What is Management, its Features & Objectives

What is Management, its Features & Objectives

1. MANAGEMENT Introduction, Definitions, Features & Objectives Simaran Shaheen Asst. Prof. Ghanshyam Binani Academy Of Management Sciences.

2. Concept of Management.... The term ‘management’ has been used in different senses. Sometimes it refers to the process of planning, organizing, staffing, directing, coordinating and controlling, at other times it is used to describe it as a function of managing people. It is also referred to as a body of knowledge, a practice and discipline. There are some who describe management as a technique of leadership and decision-making while some others have analyzed management as an economic resource, a factor of production or a system of authority. Management can be defined as the process of achieving organizational goals through planning, organizing, leading, and controlling the human, physical, financial, and information resources of the organization in an effective and efficient manner”

3. Definitions of Management. Terry and Franklin - “Management is a distinct process consisting of activities planning, organising, actuating and controlling, performed to determine and accomplish stated objectives with the use of human beings and other resources.” Koontz and Weihrich - “Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims.” F. W. Taylor - “Management is an art of knowing what is to be done and seeing that it is done in the best possible manner.” Henri Fayol - “Management is to forecast, to plan, to organise, to command, to co-ordinate and control activities of others.”

4. Features of Management. Management is an activity concerned with guiding human and physical resources such that organizational goals can be achieved. Nature of management can be highlighted as: - Management is Goal-Oriented: The success of any management activity is assessed by its achievement of the predetermined goals or objective. Management is a purposeful activity. It is a tool which helps use of human & physical resources to fulfill the pre-determined goals. For example, the goal of an enterprise is maximum consumer satisfaction by producing quality goods and at reasonable prices. This can be achieved by employing efficient persons and making better use of scarce resources. Management integrates Human, Physical and Financial Resources: In an organization, human beings work with non-human resources like machines. Materials, financial assets, buildings etc. Management integrates human efforts to those resources. It brings harmony among the human, physical and financial resources.

5. Management is Continuous: Management is an ongoing process. It involves continuous handling of problems and issues. It is concerned with identifying the problem and taking appropriate steps to solve it. E.g. the target of a company is maximum production. For achieving this target various policies have to be framed but this is not the end. Marketing and Advertising is also to be done. For this policies have to be again framed. Hence this is an ongoing process. Management is all Pervasive : Management is required in all types of organizations whether it is political, social, cultural or business because it helps and directs various efforts towards a definite purpose. Thus clubs, hospitals, political parties, colleges, hospitals, business firms all require management. When ever more than one person is engaged in working for a common goal, management is necessary. Whether it is a small business firm which may be engaged in trading or a large firm like Tata Iron & Steel, management is required everywhere irrespective of size or type of activity. Management is a Group Activity : Management is very much less concerned with individual’s efforts. It is more concerned with groups. It involves the use of group effort to achieve predetermined goal of management of ABC & Co. is good refers to a group of persons managing the enterprise.

6. Objectives of Management. Optimum utilisation of resources: The most important objectives of the management are to use various resources of the enterprise in a most economic way. The proper use of men, materials, machines, and money will help a business to earn sufficient profits to satisfy various interests i.e. proprietor, customers, employees and others. All these interests will be served well only when physical resources of the business are properly utilised. Growth and development of business : By proper planning, organisation and direction etc., management leads a business to growth and development on sound footing. It helps in profitable expansion of the business. It provides a sense of security among the employers and employees. Better quality goods: The aim of the sound management has always been to produce the better quality products at minimum cost. Thus, it tries to remove all types of wastages in the business.

7. Ensuring regular supply of goods : Another objective of management is to ensure the regular supply of goods to the people. It checks the artificial scarcity of goods in the market. Hence, it keeps the prices of goods within permissible limits. Discipline and morale: The management maintains the discipline and boosts the morale of the individuals by applying the principles of decentralisation and delegation of authority. It motivates the employees through monetary and non­monetary incentives. It helps in creating and maintaining better work culture Mobilising best talent :A The employment of experts in various fields will help in enhancing the efficiency of various factors of production. There should be a proper environment which should encourage good persons to join the enterprise. The better pay scales, proper amenities, future growth potentialities will attract more people in joining a concern.

8. Promotion of research and development: Management undertakes the research and development to take lead over its competitors and meet the uncertainties of the future. Thus, it provides the benefits of latest research and technology to the society. Minimise the element of risk : Management involves the function of forecasting. Though the exact future can never be predicted yet on the basis of previous experience and existing circumstances, management can minimise the element of risk. Management always keeps its ears and eyes to the changing circumstances. Improving performance : Management should aim at improving the performance of each and every factor of production. The environment should be so congenial that workers are able to contribute their maximum to the enterprise. The fixing of objectives of various factors of production will help them in improving their performance. Planning for future: Another important purpose of management is to prepare a prospective plan. No management should feel satisfied with today’s work. Future plans should take into consideration what is to be done next. Future performance will depend upon present planning. So, planning for future is essential to every organisation.