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... [continues]
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