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eS, , Introduction to Management 5, , ; ’ objective of management. Management has to plan and coordinate so that, men, materials, machines, and money is best utilized and thus it can be, considered as an economic resource., , , , , , , , , Manpower, , Fa Management, , Figure 1.1: Management as Resource, , , , Economists have accepted management as a resource of production like other, resources (land,-labor, capital, material and machine). Production is not, possible in the absence of managers. In small enterprises, the job of a, manager is looked after by the entrepreneur himself but in big enterprises the, appointment of a separate manager is absolutely necessary. Thus,, management is a special resource of production. This is shown in figure 1.1., , 1.1.3. Objectives of Management _~, , Objectives of management are shown in figure below:, , , , , , , , Objectives of Management, , , , , , , , , , Organizational Objectives, , , , , , , , , , , , , , , , , , , , — Personal Objectives, , , , , , , , , , , , , , , , Social Objectives, , , , mal Objectives: Management is expected to work for the, of the objectives of the particular organization in which it exists., al objectives include: ;, , le profits so as to give a fair return on the capital invested in, and solvency of the business, i.e., continuity., , id expansion of the enterprise., , ng the goodwill or reputation of the enterprise., , bjectives: An organization consists of several persons who have, ‘ives. These objectives are as follows:, , ion for work performed., , ing conditions.
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iii) Opportunities, iw} Participation in management and, v) Reasonable security of service., , 3) Social Objectives: Management is, , i) Quality of goods and services at, , ities for training and development., , ii) Honest and prompt payment of taxes to the, iii) Conservation of environment and natural resources., , iv) Fair dealings with suppliers, dealers and competitors., , v) Preservation of ethical values of, , the society, , A.4. Nature of Management, The nature of management is shown in figure below:, , , , , , Nature of Management, , , , , , , , Management is a Human Activity, , , , , , Management is a Distinct Entity, , , , , , Management is a Social Obligation, , , , , , Management is a System of Authority, , , , , , , , Multidisciplinary, , , , , , Management is Needed at all Levels of, the Organization, , |, , , , Management is all Pervading, , , , Management Deals with Achievement, of Predetermined Objectives, , , , , , Management is an Integrating Process, , , , , , Dynamic Nature of Principles, , , , , , Universality of Management, , , , , , , , , , , , , , , , Management is both a Science and an Art, a, , , , 4), , 5), , 6), , 7), , 8), , utiliz, com, help, , oblig, also, , work, and \, , Man, Man;, mana, mane, mang, rease, objec, costs, , Man, auth, the s, of au, , Mar, integ
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Ment, , and ., ion,, , 5), , 6), , 2), , , , , , , , , , , , , , , , Introduction to Management on a0), , 4) Management is all pervading: Is) or pa a a :, ganization. e gee, , , , It is a univers’! Cpt, , kinds of institutions — wet : 300! oo, applicable at all levels of the © ee Jann’, Fives depends upon proper coordination, 2 a cat, direction, and control, etc. Every one in 4 busin 3 vant, middle or at the top level, has to take decisions an inciples, , is an important part of management. However, the ee ald be modified and, of management should not be applied blindly. They sho, , adjusted to suit varying conditions., , the 2oNeT TE, , , , aims at optimum, , Management is a Social Obligation: Management, , ene hh of the, utilization of scarce resources of an organization for the boners as, community as a whole. A very harmonious mix has to be achieve ts, help of management techniques between the profit objectives and the soci f, , , , obligations of the business. Besides the progress of business, management 1s, also concerned with the development of cordial relations between ee, juctive, , , , working as a group. It makes interaction between employees more pro, and useful for achieving organizational goals., , Management Deals with Achievement of Predetermined Objectives:, Management is a kind of purposive activity. It is goal-oriented. All, management activities have to be goal-oriented and result-oriented. Good, management implies predetermined objectives and the success of, management depends upon economical fulfillment of the targets within, reasonable time. “Effective management” is, therefore, management by, objectives, e.g., increasing profits or output or productivity or reduction of, costs, to modernize, to satisfy workers, to secure industrial peace, etc., , Management is a System of Authority: Management, in reality, is the, authority to make and enforce rules. Superiors go on commanding and holding, the subordinates responsible for the execution of assigned tasks. There is a chain, ity distribution and the responsibility always goes with the authority., , is an Integrating Process: Management is a process, and physical resources in a manner that leads to effective, stablishes cooperation and harmony between workers and, ctors of production such as machines, materials, finance,, it seeks to harmonize the individual goals with organizational, s the principles with knowledge and experience., , ; Management is basically multidisciplinary. This implies, janagement has been developed as separate discipline, it, and concepts from various disciplines. It draws free ideas, n such disciplines as psychology, sociology, anthropology,, , statistics, operations research, history, etc. Management, and concepts taken from these disciplines and present, hich can be put in practice for managing the organizations.
