MANAGEMENT SCIENCE: THEORY AND
1.0 Aims and Objectives
1.2 Definition of Management
1.3 Characteristics of Management
1.4 Scope of Management
1.4.1 Subject-matter of Management
1.4.2 Functional Areas of Management
1.4.3 Management is an Inter-disciplinary Approach
1.4.4 Principles of Management
1.4.5 Management is an Agent of Change
1.4.6 The Essentials of Management
1.5 Is Management a Science or an Art?
1.5.1 What is "Science"?
1.5.2 What is "Art"?
1.5.3 Management is both a Science as well as an Art
1.6 Professionalisation of Management
1.7 Evolution of Management Thought
1.7.1 Pre-scientific Management Period
1.7.2 Classical Theory
1.7.3 Neoclassical Theory
1.7.4 Modern Theory (System Approach)
1.8 Let us Sum up
1.9 Lesson-end Activity
1.11 Questions for Discussion
1.12 Suggested Readings
1.0 AIMS AND OBJECTIVES
This lesson is intended to introduce the students and management about fundamental of management and evolution of management thought. After studying this lesson you will be able to:
(i) explain the meaning and characteristics of management.
(ii) describe scope of management.
(iii) know the nature of management, i.e., is it a science or an art. (iv) describe management as a profession.
(v) understand evolution of management thought.
Management is a vital aspect of the economic life of man, which is an organised group activity. A central directing and controlling agency is indispensable for a business concern. The productive resources – material, labour, capital etc. are entrusted to the organising skill, administrative ability and enterprising initiative of the management. Thus, management provides leadership to a business enterprise. Without able managers and effective managerial leadership the resources of production remain merely resources and never become production. Under competitive economy and ever-changing environment the quality and performance of managers determine both the survival as well as success of any business enterprise. Management occupies such an important place in the modern world that the welfare of the people and the destiny of the country are very much influenced by it.
1.2 DEFINITION OF MANAGEMENT
Management may be defined in many different ways. Many eminent authors on the subject have defined the term "management", some of these definitions are reproduced below: According to Lawrence A Appley - "Management is the development of people and not the direction of things".
According to Joseph Massie - "Management is defined as the process by which a co- operative group directs action towards common goals".
In the words of George R Terry - "Management is a distinct process consisting of planning, organising, actuating and controlling performed to determine and accomplish the objectives by the use of people and resources".
According to James L Lundy - "Management is principally the task of planning, co- ordinating, motivating and controlling the efforts of others towards a specific objective". In the words of Henry Fayol - "To manage is to forecast and to plan, to organise, to command, to co-ordinate and to control".
According to Peter F Drucker - "Management is a multi-purpose organ that manages a business and manages managers and manages worker and work".
In the words of J.N. Schulze - "Management is the force which leads, guides and directs an organisation in the accomplishment of a pre-determined object". In the words of Koontz and O'Donnel - "Management is defined as the creation and maintenance of an internal environment in an enterprise where individuals working together in groups can perform efficiently and effectively towards the attainment of group goals". According to Ordway Tead - "Management is the process and agency which directs and guides the operations of an organisation in realising of established aims". According to Stanley Vance -...