Fundamentals of Management

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Nature of Management:

Nature of Management in image

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Nature of Management in image

Management as a Process:

  • Consists of a series of inter-related activities of planning, organising and controlling.

  • All activities are undertaken in a proper sequence.

  • Regarded as a process of organising and employing resources to accomplish the predetermined objectives.

Management as a Discipline:

  • Systematised body of knowledge.

  • Developed, grown and evolved over the years through practice and research.

  • Become a separate field of study

  • As an independent discipline with its own techniques and approaches.

Management as a Group:

  • Refers to a group of managers working in an organisation.

  • It includes the top executive as well as the first line supervisors.

  • Success of business does not depend on the efficiency of one, but of all manages taken together.

Management as a Science as Well as an Art:

  • Management is as a science as well as an art.

  • Systematised body of knowledge that includes concepts, people and theories.

  • It establishes a cause and effect relationship between variables.

  • It should have universal application.

Management as Profession:

  • An organised and systematised body of knowledge.

  • Always a formal method of acquisition of such knowledge.

  • Exists an association to devise certain code of conduct for the professionals.

  • Many more organisations have come up in the specialised fields of management.

Concept of Scientific Management:

F.W. Taylor, well-known management expert, he suggested a new approach to management early in the 20th century. This is known as ‘Scientific Management’.

Basic Principles of Scientific Management Developed by Taylor:

  • Development of a true scientific approach.

  • Scientific selection and placement of workers.

  • Scientific training and development of workers.

  • Close co-operation between management and labour.

Basic Principles of Scientific Management developed by Taylor

Basic Principles of Scientific Management Developed by Taylor

Basic Principles of Scientific Management developed by Taylor