Management: An Introduction and its related terms

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1. Dr. Jamaluddeen , Assistant Professor , Department of Commerce, University of North Bengal Unit 1. Management: An Introduction

2. Management: An Introduction It is very difficult to give a precise definition of the term 'management’ Economist : Economists consider management as a resource like land, labor , capital, and organization. Bureaucrats : The bureaucrats look upon it as a system of authority to achieve business goals. Sociologist : The sociologists consider managers as a part of the class elite in the society. The Seven Habits of Management are: be proactive, begin with the end in mind, put first things first, think win-win, seek first to understand and then to be understood, synergize, and learn from previous experience.

3. Mgt. by the Eminent Scholars “Management is a distinct process consisting of planning, organizing, actuating and controlling; utilizing in each both science and art; and followed in order to accomplish pre-determined objectives." George R Terry (1877 - 1955) "Management is the art of getting things done through others and with formally organized groups.“ Harold Koontz (1909-1984)

4. Mgt. by Eminent Scholars Continue "Management may be defined as the process by means of which the purpose and objectives of a particular human group are determined, clarified and effectuated" Peter Ferdinand Drucker (Nov. 19, 1909 – Nov.11, 2005) "Management is the art of knowing what you want to do and then seeing that they do it in the best and the cheapest way.“ Frederick Winslow Taylor (March 20, 1856 – March 21, 1915) Management is a multipurpose organ that manages a business and manages Managers, and manages Workers and work. Peter Ferdinand Drucker

5. Precise Definition Management is how businesses organize and direct workflow, operations, and employees to meet company goals . The primary goal of management is to create an environment that lets employees work efficiently and productively. Management is the process of planning and organizing the resources and activities of a business to achieve specific goals in the most effective and efficient manner possible. Effectiveness : Effectiveness in management relates to the completion of tasks within specific timelines to yield tangible results. Efficiency : Efficiency in management refers to the completion of tasks correctly and at minimal costs.

6. F eatures of M anagement Goal-oriented: The success of management activities is measured by the achievement of pre-set goals. Pervasive: All types of organizations, such as clubs, hospitals, governments, universities, or business organizations, require an efficient management system Continuous: The management cycle is repeated continuously. Abstract: It's not possible to see or feel management in a real sense but you can observe its presence in the operations of an organisation. Social: I t involves people working with one another. Dynamic: Business environments change regularly, Collaborative: Management is more concerned about groups rather than individuals, as group efforts are necessary to achieve goals.

7. Managerial Group The group consisting of the directors, executive officers, and other management personnel of the Borrower, Holdings or any Parent Entity, together with - Any new directors whose election by such boards of directors or whose nomination for election by the shareholders of the Borrower, Any director approved by a vote of a majority of the directors of the borrower, Any Parent Entity still in office who were either directors on the Closing Date or whose election or nomination was previously so approved Executive officers and other management of the borrower hired Directors approved and constituted a majority of the directors On the Closing Date

8. Management and Administration Management It is an act of managing people and their work, to achieve a common goal by using the organization’s resources. It creates an environment under which the manager and his subordinates can work together for the attainment of group objectives. Planning, organizing, leading, motivating, controlling, coordination, and decision-making are the major activities performed by the management. Management brings together 5M’s of the organization, i.e. Men, Materials, Machines, Methods, and Money. It is an activity, a function, a process, a discipline, and much more.

9. Management and Admin. Continue … Administration Administration lays down the fundamental framework of an organization, within which the management of the organization functions. The nature of administration is bureaucratic. It is a broader term as it involves forecasting, planning, organizing, and decision-making functions at the highest level of the enterprise. Administration represents the top layer of the management hierarchy of the organization. The top-level authorities are either owners or business partners who invest their capital in starting the business.

10. Key Differences B/w Mgt. & Admin. Basis of Comparison Management Administration Meaning An organized way of managing people and things of a business organization is called the Management. The process of administering an organization by a group of people is known as the Administration. Authority Middle and Lower Level Top level Role Executive Decisive Applicable to Profit making organizations, i.e. business organizations. Government offices, military, clubs, business enterprises, hospitals, religious and educational organizations.

11. Key Differences Between Management and Administration Continue … Basis of Comparison Management Administration Work Putting plans and policies into actions. Formulation of plans, framing policies and setting objectives Function Executive and Governing Legislative and Determinative Focus on Managing work Making best possible allocation of limited resources.

12. Management-an Art or Science? Management as an Art Management has a well-defined literature which is needed for gathering knowledge in the theories and accelerate learning. Arts is all regarding communicating and innovating using creativity such as two artists will enact the same scene in two different ways. T wo distinct managers will be managing the situation differently. Sometimes managers can come up with innovative and fresh ideas to address the situation. Management as Science Scientific theories have universal legality, and in management also we see the principles are to some extent universally valid, and some can change as per the circumstances Hence Management is an aggregate of both art and science

13. Importance of Management Helps in Achieving Group Goals Integrating Group Goals Optimum Utilization of Resources Reduces Costs Establishes Sound Organization Establishes Equilibrium Essentials for Prosperity of Society

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