Principles and Practices of Management

Topics: Management, Ethics, Business ethics Pages: 28 (6021 words) Published: October 17, 2010
MANAGEMENT Management makes remarkable differences between the companies regarding their performance in term of productivity , products, sales, profitability, service to the customer, employee welfare etc. Management plays a vital role in deciding the destiny of business as well as non-business organisations. Concept Of Management-

Management is the process of optimizing human, material ,and financial contribution for the achievement of the organizational goal. According to Koontz and Weihrich-

Management is the process of designing and maintaining an environment in which individual , working together in groups, efficiently accomplish selected aims. Nature Of Management-

There are following aspects of management:- * Management deals with both internal and external environment. * Management is considered with all kinds of resources i.e., human, financial ,material ,machines ,technology etc. * Management functions includes: planning , organizing, directing and controlling. * The purpose of management is to formulate effective organisational strategies and to achieve them efficiently based on the mission , objective and goal. * Management is both and art and science in order to create a surplus. * It applies to managers at all level in an organisation. * Manager should process varied skills in order to play a varietal of roles.

Social External Technical
Human Resources

Management of Business/non-business organization CUSTOMER/CLIENT Machine and technology
Material Resources

Financial Resources

Political Environment Political Features Of Management-
Management is to characterized by the following features: * Management is an activity.
* Management is a process.
* Management is required for every type of organization.
* Management is required at all organisational levels.
* Management is goal oriented.
* Management is intangible.
* Management is dynamic.
* Management is a discipline.
* Management and society.
* Management is a group effort.
* Management is a global function.
Objectives Of Management-
Management serves the following objectives to help organizations to meet their goal: * Achievement of objective

Helps an organization achieve its objectives.
Human and Non-human resources
Functions Planning -Organizing
Staffing –leading –controlling
* Promotes effectiveness.
* Developed the ability of managers.
* Human welfare.
* Social welfare.
* Interaction with environment.
Importance Of Management:
The importance of management can be explained through the following points: * Achievement of organizational goals.
* Optimum utilization of organizational resources.
* Develop the analytical and conceptual ability of managers. * Balance between multiple goals.
* Economic and social development.
* Coordination between individual and organizational goals. * Environmental analysis.
Organising is the process of linking and arranging activities in a sequence. It includes allocating work, authority and resources. Planning
Company mission is the basis for planning. Planning is...
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