BUSINESS ORGANIZATION MANAGEMENT

What is Management?

– “Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals”.

– According to F.W. Taylor, “Management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way”.

Management can be defined in detail in following categories:

1. Management as a Process
2. Management as an Activity
3. Management as a Discipline
4. Management as a Group
5. Management as a Science
6. Management as an Art
7. Management as a Profession

Features of Management

1. Management is Goal-Oriented: The success of any management activity is assessed by its achievement of the predetermined goals or objective. It is a tool which helps use of human & physical resources to fulfill the pre-determined goals.

2. Management integrates Human, Physical and Financial Resources: Management integrates human efforts to those resources. It brings harmony among the human, physical and financial resources.

3. Management is Continuous: Management is an ongoing process. It involves continuous handling of problems and issues. It is concerned with identifying the problem and taking appropriate steps to solve it.

4. Management is all Pervasive: Management is required in all types of organizations whether it is political, social, cultural or business because it helps and directs various efforts towards a definite purpose. Whether it is a small business firm which may be engaged in trading or a large firm like Tata Iron & Steel, management is required everywhere irrespective of size or type of activity.

5. Management is a Group Activity:It involves the use of group effort to achieve predetermined goal of management of ABC & Co. is good refers to a group of persons managing the enterprise.