Business Management
- Henri Fayol “To manage is to forecast, to plan, to organize, to command co-ordinate and to control.“
- Mary Parker “ Management is the art of getting things done by the people.”
- It is the efficient use of men, material and resources towards achieving specific objectives of organization.
- It is the whole activities by means of which the business firm direct their desired actions towards achieving their set goals.
It is concept of 6 M (money, market, materials, machinery, methods and manpower).
Management is needed to convert the disorganized resources (men, money, materials, methods) into useful and effective enterprises.
Management is view as:
- A resource – economically
- System of authority – administratively, and
- Class or elite – social
- Management is responsible for organizing, planning, leading and controlling.
- Management helps coordinate both the human and material resources towards objective accomplishment through collective effect.