BS chap-1 Flashcards
Management (21 cards)
What is the Definition of Management?
“Management is an art of getting things done through others.”
- Mary Parker Follet
“Management is an art of getting things done through and with people in a formally organised group.”
- Harold Koontz
“To manage, is, to forecast, to plan, to organise, to coordinate and to control.”
- Henry Fayol
What is the meaning of Management?
Management is the process of getting things done through others with the aim of achieving organizational goals effectively and efficiently.
What is Effectiveness?
Finishing the work or achieving the goals in time.
What is Efficiency?
Achieving the target with minimum cost or resources.
Characteristics of Management
- Goal Oriented
- Pervasive
- Multidimensional
- Continuous Process
- Group Activity
- Dynamic Function
- Intangible Force
- Management is a Goal Oriented process
Because management aims at achieving certain specified goals of an enterprise.
- Management is Pervasive.
Management activities are universally applicable in all types of organisations, anywhere in the world.
- Management is Multidimensional.
It includes,
a) Management of Work
b) Management of People
c) Management of Operations
- Management is a Continuous Process
Management involves, planning, organising, staffing, directing, and controlling.
- Management is a Group Activity
Goals of the organisation can be effectively attained by a group rather than by an individual
- Management is a Dynamic Function
Mgmt principles are not static in all situations. It must be adopted according to the changing needs of the organisation.
- Management is an Intangible Force
Its presence is felt by the result of the organisation.
Ex. Increase in profits
What are the objectives of Management?
- Organizational Objectives
- Social Objectives
- Personal objectives
- What are Organisational Objectives?
Objectives set by management for the organisation
What are the Elements of organisational objectives
- Survival
- Profit
- Growth
- What are Social Objectives?
A Business should conduct activities to fulfill the expectations of the society.
- undesirable activities should not be undertaken for maximizing profit.
What are the Importances of Management?
- Helps in achieving group goals
- Increases Efficiency
- Creates a Dynamic Organization
- Helps in Achieving Personal Objectives
- Helps in achieving group goals
• Proper management of all individuals in an organisation is very essential for the accomplishment of organisational objectives.
• Group goals are more important than individual goals.
- *Increases Efficiency
Mgmt helps to achieve goals with minimum resources
- Creates Dynamic Function
Changes must be introduced in the organisation when needed.
- Helps in achieving personal objectives
Individual members in the team should be able to achieve their personal goals.
