Nature and Significance of Management

Management is a process of getting things done with the aim of achieving goals efficiently and effectively. Organisational objectives of management include survival, profit and growth. Social objectives include, creating economic value for various constituents of society, using environmental friendly methods of production, etc. Personal objectives include acknowledging the personal needs of employees, fulfilling their financial needs, reconciling employee’s personal goals with organisational objectives, etc. Characteristics of management are that it is goal oriented, pervasive, multidimensional, continuous, group activity, dynamic function and intangible. Management is important as it helps in achievement of group goals, increasing efficiency, creating dynamic environment, achieving personal objectives and development of society. Management is an art, science and a profession. Every organisation has a management hierarchy from top to bottom which in general is known as ‘Levels of Management.’ Three levels of management are top, middle and operational. Top level consists of Board of Directors, Chief Executive Officer, General Manager, Secretary etc., who are responsible for integration of various elements of the organisation, coordination of the activities of various departments according to the objectives of the organisation, etc. Middle level consists of the Departmental/Divisional Heads or Operations Managers, i.e. Production Manager, Sales Manager, Finance Manager, Branch Manager, etc. who are responsible for implementing & controlling the plans and policies formulated by top management,etc. Operational level consists of Supervisors, Foremen, Sales Officers, Accounts Officers, Purchase Officers etc. who are responsible for monitoring the efforts of the workforce, maintaining quality of output, etc. Functions of management are planning, organising, staffing, directing and controlling. Coordination implies synchronising activities of various persons in the organisation to achieve goals. Coordination ensures unity of action, integrates group efforts, involves cooperation, etc. Cooperation differs from coordination. It refers to voluntary efforts of individuals to work together.

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