Fundamentals of Management

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UNIT I
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Fundamentals of Management

Meaning of Management- Management is the art of getting things done by a group of people with the effective utilization of available resources. An individual cannot be treated as a managing body running any organization. A minimum of two persons are essential to form a management. These persons perform the functions in order to achieve the objectives of an organization.

Management is the group of activities which drafts plans, prepares policies and arranges men, money, machine and materials required to achieve the objectives. The above definitions reveal that management is the activity of man who struggles for better living in the complex and competitive world, besides, the management gives satisfaction to and rewards those who are engaged in the operation and ensuring an excellent performance. In other words, management is the process consisting of the functions of planning, organizing, staffing, directing and controlling the operations to achieve specified objectives. Peter F. Drucker defines, “Management is an organ; organs can be described and defined only through their functions.” Henry Fayol, “To manage is to forecast and plan, to organize, to compound, to co-ordinate and to control.” Harold Koontz says, “Management is the art of getting things done through and with an informally organized group.” F.W.Taylor, “Management is the art of knowing what you want to do and then seeing that it is done in the best and cheapest way.” Features or characteristics of Management

Art as well as science: Management is both an art and a science. It is an art in the sense of possessing of managing skill by a person. In another sense, management is the science because of developing certain principles or laws which are applicable in a place where a group of activities are co-ordinated. Management is an activity: Management is the process of activity relating to the effective utilization of available resources for production. The term resources include men, money, materials and machine in the organization. Management is a continuous process: The process of management mainly consists of planning, organizing, directing and controlling the resources. The resources (men and money) of an organization should be used to the best advantages of the organization and the objectives to be achieved. The management function of any one alone cannot produce any results in the absence of any other basic functions of management. So, management is a continuous process. Management achieving pre-determined objectives: The objectives of an organization are clearly laid down. Every managerial activity results in the achievement of objectives fixed well in advance. Organized activities: Management is a group of organized activities. All the organizations have their own objectives. These objectives will be achieved only be a group of persons. These persons activities should be organized in a systematic way to achieve the objectives. The objectives cannot be achieved without any organized activities. Management is a discipline: The boundaries of management are not exact as those of any other physical sciences. It may be increased by the continuous discovery of many more aspects of business enterprise. So, the management status as a discipline is also increased in the same manner. Management is a purposeful activity: Management is concerned with achievement of objectives of an organization. These objectives are achieved through the functions of planning, organizing, staffing, directing, controlling and decision-making. The organizational objectives are clearly defined and explained to every employee. Management aims at maximizing profit: The available resources are properly utilized to get desired results. The results should be the maximizing profit or increasing profit by the economic function of a manager. Decision-making: There are a number of decisions taken by the...
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