Principles and functions of management

Nature and significance of management

MANAGEMENT:
It is a process of getting things done by others with a aim of achieving goal effectively and efficiently.

In the above definition there ere following terms:
I. PROCESS.
II. EFFECTIVELY.
III. EFFICIENCY.

PROCESS: It is primary function or activities that management perform to get things done.

EFFECTIVELY: Effectiveness refers to accomplishment of goal , or we can say that it is concerned with a end of results.

EFFICIENCY: Means doing the task at minimum possible cost through optimum utilization of resources.

INPUTS: Money material,  equipment and person required to do a particular task.

DIFFERENCE BETWEEN EFFICIENCY AND EFFECTIVENESS?

Basis        effectively       efficiency

Mean        complete       complete
                  work on        task on ti
                   time.            -me with
                                         minimum
                                          cost.

Purpose   end of          cut down
                    results.      the cost.

Focus      complete      minimum
                   task.            Use of
                                         resources.

CHARACTERISTICS OF MANAGEMENT:

1. Management is goal oriented:
Every business aim at maximum production at minimum cost for fulfilling their objectives.

2. Management is all pervasive:
Management is universal whether the organisation small or large,  business and non-business needs management.

3. Management is multidimensional:
Bcz of the growth of commerce,  economic, socialogy etc. Management become multidimensional. There are 3main dimensions:

I. Management of work :
Every organisations were set up to perform some work.
II. Management of operation:
In order to survive every organisation has to produce goods and services.  It requires input in to desire output for consumption.
III. Management of people:
Human resources are greatest assets of any organisations.

4. Management is a continuous process:
The process of management is a serious of continue interrelated function (POSDC) are performed by manager on a continuous process.

OBJECTIVES OF MANAGEMENT:

1. ORGANISATIONAL:
Management is responsible for settings and achieving objective of the organisation.

* Survival.
* Profit.
* Growth.

2. SOCIAL:
Social objective of management involve creating economic value for the society such as:

* friendly method of production.
* giving employment opportunities to the backward section.
* providing basic facilities like- schooling, housing, medical.

3. PERSONAL:
Every individual who joins the organisation have different objective some of these are:

* best and good working environment.
* fair and reasonable and competitive remuneration to employees.
* recognition by higher level.

IMPORTANCE OF MANAGEMENT:

1. Management help in achieving group goals.
2. Management increasing efficiency.
3. Management creates a dynamic organisation.
4. Management help in the development of society.

NATURE OF MANAGEMENT:

Management is a dynamic subject with it own special features.
It is an art , a science,  and also a profession.

1. Management is an art:
Art refers to the personal application of existing knowledge skillfull.
                Or
The practical application of knowledge is an art.

CHARACTERISTICS:
* Existence of theoretical knowledge.
* Personalised applications.
* Based on practice and creativity.

2. Management is a science:
Science is a systematic body of knowledge, which establish relationship between their cause and effect.

CHARACTERISTICS:
* Systematic body of knowledge.
* Principles based on experimental.
* Universal validity.

3. Management as a profession:
It refers to that economic activity which is based on special knowledge.

CHARACTERISTICS:
* Well defined body of knowledge.
* Restricted entry.
* Code of conduct.
* Professional associations.
* Service motive.

FUNCTION OF MANAGEMENT:
*Planning.
* Organising.
* Staffing.
* Directing.
* Controling.