Unit 1 Flashcards
management
the art of knowing what you want to do and seeing to that they do it in the best and cheapest way. - F.W Taylor
nature of management
- universal process
- continuous process
- intangible
- social process
- goal oriented
- art as well as science
- group activity
- being creative
importance of management
- achievement of group goals
- optimum utilization of resources
- fulfillment of social obligations
- stability of management
- human development
- meet the challenge of change
- integrate various interests
- coordination and team spirit.
functions of management or management process
(POSDCORB)
- Planning
- organising
- staffing
- directing
- coordinating and controlling
- reporting
- Budgeting
Nature of management: Universal process
answer
Nature of management: continuous process
it is a continuous process. planning, organising etc have unlimited use. management will exist as long human resources exist.
Nature of management: intangible
it is invisible. cannot be seen but can be seen.
Nature of management: social process
answer
Nature of management: it is goal oriented
management focuses its attention on the attainment of specific goals.
eg, a business can aim to achieve a particular level of sales. it can be done through proper forecast of sales by planning production by fixing the targets.
Nature of management: management is both art and science.
answer
nature of management: it is an intellectual process.
- management requires the application of mind and intelligence.
- every work needs to be properly planned and executed.
- responsibilities and work should e assigned to different individuals.
- eg, in a manufacturing unit, production finance and marketing are the most important activites. they have to coordinate with the other teams in order to achieve the objective.
nature of management: management is a profession
just like law, medical and engineering management can also be considered as a profession.
