0DEFINITION OF MANAGEMENT:
“Management is the process of working with and through others to effectively achieve the
organizational objectives by efficiently using limited resources in the changing environment.”
BY - Kreitner
MEANING/CONCEPT OF MANAGEMENT:
Management is the process of getting things done with the aim of achieving goals effectively and
efficiently.
a. Process: refers to the primary function like planning, organising, staffing, directing and
controlling performed by the management to get things done.
b. Effectiveness: means completing the right task to achieve the deputed goal within the time
frame.
c. Efficiency: means completion of task using minimum resources
EFFECTIVENESS VS EFFICIENCY
• Effectiveness is about doing the right task, completing the assigned job on time, no matter
whatever the cost.
• Efficiency is about doing the job in cost effective manner i.e. getting maximum output
with minimum input.
CHARACTERISTICS OF MANAGEMENT:
1- Management is a goal-oriented process: An organisation has a set of simple and clearly
stated goals, which are the basic reason for its existence. Management unites the efforts of
the individuals in the organisation towards achieving these goals.
II. Management is all pervasive: Management is common to all organisations whether
economic, social or political. For e.g. management is applicable for a government
company, school, private company or a NGO.
III.Management is multidimensional:
Management is a complex activity that has three main dimensions:
(a) Management of work
(b) Management by people
(c) Management by operation
IV. Management is a continuous process: It is a series of continuous, composite, but separate
functions, performed by all managers all the time.
V. Management is a group activity: All the individuals in the organisation contributes
towards achieving the goals set by the organization.
VI. Management is a dynamic function: It has to adapt itself to its changing external
environment, which consists of various social, economic and political factors.
VII.Management is an intangible force: It cannot be seen but its presence can be felt from
the way organization functions.
MANAGEMENT OBJECTIVES:
Organisational Objectives: Organizational Objectives can be divided into Survival (Earning
enough revenues to cover cost); Profit (To cover cost and risk); and Growth (To improve its
future prospects).
(a) Survival: Earning enough revenues to cover cost. Management by taking positive
decisions with regard to different business activities ensures survival of business for long
term.
(b) Profitability: Earning adequate profit in order to survive and grow. Profits provide a vital
incentive for the continued successful operation of the enterprise
(c) Growth: Growth indicates how well it exploits the potential opportunities. Growth of a
business can be measured in terms of sales volume increase, number of employees,
products etc.
Social Objectives:
Is to provide quality products at reasonable rates and generating employment opportunities for
disadvantaged sections of society. To provide basic amenities like schools and crèches to
employees and by using environmental friendly methods of production.
Personal Objectives:
Includes meeting the financial needs like competitive salaries and perks and Social and safety
needs of the employee like basic amenities, peer recognition etc.
