Guide to Management Principles

Summary:

BUSINESS STUDIES: MANAGEMENT

Definition:

• Harold Koontz defines management as designing and maintaining an environment where individuals work efficiently in groups to achieve selected goals.

Meaning:

• Management ensures tasks are accomplished to achieve set objectives effectively and efficiently.

Process of Management:

1. Planning
2. Organizing
3. Staffing
4. Directing
5. Controlling

Features of Management:

1. Goal-oriented
2. Pervasive in all types of organizations and global regions
3. Multi-dimensional: Management at Work, Management of People, Management of Operations
4. Continuous in nature
5. A collective group activity
6. Dynamic due to a changing environment
7. Intangible but felt through its impacts

Objectives:

1. Organizational Objectives: Survival, Profit, and Growth
2. Social Objectives: Responsibilities towards societal interests, such as eco-friendly production.
3. Personal Objectives: Catering to the diverse needs of employees.

Importance:

1. Achieving group goals.
2. Increasing efficiency.
3. Creating adaptability to change.
4. Achieving personal objectives of workers.
5. Societal development through quality products and job opportunities.

Nature of Management:

1. As an Art: Personal application of existing knowledge, managers use and modify existing management principles based on the situation.
2. As a Science: It is a systematic body of knowledge with principles based on experimentation, but since management involves human behaviour, outcomes are not always predictable, making it an inexact science.
3. As a Profession: Requires specialized knowledge and training, with restricted entry. It has ethical codes of conduct and is associated with service. Though it’s not a strict profession like medicine or law, it is trending in that direction.

Management is an amalgamation of art, science, and a budding profession. It is essential in achieving organizational, social, and personal objectives and adapting to ever-changing environments.

Excerpt:

Guide to Management Principles

Features, Objectives, Importance and Nature of MANAGEMENT

Definition:
By Harold Koontz – “Management is the process of designing and maintaining an environment in
which individuals working together in groups efficiently accomplishing selected aims.”

Meaning:
Management is a series of interrelated functions that all managers perform. It is a process of getting things done to achieve goals effectively and efficiently.

Process of Management at a Glance:
 Planning
 Organizing
 Staffing
 Directing
 Controlling