
It involves the creation and maintenance of a plan. As such, planning is a fundamental property of intelligent behavior.
- Principle of cooperation
Cooperation is the action or process of working together to the same result. It enhances mutual trust and respect by which it becomes easy to achieve organizational goal.
- Principle of leadership
There should be effective and dynamic leadership to achieve organizational goal. The leadership motivates employees towards efficient and effective 4 performance.
- Principle of authority and responsibility
Authority means the right of a superior to give order to his/her subordinates and responsibility means obligation for performance and results. This principle suggests that there must be parity between authority and responsibility.
- Principle of exception
According to this principle, the Chief Executive Officer (CEO) should be left free from the functions of day to-day or regular nature. The CEO should not waste his/her precious time in regular nature works except in exceptional cases.
- Principle of financial incentive
To motivate employees at work, to develop feeling of mutual co-operation, to enhance profitability of organization, to bear social responsibility, etc. are the important purposes of any business organization. For the achievement of such purposes, the manager should be able to utilize entire ability by fully satisfying employees.
- Principle of specialization
Specialization reduces production cost of production and increases productivity and quality of product.
- Principle of simplicity
Management is the act of doing organizational activities in a simple way. If the official procedures become lengthy and complex, performance does not get effectiveness.
Also read Emerging Challenges For Management.