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

Developed by: