Nature And Significance Of Management Flashcards
What is Management
Management is a process of getting things done with the aim of Achieving goals effectively and efficiently
What is the relation between effectiveness and efficiency?
Effectiveness and efficiency are 2 sides of a same coins, they are interrelated terms. Both are required in a management for Hire profit and prosperity of an organisation
Why is Management considered as a process?
This management is considered as a process of course because it performs various functions continuously, These functions are planning organising staffing directing and controlling
What are the nature/features/characteristics of management?
Management is a goal oriented process
Management is pervasive
Management is multi dimensional
Management is a continuous process
Management is a dynamic function
Management is an Intangible force
Management is a group activity
What are the objectives of management?
There are 3 Objectives of management
Organisational objectives
Social objective and Individual objective
What are organizational objectives of management?
The organisational objectives of management include survival profit and growth
Survival: refers to surviving and existing in the competitive market for a long period of time, And in order to survive..an organisation must earn enough revenue to cover it’s cost
Profit Is the main objective of every organisation It is essential for covering cost and risk of business and survival, growth and expansion of business
Growth : To remain in the industry management must exploit fully the growth potential of the organisation.growth is measured in terms of sales, number of branches, number of Product, number of employees, number of units produced etc
What are the social objectives of management?
The social objectives of management are
Provide in good quality products at reasonable prices
Generation of employment opportunities
Generation of economic wealth
Financial support to community
Using environmental friendly methods of production
What are the personal objectives of management?
Is the personal objectives of management are
Competitives are ready to fulfil financial needs of employees
Maintaining good walking condition for safety of employees
Pure recognition self respect and respect for colleague to fulfil social needs
Promotion personal training and development of employees to fulfil esteem and other high level needs of employees
What are the importance of management?
Management helps in achieving group goal
Management increases efficiency
Management creates a dynamic organisation
Management helps in achieving personal objective
Management helps in development of society
Management as Science
Management as science
The feature of science which is also present in management is systematic body of knowledge, The feature of principles based on repeated experimentation is partially presented in management as it deals with human and human behaviour, The future of universal validity is not present in management as management principles need to be modified according to situation
So we can say that management is not considered exact science but It can be considered as an inexact science or social science
Management as Art
The feature of art which is present in management is existence of theoretical knowledge, The feature of art Which is present in management is personalised application which means that the application of principles varies from individual to individual, The feature of art present in management is based on practice and creativity which means that regular creative practice is required.
Management is an art of getting things done by others
Management as Profession
The feature of profession present in management is well defined body of knowledge, The feature Of profession which is not present in management Restricted entry which means The entry is restricted through an examination or degree, The Feature Of profession which is not present in management Is pleasant of professional association Which means that all profession are affiliated to a Professional association which regulates entry grab its so difficult of practice and 40 minutes and enforces a code of conduct, The feature of existence of Ethical code of conduct is not present in management Which means that all professions are bound by a code of conduct which guides the behaviour of its members, Service motive feature is not present In management as the basic motives of every profession Is to serve the clients interest by rendering dedicated and committed service
What are the functions of top management?
Frames plans and policies
Is responsible for the welfare and survival of the organisation
Liason with the outside world, eg meeting govt officals
Is responsible for all the activites of the organisation
Determine the objectives of the enterprise
What are the functions of middle management
Interpret the plans and policies framed by top management
Cooperate with other departments
Assign necessary duties and responsibilities to them
Is responsible for the activites of first line managers
Motivate them to perfom at best ability
What are the functions of lower level
It is responsible for the quality quantity and loyalty of workers
Representation of problems and grievances of the workers
Maintaining good work conditions and healthy relations with subordinate and superior
Is responsible to boost morale of workers
Looking to safety of workers
