OBJECTIVES

 

OBJECTIVES

§  Achieving Maximum Output with Minimum Efforts

ü  Management is concerned with discovering and utilization human material and financial resources in such a manner that they result in best combination.

§  Optimum Use of Resources

ü  Business shall focus on proper use resources.

ü  Effectiveness can be increased by reducing spoilage, wastages.

ü  It saves time, effort and money.

§  Maximum Prosperity

ü  For Smooth and coordinated functioning of the enterprise appropriate management is required.

ü  Good working conditions, suitable wage system, incentive plans are the results of appropriate management.

§  Human Betterment & Social Justice

ü Through increased productivity and employment, management ensures better standards of living.

 

NATURE OF MANAGEMENT

1.        Management is a purposeful activity

2.       Management is an integrated process

3.       Management is dynamic not rigid

4.       Management involves decision making

5.       Management is an universal activity

6.       Management coordinates all activities and resources.

 

MANAGEMENT AS SCIENCE/ ART/ PROFESSION

Management is treated as art, science and profession because it has some characteristics of science, art and profession.

Management as Science

§  Science is a systematic body in the sense that certain relationships, principles and their limitations have been discovered, tested and established into theories, laws and principles.

§  Knowledge of the physical world based on observation and experiment.

§  Features of Management as a Science-

ü  Management deals with complex human concepts about which knowledge is still limited.

ü  A developing science.

ü  Principles of management are world wide accepted .

ü  It is a systematic collection and processing of information.

 

Management as an Art

§  Art is, to effect change or accomplish goals by creative efforts.

§  Practical application of theoretical knowledge.

§   Features of Management as an Art

ü  It involves Use of knowledge and skills.

ü  It is creative

ü  It involve use of technical know how

ü  It is personalized

ü  It is creative in the sense that it is the function of creating productive situations needed improvements.

ü  Management is personalized that every manager has his own approach to problems.

 

Management as Profession

§  Profession is an occupation which requires knowledge and application of it.

§  Features

ü  Systematic body of knowledge

ü  Formal Education

ü  Social responsibility

ü  Need for learning and proper organization