Fundamentals of Management

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Meaning of Management

  • Consider a business enterprise, it may be an industry or it may be a trading concern.

  • To start and run the business considered the inputs for a business that result in output in terms of products or services.

  • Inputs includes some amount of money is needed, some materials, few machines and some men are required, and some processes.

  • Inputs sometimes same but the output may not be same in all cases.

  • Various activities are required.

  • These need to be properly directed, coordinated and integrated.

  • So, that the inputs produce good results.

  • This process of inputs to produce some results (outputs) is known as management.

  • So, management refers to the process of using men, money, machines, material and processes through proper direction, coordination and integration of several activities so as to produce desired results and attain predetermined goals.

  • In other words, management consists of a series of activities classified into various functions like:

    • Planning

    • Organising

    • Staffing

    • Directing

    • Control

Characteristics of Management

The Characteristics of Management

Image of the Characteristics of Management

The Characteristics of Management

  • Management is required for every type of organisation.

  • It may be a business organisation or social or political.

  • It may be a small firm or a large one.

  • Also, required by a school or a college or university or a hospital or a big firm.

  • Thus, it is a universal phenomenon.

Goal Directed:

  • Every organisation is created to achieve certain goals.

    For example, for a business firm it may be to make maximum profit etc.

  • Always it’s aimed at achievement of the organisational goals.

  • Success of management is based on goals are achieved.

Continuous Process:

  • Management is an ongoing process.

  • Continues as long as the organisation exists.

  • No activity can take place without management.

Integrating Process:

  • All the functions, activities, processes and operations are intermixed among themselves.

  • Without integration of men, machine and material and coordination of individual efforts, it will be difficult to achieve organisational goals.

Intangible:

  • Is not a place like a graphic showing Board meeting or a graphic showing a school Principal.

  • It is an unseen force.

  • You can feel its presence in the form of rules, regulation, output, work climate, etc.

Multi-Disciplinary:

  • Requires wide knowledge about various disciplines.

  • It covers handling of man, machine, material and looking after production, distribution, accounting and many other functions.

Social Process:

  • Handling people organised in work groups are most important

  • Involves developing and motivating people at work.

  • Taking care of their satisfaction as social beings.

  • All managerial actions are primarily concerned with relations between people.

Situational:

  • Success of management depends on and varies from situation to situation.

  • No best way of managing.

  • Techniques and principles of management are relative.