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Fundamentals of Managemen, ; i \ | trath, . fundamental truth wp;, + Principle 1s 4 ’ ch, Principles: Princip’? ction. Based on inte ue, lishes cause "iu effect relationships of @ sense Saannd wri, in pore a, SE aan Aoatle ia nature and change ma, and supp ) aioe ite : :, jes are , ot, Y . However, these principles 4 Teas: Boca., ies ra the environment in which an ey Witelon ace _ of, shar ’, sa aioe development in the field, many © P Cing, , changed by new principles. ;, C Sa profess, 11) Management as Profession: Management has oa eat 7 ey, by many, while many have suggested that it has n Q, profession, a oo., 12) Universality of Management: Management 1s & colt souk, However, management principles are not universally applica’ AFe to be, modified according to the needs of the situation., , 13) Management is a Process; Management is a process which menses of, , / certain functions like planning, organizing, staffing, directing and controlling, , These functions require specialized knowledge and skills for their efficien, , performance, They are performed continuously by the managers at all levels, in the organization,, , 10) Dynamic Nature, , 14) Management is both a Science and an Art: Management has organized, body of knowledge consisting of well-defined concepts, principles and, techniques which have wide applications. So it is treated as a science, The, Application of these concepts, principles and techniques requires specialized, , . knowledge and skills on the part of the manager, Since the skills acquired by, 4 manager are his personal possession, management is viewed as an art., , 15) Management is Intangible: Management has been, presence is evidenced by the result of its effo, employees, cheerful spirit and adequate work, management is result oriented, One, , called the unseen force, Its, rts — orderliness, informed, , Output. Thus, feeling of, may not see with naked eye the functioning, , pparently known, People often comment on, effectiveness (or ineffectiveness) of management on the basis of the end, , although they are incapable of observing it during operation., , , , , , , , , Scope of Management, management is shown in figure below:, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Scope of Management, Activity Point of View, sone co a Functional Areas of Management, scipl : Dproach Universality of Management, ial of Management Modern Management js an Agent, , , , of Change
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9, , Introduction to Management, , 1) Activity Point of View: From activity point of view, management can used, in the following activities performed by any group such as:, i) Planning: What, when and how to achieve, objective, setting rules and, procedures, policies, strategies., ii) Organizing: Dividing work into convenient tasks/duties, grouping duties, in the form of positions., , iii) Staffing: Manning the various positions created by organizing., , iv) Directing: Managers communicate subordinates about their expected, behavior, guiding and leading them., , v) Controlling: Identification of actual results, comparison with expected, result, identifying deviation between the two, if any, and taking, corrective action to match actual results with expected results., , 2) Functional Areas of Management: Functional areas of management include, production management, marketing management, finance and accounting, management, personnel management., , 3) Management is an Inter-Disciplinary Approach: For the correct, application of the management principles study of commerce, economics,, sociology, psychology and mathematics is very essential., , 4) Universality of Management: The concept of universality of management, suggests that transmission of management knowledge may be undertaken:, i) By a manager from one country to another country;, ii) By people from a developing country coming to study and work in an, industrially advanced country and returning back to their own country; or, iii) Through training and development programs for managers in developing, , countries., , ” 5) Essential of Management: Three essentials of management are:, i) Scientific method,, , ji) Human relations, and, ) ntitative technique., , , , , , , , , , , , , nagement is an Agent of Change: The techniques of, nt can be improved by proper research and development., , nificance of Management, very essential for successful running of an enterprise. It ensures, sical and human resources by deriving the best results. It leads, rmance and higher productivity. Arising out of these benefits, the, anagement is shown in figure ahead: — :, ving Group Goals: Management assembles and organizes, es for the accomplishment of the goals of an enterpris? It, to the efforts of a group of persons organized to achieve
