Nature & Significance of management
Management is the process of getting things done with an aim of achieving goals effectively and efficiently. Characteristics:
• pervasive in nature,
• goal oriented,
• continuous process,
• multi-dimensional like management of work, management of people and management of operations,
• group activity,
• dynamic function, etc.
Objectives of management are defined as ends that management seeks to achieve through its activities and operations and are classified into organisational, social and personal objectives. Management is important as it helps in achieving group goals, increasing efficiency, creating dynamic organisation and development of human talent, development of society, proper utilisation of resources, achieving business objectives, producing better quality of goods, growth and development of business, minimising element of risk and innovations. Factors increasing the importance of management in modern times:
• growth in size and complexities,
• increasing competition,
• need for specialisation,
• use of capital-intensive technology,
• scarcity of resources,
• government interference,
• increasing social obligations and
• development of trade unions.
Management is an art, science and profession. It qualifies as an art because it fulfills features of ‘Art’ like practical application of theoretical knowledge, personal skills, result oriented approach and practice and creativity. It replicates essential features of science such as systematised body of knowledge, principle based on experimentation and continuous observation, universal validity of principles, cause and effect relationships and predictions. It fulfills criteria of a profession: specialised knowledge, restricted entry, professional association, ethical code of conduct and service motive.