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Management – Meaning, Definition and Nature of Management

Management
Written by webpunit

The term ‘management’ stands for the act of planning, organizing, directing and controlling the activities of human beings and physical resources with the intention of accomplishing a predefined objective. Being broad in nature the word carries many contextual meanings.

It is looked upon as a ‘factor of production’, as a class of persons’, as a ‘process’ and as an ‘exploiting set of people’ from the viewpoints of economists, socialists, management practitioners and trade unionists, respectively.

According to Koontz and O’Donnel, “Management is the creation and maintenance of an internal environment in an enterprise where individuals, working in groups, can perform efficiently and effectively toward the attainment of group goals. It is the art of getting the work done through and with people in formally organized groups”.

In a nutshell, it is portrayed as ‘an activity’ or ‘a process’ executed by ‘a group of people’ dynamically engaged with the authorities to make decisions or policies. Simply, it can be stated that management is the job of a manager, who exhibits the art of managing the people and getting things done with the help of formally organized groups of people.

Nature of Management

1) Continuous Process:

Management is a revel ending process. It continuously follows a series of steps like planning, organising, staffing, directing and controlling for effective utilization of financial and personnel organisational resources. All these functions are inter-dependent and one function cannot operate without the presence of the other. Hence, management is an unending process that follows a number of steps so that the problems are identified and resolved.

2) Management as a Discipline:

Management may not fit well in the context of a discipline like other physical sciences but its status is gradually increasing amongst the practitioners of management. In recent times, the status of management as a discipline is increasing as it provides certified information and knowledge to management practitioners and also aims at discovering new aspects of the business world.

3) Management as a Career:

Management on its own is an excellent career option offering diverse growth opportunities. These are all the upcoming challenging areas and lucrative career options. Management also offers insights in interesting, stimulating and specialized areas like human resources, marketing, finance, supply chain management, etc.

4) Management as a Science as well as Art:

Management is a good combination of art as well as science. As it is an organized body of knowledge and states various facts and truths, hence it can be considered as a science. Management is also an art, as it involves managing various processes which require different set of skills by managers.

5) Goal-Oriented:

Every organisation has to attain a set of pre-determined goals. The success or failure of the management depends on the extent to which these goals have been achieved.

6) Guidance:

Management provides guidance and explains the ways in which human and material resources can be utilized in the most efficient manner. It suggests techniques for effective and economical utilization of scarce resources to achieve the objectives of a business enterprise. It is an art of getting things done by achieving coordination among employees who carry-out specific and diverse business operations.

7) Management is a Human Activity:

Management can be termed as a human activity and the functions of management can only be performed by the organisational staff members. Thus, no artificial entity or corporate body can perform managerial functions. It is an intangible activity that can be felt but not seen or touched.

8) Management Denotes Authority:

Authority compels people to work and behave in a particular manner. Authority is the prime base of management, i.e., the managerial process cannot function without authority. Management gives the authority to the managers to guide, direct and control. This ‘authority enables the management to attain a higher position in the hierarchy of any business organisation.

9) Management is Universal:

Application of management is universal, i.e., it can be’applied anywhere and everywhere. Every business activity, clubs, government offices, charitable and religious institutions, army, etc., come under the scope of management.

10) Management Ensures Coordination:

Coordination is important at each and every stage in an organisation. Coordination between every employee and between every department is crucial for the smooth functioning of the business. Mutual harmony between employees helps in attaining organisational objectives successfully.

Also Read:- Important of Organisation

11) Management is Dynamic:

It is difficult for any business environment to remain constant for a long period of time. Hence, management also changes with every change in the environment of the business. Management tools and techniques help in converting the threats associated with the environment into opportunities. Management adapts itself according to the changing goals, requirements, and challenges of the business.

12) Management is Primarily a Leadership Activity:

Management is essentially an art of getting things done by people. One of the main roles of a manager is to exercise leadership practice. It is the process of influencing people to willingly contribute to achieving organizational objectives. Some of the qualities of a good manager and leader am willpower, knowledge, decisiveness, motivator, integrity, etc. A good leader must be inspiring and be able to guide the group of people towards maximizing their potential.

13) Management is Decision-Making:

Decision-making is an important activity for any business manager. Decisions are based on the available facts and figures and depend on the understanding and analysis of the managers. Various technical methods are used to determine the best decision for the overall betterment of the organisation. For example, a finance manager is responsible for taking decisions related to activities like organising funds, preparing budgets, cost control, etc.

14) Management is a Profession:

Management is not an inherent ability, it is a profession. Managers are not born; they are made by proper training and acquiring managerial skills. As management is a discipline and body of knowledge, any qualified person can become a manager.

About the author

webpunit

Professional Blogger, Youtuber, Entrepreneur And Digital Marketer, Founder of Eazzyone

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