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UNIT I-Introduction To Management Word Document

Introduction to management

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28 views7 pages

UNIT I-Introduction To Management Word Document

Introduction to management

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jackie.gkp014
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© © All Rights Reserved
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Introduction to Management

Introduction :

Management is universal in the modern industrial world and there is no


substitute for good management. It makes human effects more productive and
brings better technology, products and services to our society. It is a crucial
economic resource and a life giving element in business. Without proper
management, the resources of production ( men, machines and materials,
money ) can not be converted into production. Thus management is a vital
function concerned with all aspects of the working of an organization.

 Management is an art of getting work done through others in an efficient


and effective manner directing the efforts of individuals towards a common
objective.

 Management is the process of designing and maintaining an environment


in which individuals , working together in groups , efficiently accomplish
selected aims.

Definitions of Management

According to Harold Koontz “ Management is the art of getting things


done through and with formally organized groups .

According to Henri Fayol, "To manage is to forecast and to plan, to


organize, to command, to co-ordinate and to control."

According to 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.”

KEY POINTS
 Involves managerial functions - As managers, people carry out the
managerial functions of planning, organizing, staffing , directing and
controlling.

 Universal application – Management applies to any kind of organizations.

 Pervasive in nature – It applies to managers at all organizational levels.

 Objective centric – The aim of all managers is to create a surplus or meet


the organizational goals.

 Maintaining the productivity – Managing is concerned with productivity this


implies effectiveness and efficiency.

WHY MANAGERS ARE IMPORTANT?

 Managers identify critical issues and form responses

 Create and coordinate systems to gets things done.

 Manager/ employee relationship drives loyalty

 Managers affect financial problems.

WHO ARE MANAGERS? WHERE DO THEY WORK?

 Coordinate and oversee work of other people.

 Senior/Middle/Line Management.

 Mangers work in organizations.

Objective

People

Structure

NATURE OF MANAGEMENT

 Management is an Offspring of corporate activity.


 A Universal Process.

It is a universal problem of all groups and associations.

 Management is a Science as well as an Art. Principles have universal


application.

 Management as a Profession. Systematic and specialized body of


knowledge consisting of principles, techniques, rules and laws.

 Distinct process

 Social process

 Dynamic process

 Comprehensive process

 Management is a group activity

 Management is integrating and creative process

 Management is goal oriented process

 Management is what management does

 Getting things done through others.

 Management is a Profession. Systematic and specialized body of knowledge

 Management is Intangible : Management has to be performed


continuously, in a rapidly every changing business environment.

Scope of management

We can divide its scope into two sections for better understanding.

Activities based scope

 Planning
 Organization

 Staffing

 Coordination

 Directing

 Controlling

Functional Areas of Management

These include:

 Financial Management includes accounting, budgetary control, quality


control, financial planning, and managing the overall finances of an
organization.

 Personnel Management includes recruitment, training, transfer


promotion, demotion, retirement, termination, labor-welfare, and social
security.

 Purchasing management includes inviting tenders for raw materials,


placing orders, entering into contracts, and materials control.

 Production Management includes production planning, production


control techniques, quality control and inspection.

 Maintenance Management involves proper care and maintenance of the


buildings, plants, and machinery.

 Transport Management includes packing, warehousing, and


transportation by rail, road, and air.

 Distribution Management includes marketing, market research, price-


determination, taking market risk and advertising, publicity, and sales
promotion.
 Office Management includes activities to properly manage the layout,
staffing, and equipment of the office.

 Development Management involves experimentation and research of


production techniques, markets, etc.

 Management is an Inter-Disciplinary Approach

 For the correct implementation of the management, it is important to


have knowledge of commerce, economics, sociology, psychology, and
mathematics.

 Universal Application

 The principles of management can be applied to all types of


organizations irrespective of the nature of tasks that they perform.

 Management plays a unique role modern society.

 Peter F. Drucker has summarized the essence of management as “ under


developed countries are under managed, it denotes the multidimensional
significance of management.

 The significance of management can be broadly classified into the


groups.

1. Advantages to the organization.

2. Advantages to the society.

Advantages to the Organization :

(i) Determination of Objectives : The success of various operations of an


organization mainly depends on the identification of its objectives.
Objectives are identified and laid down by the management. They should be
the writing and communicated to all others in the management.
(ii) Achieving of objectives : It is the management which directs the group
effort towards the achievement of various objectives. It brings the human
and non- human resources together.

( iii ) Meeting challenges : All the policy decisions of an enterprise are


taken by the management. It keeps in touch with the current
environment and predicts what is going to happen in future. Through
better planning and control, management steers a concern to meet the
demands of the changing environment.

( iv) Provides innovation : Management infuses an enterprise with new


ideals, imaginations and vision

( v) Smooth running of business : Management helps in smooth running of


business through better planning and control.

Advantages to the Society :

(i) Optimum utilization of Resources : It is the management which makes


optimum utilization of various resources such as land, labour, capital and
enterprise. “ No ideology, no ism, no political theory can win greater
output with less efforts, only sound management”, says Urwick and
Brech.

ii) Social Benefits: Management raises the standared of living of the


people by providing good quality products at the lowest prices. It also
promotes peace and prosperity in the society through optimum use of
scarce resources.

( iii )Role in national economic development : “Management is the crucial


factor in economic and social development”, says Peter F. Druker. The
development of a nation mainly depends on the quality of management
of its resources. It is all the more true in a developing country like India,
where productivity is low and the resources are limited.
( iv ) Employment : The expansion and diversification activities of the
managers in organizations create more employment to the society. This is
very essential for our country.

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