My Study of Nature of Management In Business – Best No. 1 article about business studies for higher level of study, higher education study portal online, my study level provides best education topics for all classes.
My Study of Nature of Management In Business – Best No. 1
Management means different aspects to different authors. Each definition lays emphasis on a particular aspect of management thereby presenting only a partial view of the total concept of management. Over a period of time managerial techniques to manage a business have undergone a change thus the nature of management can be studied as such :Â
My Study of Nature of Management In Business
1. Multidisciplinary. Though management has developed as a separate discipline but it draws knowledge and concepts from disciplines such as sociology, psychology, economics, statistics, operations research etc. Management integrates ideas and concepts from these disciplines and uses them for improving the efficiency of the organisation. The integration of knowledge of various fields is the major contribution of management. So the disciplines concerned with human beings contribute immensely to the management.
2. Management is a group activity. Management is an essential part of a group activity. As no individual can satisfy all his desires himself, he unites with his fellow-beings and works in an organised group to achieve what he cannot achieve individually. Wherever there is an organized group of people working towards a common goal, some type of management becomes essential. Management makes the people realize the objective of the group and directs their efforts towards the achievement of these objectives. Massie has rightly called management as ‘co-operative group’.
My Study of Nature of Management In Business
3. Management is goal-oriented. Management aims to achieve economic and social objectives. It exists to achieve some definite goals or objectives. Group efforts in management are always directed towards the achievement of some pre-determined goals. It is concerned with the establishment and accomplishment of these objectives. To quote Theo Haimann, “Effective management is always management by objectives.” Haynes and Massie are of the opinion that without objectives management would be difficult, if not impossible.
4. Management is a factor of production. Management is not an end in itself but a means to achieve the group objectives. Just as land, labor and capital are factors of production and are essential for the production of goods and services, management is a factor of production that is required to co-ordinate the other factors of production for the accomplishment of pre-determined goals.
My Study of Nature of Management In Business
5. Management is universal in character. Management is applicable in all types of organisations. Wherever there is human activity, there is management. The basic principles of management are of universal application and can be applied in all organizations whether they are business, social, religious, cultural, sports, educational, politics or military. As Socrates has put it, “Over whatever a man may preside, he will be a good president if he knows what he needs and is able to provide it whether he has the direction of a chorus, a family, a city or an army. In the words of Henry Fayol, “Be it a case of commerce, politics religion, war…. in every concern there is management function to be performed.”
My Study of Nature of Management In Business
6. Management is a social process. Management consists of getting things done through others. This involves dealing with people. The efforts of the human beings have to be directed, co- ordinated and regulated by management in order to achieve the desired results. It is in this sense that management is regarded as a social process. Moreover, management has a social obligation to make optimum use of scarce resources for the benefit of the community as a whole. In the words of Brech, “Management is a social process entailing responsibility for the effective and economical planning and the regulation of the operation of an enterprise, in fulfilment of a given purpose or task.
My Study of Nature of Management In Business
7. Management is a system of authority. Since management is a process of directing men to perform a task, authority to accomplish the work from others is implied in the very concept of management. Authority is the power to get the work done from others and to compel them to work in a certain manner. Management cannot perform in the absence of authority. In real sense, management is a rule-making and rule-enforcing body. There is a chain of authority and responsibility among people working at different levels of the organisation. There cannot be an efficient management without well-defined lines of command or superior- subordinate relationships at the various levels of decision-making.
My Study of Nature of Management In Business
8. Management is a dynamic function. Management is a dynamic function and it has to be performed continuously. It is constantly engaged in the molding of the enterprise in an ever changing business environment. It is concerned not only with molding of the enterprise but also the alteration of environment itself so as to ensure the success of the enterprise. In real sense, it is never ending function.
My Study of Nature of Management In Business
9. Management is an art as well as a Science. Management the science because it has developed certain principles which are of universal application. But the results of management depend the price all of managers and in this sense management is an art. The art of the manager in essential to make the best use of management science. Thus, management is both science and art. It should, however, be noted that the science of management is not as exact as the physical science. It is still in the evolutionary stage, may be called as an inexact science or social science.
My Study of Nature of Management In Business
10. Management is a profession: In the present days, management is recognized as a profession. It has systematic and specialized body of knowledge consisting of principles, a technique and laws and can be taught as a separate discipline or subject. This has also divorced ownership frame management. Now with the advent of large-scale business, the management is entrusted in the hands of professional managers.
