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Management Chapter1 Notes

Management is the systematic process of planning, organizing, leading, and controlling resources to achieve organizational goals. It is characterized by being goal-oriented, a continuous process, multi-dimensional, and an intangible force. The importance of management lies in increasing efficiency, reducing costs, and improving work culture, making it essential for success in various fields.

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2 views3 pages

Management Chapter1 Notes

Management is the systematic process of planning, organizing, leading, and controlling resources to achieve organizational goals. It is characterized by being goal-oriented, a continuous process, multi-dimensional, and an intangible force. The importance of management lies in increasing efficiency, reducing costs, and improving work culture, making it essential for success in various fields.

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stylo90933
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Nature and Significance of Management

Management is the process of planning, organizing, leading, and controlling resources


efficiently to achieve organizational goals.

### Meaning & Definition of Management


Management is a systematic process of dealing with people, tasks, and resources to
achieve desired objectives. According to Peter Drucker, "Management is doing things
right; leadership is doing the right things."

### Characteristics of Management


1. **Goal-Oriented:** Every organization has a specific objective, and management ensures
its achievement.
*Example:* A company like TATA Motors aims to increase its market share in electric vehicles.

2. **Continuous Process:** Management is ongoing and does not stop after achieving one goal.
*Example:* Flipkart continuously manages its logistics to ensure smooth product deliveries.

3. **Multi-Dimensional:** Management applies to work, people, and operations.


*Example:* A school principal manages teachers, students, and administrative work.

4. **Intangible Force:** It cannot be seen but is felt through organized work and efficiency.
*Example:* The smooth functioning of the Mumbai Dabbawalas reflects strong management.

### Objectives of Management


1. **Organizational Objectives** - Achieving efficiency, productivity, and profit.
*Example:* Reliance Industries aims to maximize profits through digital transformation.

2. **Social Objectives** - Providing quality products, employment, and social responsibility.


*Example:* Infosys runs CSR programs to promote education.

3. **Personal Objectives** - Ensuring employee satisfaction, career growth, and motivation.


*Example:* Google provides flexible work policies to retain talented employees.

### Management as an Art, Science, and Profession


- **Art:** It requires personal skills, creativity, and experience.
*Example:* A chef managing a restaurant uses creativity to improve customer experience.

- **Science:** It is based on principles and cause-effect relationships.


*Example:* Supply chain management follows scientific methods for efficiency.

- **Profession:** It has a body of knowledge, ethical codes, and systematic study.


*Example:* MBA graduates apply management theories in corporate jobs.

### Levels of Management


1. **Top Level:** Includes CEO, Directors who make strategic decisions.
*Example:* Sundar Pichai (CEO of Google) decides on company policies.

2. **Middle Level:** Includes managers who execute plans.


*Example:* A sales manager ensures his team meets sales targets.

3. **Lower Level:** Supervisors who oversee daily activities.


*Example:* A factory supervisor monitors workers in a production unit.

### Functions of Management


1. **Planning:** Setting objectives and deciding the course of action.
*Example:* Amazon plans its global expansion strategy.

2. **Organizing:** Arranging resources to implement the plan.


*Example:* A hospital organizes doctors and staff for patient care.

3. **Staffing:** Hiring and training employees.


*Example:* Infosys recruits fresh graduates through campus placements.

4. **Directing:** Motivating and guiding employees.


*Example:* Elon Musk encourages Tesla engineers to innovate.

5. **Controlling:** Measuring performance and taking corrective actions.


*Example:* A bank audits accounts to ensure compliance.

### Coordination: The Essence of Management


Coordination ensures all departments work together harmoniously.
*Example:* In a cricket team, the coach, captain, and players coordinate to win matches.
### Importance of Management
- Increases efficiency (*Example:* Toyota's lean management cuts waste).
- Reduces costs (*Example:* Ola optimizes routes to reduce fuel expenses).
- Improves work culture (*Example:* TCS promotes a collaborative work environment).

**Conclusion:** Management is crucial for organizational success in every field, from


businesses to government institutions.

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