Principles of Management
Unit 1: Concept of Management
Meaning:
➢ Management is the act of getting people together to accomplish
desired goals and objectives using available resources efficiently
and effectively.
➢ Management means utilising available resources in the best
possible manner and also for achieving well defined objectives
Definitions of Management:
According to Harrold Koontz, " Management is the art of getting things done through and
with people in formally organised groups"
According to Henry Fayol,
"To manage is to forecast and to plan, to organise, to command, to coordinate and to
control".
According to Peter Drucker," Management is a multi-purpose organ that manages business
and manages managers and manages workers and work"
Characteristics of Management
1. Management is a managerial process:
Management is a process and not merely a body of individuals.
Those who perform this process are called managers.
2. Management is a social process-
Management takes place through people.
The importance of human factor in management cannot be ignored. A manager's job
is to get the things done with the support and cooperation of subordinates.
3. Management is action-based:
Management is always for achieving certain objectives in terms of sales, profit, etc. It is a result-oriented
concept and not merely an abstract philosophy.
4. Management involves achieving results through the efforts of others:
Management is the art of getting the things done through others.
Managers are expected to guide and motivate subordinates and get the
expected performance from them.
5. Management is a group activity:
Management is not an isolated individual
activity but it is a collective activity or an activity of a group.
6. Management is intangible:
Management is not directly visible but its presence is noticed in the form of concrete
results. Management is intangible.
7. Management is all pervasive:
Management is comprehensive and covers all departments, activities and employees
8. Management is an art, science as well as a profession:
Management is an art because certain skills, essential for good management, are unique to individuals.
Management is a science because it has an organised body of knowledge. Management is also a profession
because it is based on advanced and cultivated knowledge.
9. Management is different from ownership:
Management is concerned with the management of business activities. Managers are not the owners but
they manage the business on behalf of the owners.
10. Management aims at achieving predetermined objectives:
Management is a meaningful activity. All organisations are essentially groups of individuals formed for achieving
common objectives
The nature of management involves several key characteristics:
1. Goal-oriented: Management aims to achieve specific goals and objectives.
2. Integrative: Management combines human, material, and financial resources.
3. Dynamic: Management adapts to changing environments and circumstances.
4. Continuous: Management is an ongoing process.
5. Universal: Management principles apply to all types of organizations.
6. Multidisciplinary: Management draws from various disciplines like psychology, sociology, and economics.
7. Decision-making: Management involves making informed decisions.
8. Problem-solving: Management identifies and resolves problems.
9. Planning: Management sets future courses of action.
