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Meaning and Importance of Management 25092023

This document discusses the meaning, definitions, objectives, and characteristics of management. It defines management as the process of planning, organizing, staffing, directing, and controlling work to efficiently achieve organizational goals. The key objectives of management are survival, growth, profit, and social responsibilities. Some characteristics that make management unique include different responsibilities for managers versus non-managers, being goal-oriented, allowing relative freedom in completing tasks, developing teamwork, organizing efforts, understanding human psychology, encouraging two-way communication, and acting to encourage others' actions.

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Swati Dubey
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47 views13 pages

Meaning and Importance of Management 25092023

This document discusses the meaning, definitions, objectives, and characteristics of management. It defines management as the process of planning, organizing, staffing, directing, and controlling work to efficiently achieve organizational goals. The key objectives of management are survival, growth, profit, and social responsibilities. Some characteristics that make management unique include different responsibilities for managers versus non-managers, being goal-oriented, allowing relative freedom in completing tasks, developing teamwork, organizing efforts, understanding human psychology, encouraging two-way communication, and acting to encourage others' actions.

Uploaded by

Swati Dubey
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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M AND IMPORTANCE OF MANAGEMENT

E
A
N
I
N by
RUUPA ACHAREKAAR

G
S. N. D. T. COLLEGE OF LAW
1st YEAR BBA LLB
Meaning of
MEANING OF MANAGEMENT

• Management can be defined as a process of getting the work done or the


task done that is required for achieving the goals of an organization in an
efficient and effective manner.
• Process implies the functions of the management. That is, panning,
organizing, staffing, directing and controlling. On the other hand,
effective implies completing the given task and work while, efficient
means successfully competing the task with minimum possible cost.
• Thus, management can be defined as the process of planning, organizing,
staffing, directing and controlling such that the goals of the organization
are achieved successfully with minimum cost resources.

• Its an effort to manage all the devices of the organization to achieve the desired goals.
i
DEFINITIONS OF MANAGEMENT
Objectives are the ends towards which the
activities of an organization are directed and the
standards against which the performance is
assessed. In any organization there are different
objectives and management has to achieve all
objectives in an effective and efficient manner.
The organizational objective of every firm is to secure maximum result with minimum efforts and
resources. Management is basically concerned with utilising the human and material resources to the
maximum possible advantage, i.e. to fulfill the economic objectives of a business. The four important
organizational objectives of managers are:

1) Survival : The basic objective of any business is survival and solvency, i.e. continuity. Management
must strive to ensure the survival of the organization by earning enough revenues to cover costs.

2) Growth : An organization must grow and expand its activities to survive in the long run. Growth of
organization indicates how well it is able to exploit its potential opportunities. Growth of a business
can be measured in terms of sales volume. Increase in number of employees, the number of products
or the increase in capital investment, etc.

3) Profit : Another important objective of every organization is earning adequate amount of profit. Profit
is essential for survival, growth and expansion of business. It is the reward of businessman for bearing
risk.

4) Social Responsibilities : It means duties and obligations of business towards different social groups
such as shareholders, consumers, employees, local community and the society to ensure a)
reasonable dividend, b) supply of quality goods at reasonable prices, c) better deal to employees, d)
regular payment of taxes to government, etc. It also means Improving the goodwill or reputation of
the enterprise. objectives of management
CHARACTERISTICS OF
MANAGEMENT
because….
1) Different responsibilities : Getting work done through people is an art which
managers have to master. There is clear-cut distinction in responsibilities of non-
managers and managers. Non-manager are basically responsible only for their own
efforts and performances, whereas managers are responsible for the efforts and
performance of their subordinates.
2) Goal-oriented : Getting work done should be goal-oriented. Managers have to allocate
tasks in a clear-cut manner and make people accountable for Performance. The task
to achieve the goal within the time and cost allocated.
3) Relative freedom : Getting the work done should be eyed from force and collision.
Managers must show a sense of concern and see that people perform their job
voluntarily and willingly.
4) Develop team-work : Getting the work done largely depends on initiative of people
and organized team-work. Managers have to coordinate diversified activities of the
people in order to attain impressive results.
5) Organise efforts : Managers do not perform the work with their own hands but get the work
done through others by planning, organizing, directing, coordinating and controlling their
efforts. Managers must concentrate on results, monitor ongoing activities and regulate the
performance of employees.

6) Understand psychology : In order that managers can provide effective leadership and
constantly motivate people, it is important that they understand human psychology. By being
tactful and technical, managers can smoothly get the work done.

7) Two-way communication : Willingness to work can be created among the employees


provided there is a two-way communication between managers and subordinates.

8) Encourage action : Managers are men of action. By getting the work done through others,
managers can improve their own efficiency and can multiply their quantum of work.

9) Mutual interest : A business depends upon its employees for its survival and growth as much
as its employees depend upon it. The work of a manager can be compared to that of an
orchestra conductor who with the movement of his hands, coordinates the sound produced by
different musical instruments and finally succeeds in creating pleasant music. He does not play
any instrument but ensures that others perform their work proper!
T W
E O
A R
T

Planning

M Organising
K
Staffing

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