Chapter 5- Management

Learning Objectives:

1.    Concept – meaning of management

2.    Definition of Management

3.    Characteristics of Management

4.    Nature of Management- as an Art, as a Science and as a profession

5.    Management and Administration

6.    Objectives of Management

7.    Importance of Management

8.    Levels of Management ( brief understanding and their roles)

Meaning of Management :

1.    Management as an Activity:

As an activity, management is concerned with getting the work done through others.

As an activity, managers guides, directs, regulates and integrates human efforts towards the achievement of common goals.

Management integrates, the inputs ( Men, Money, Material, Machinery and Methods) to make an enterprise productive. These are known as 5 Ms of Management.

1.    Management as a group :

As a group, management refers to all those persons who manage the organization. It consists of Board of Directors, Chief Executives ( at the top management) , Heads of Departments and Managers( at middle management), Supervisors and superintendents(at lower management) etc. All these collectively are known as management. More popularly, the term management is used to represent the top and middle management.

As a group, the role of the management is to make rules and enforce them.

2.    Management as a Discipline :

As a discipline, management is a systematic body of knowledge and a separate field of study. It involves the study of principles and practice of concepts and principles which help in managing an organization. It is being studied in various colleges and universities across the world

3.    Management as a Process :

Management as a process consists of various functions which managers perform in managing organizations. These functions are broadly classified into five categories; planning, organizing, staffing, directing and controlling. These functions should be performed in an orderly and systematic manner.

As a process, management integrates all the resources of the organization viz, human, physical and financial resources to achieve the organizational goals.

All the above definitions of management are not separate but define management in different perceptive to give a holistic view of its meaning.

Modern Concept on management: 

It is also called integration concept: Management is defined as the process of planning, organizing,, actuating and controlling an organization’s operations in order to achieve coordination of human and material resources essential in the effective and efficient attainment of objectives.

Other Topics to be learnt from the book are :

•  Characteristics of Management
• Nature of Management- as an Art, as a Science and as a profession
•  Management and Administration
• Objectives of Management
•   Importance of Management
•  Levels of Management ( brief understanding and their roles)