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MANAGEMENT- DEFINITION, OBJECTIVES,CHARACTERISTICS AND FUNCTION

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MANAGEMENT- DEFINITION, OBJECTIVES,CHARACTERISTICS AND FUNCTION

  1. 1. MANAGEMENT- DEFINITION, OBJECTIVES,CHARACTERISTICS AND FUNCTION
  2. 2. Objectives • Understand the Meaning and the definitions of Management • Features of , Functions and importance of management • Know and Understand the relation between Administration and Management
  3. 3. Introduction • With the increasing complexities, managing the business concern becomes difficult. • Every business unit has objectives of its own. • The need of existence has increased tremendously.
  4. 4. Meaning and Definition Of Management • Meaning of Management: – Management if the art of getting things done by a group of people with the effective utilization of available resources • Definitions of Management: – According to various experts like Peter F. Drucker, Ralph C. Davis etc.
  5. 5. Definition of Management • Joseph L. Massie: Management is the process by which a cooperative group directs actions towards common goal • James D. Monny: Management is the art of directing and inspiring the people
  6. 6. Definition of Management • G.E. Millward: Management is the process and the agency through which execution of policy is planed and supervised • Management is the process consisting the functions of: – Planning – Organizing
  7. 7. Characteristics of Management Organization purpose Structure Organizations are made up of people. Making a goal into reality entirely depends on people’s decisions and activities in the organization. Every organization has its distinct purpose, which is typically expressed in terms of a goal or set of goals. All organizations develop a systematic structure that defines and limits the behavior of its members. Three common characteristics of the organization People
  8. 8. Characteristics of Management • Art as well as Science • Management is an activity • A continuous Process • Management achieving Pre-defined objectives
  9. 9. Characteristics of Management • Organized Activities • Management is a Factor of Production
  10. 10. Characteristics of Management • Management as system of activity • Management is a discipline
  11. 11. Characteristics of Management • Management is a purposeful activity • Management is a distinct entity • Management aims at maximizing profit • Decision making • Management is a profession
  12. 12. Characteristics of Management • Universal Application • Management is getting things done • Management as a class of a team • Management as a career
  13. 13. Characteristics of Management • Direction and control • Dynamics • Management is needed at all levels • Leadership activity
  14. 14. Functions of Management Planning Organizing Leading 1.Defining goals 1.Determining 1.Directing what needs to 2.Motivating Controlling Monitoring activities to ensure that they are all involved parties 3.Resolving conflicts accomplished as planned 2.Establishing strategy 3.Developing sub plans coordinate activities done 2.How it will be to done 3.who is to do it Resulting in Achieving the organization’s stated purpose
  15. 15. Functions of Management • Planning: – Primary function of Management – specifying the goals to be achieved and deciding in advance the appropriate actions taken to achieve those goals – delivering strategic value - planning function for the new era • a dynamic process in which the organization uses the brains of its members and of stakeholders to identify opportunities to maintain and increase competitive advantage
  16. 16. Functions of Management • Organizing: – Distribution of work in Group wise or section wise for effective performance. – Assembling and coordinating the human, financial, physical, informational, and other resources needed to achieve goals – The future requires building flexible organizations
  17. 17. Functions of Management • Staffing: – Activities of selection and placement of competent personnel. – Filling and keeping filled with qualified people all positions in the business. – Managers must be good at mobilizing people to contribute their ideas
  18. 18. Functions of Management • Directing: – The actual performance of a work starts with this. – Stimulating people to be high performers. – Influencing people's behavior through motivation, communication, group dynamics, leadership and discipline.
  19. 19. Functions of Management • Co-coordinating : – All the activities are divided group wise or section wise under organizing function – Such activities are co-ordinated towards the accomplishment of objectives of the organization. – monitors progress and implements necessary changes – makes sure that goals are met – new technology makes it possible to
  20. 20. Functions of Management • Motivating or actuating: – All the goals are achieved – Increasing the speed of performance
  21. 21. Functions of Management • Controlling: – Ensures the confirmation of the achieved objectives to preplanned objectives
  22. 22. Functions of Management • Innovation: – The presentation of personnel and organization to face the changes made in the business world • Representation: – Manager is the representative of the company • Decision-making:
  23. 23. Functions of Management • Communication: – The transmission of human thoughts • Classification of functions of management according to Luther Gullik – POSDCORB
  24. 24. Importance of Management • Management meet the challenges of change • Accomplishment of group goals • Effective utilization of business
  25. 25. Importance of Management • Effective functioning of business • Resource development • Sound organization structure
  26. 26. Importance of Management • Management directs the organization • Integrates the various interests • Stability
  27. 27. Importance of Management • Innovation • Co-ordination and team- spirit • Tackling problems • A tool for personality development
  28. 28. Administration & Management Board of Directors General Managers Supervisor Workers Administration Department Manager Management Top Level
  29. 29. Difference between Administration & Management • Oliver Sheldon: Administration is concerned with the determination of the corporate policy. Management is concerned with the execution of policy within the limits set up by administration • William R. Spiregal: Administration is concerned with overall determination of industrial objectives. Management is concerned with carrying out of the
  30. 30. Difference between Administration & Management • E.F.L. Brech: Management is a social process entailing responsibilities for the effective and economical planning. Administration is a part of management concerned with installation and carrying out of he procedures. • Theo Heimann: each manager performs both activities and spends
  31. 31. Difference between Administration & Management S. No. Basis of distinctio n Administration Management 1. Policy and objectives Determines policy to be followed and decide the objectives to be achieved Implements the policy and achieves the objectives 2. Directing of human efforts Not directly involves in the execution of plan and achievements of objectives Directly involves in the execution of plan and achieving objectives 3. Main function Planning organizing and staffing Direction, motivation and 4. Levels of executives Top level executives Lower level executives
  32. 32. Summary • A business develops in course of time with complexity • Management aims at maximizing profit • Many times the terms administration and management are used synonymously
  33. 33. End of Chapter 1 Nature Of Management

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