What is Management?
Management is required for an established life and essential to managing all types of management. Sound management is the fortitude of thriving companies. Managing life implies getting everything done to accomplish life’s aspirations and maintaining an establishment means getting everything done with and by other people to deliver its objectives.
To put it in other words, the organization and coordination of the pursuits of an industry for the idea of accomplishing determined objectives efficiently and thoroughly are marked as management.
Nature of Management:
- Universal Process: Wherever there exists human pursuit, there exists management. Without effective management, the intentions of the organisation cannot be accomplished.
- The factor of Production: Equipped and experienced managers are necessary for the utilization of funds and labour.
- Goal-Oriented: The most significant aim of all management pursuit is to achieve the purposes of a firm. The aims must be practical and reachable.
- Supreme in Thought and Action: Managers set achievable goals and then direct execution on all aspects to achieve them. For this, they need complete assistance from middle and lower degrees of management.
- The system of Authority: Well-defined principles of regulation, the regulation of proper power and efficiency at all degrees of decision-making. This is important so that each self must perform what is required from him or her and to whom he must report.
- Profession: Managers require to control managerial expertise and education, and have to adhere to a verified law of demeanour and stay informed of their human and social responsibilities.
- Process: The management method incorporates a range of activities or services directed towards an object.
Significance of Management:
- Achieving Group Goals: Management encourages collaboration and coordination amongst workers. A general control must be provided to the organizational and personal objectives in order to favourably accomplish the aims.
- Increases Efficiency: Management improves productivity by managing resources in a reliable conceivable way in order to decrease cost upscale potency.
- Creates Dynamic organization: Management undertakes the conditions by assuring that these variations are well accepted privately and that objection to change is controlled.
- Achieving personal objectives: Management promotes leadership and furnishes motivation to the employees to operate effectively in order to accomplish their personal aims while working towards the organizational goals.
- Development of Society: Management helps in the enhancement of community by manufacturing reliable quality commodities, establishing employment chances and fostering innovative technologies.
Features of Management:
Post-learning a few definitions of management we come across some elements that can be referred to as basic aspects of management :
- Management is a goal-oriented method: An establishment has a predefined set of fundamental goals which are the primary basis for its being. These must be easy and explicitly mentioned. Different establishments have various goals. For instance, the aim of a retail market may be to improve sales, but the purpose of The Spastics Society of India is to allow education to children with specific requirements. Management strengthens the energies of different individuals in the company towards accomplishing these goals.
- Management is all common: The activities associated with managing a firm are familiar to all companies whether financial, cultural or civic. A petrol pump must be regulated as much as a school or a hospital. What managers do in India, Japan, Germany, or the USA is identical. How they achieve it may be considerably diverse. This variation is due to the distinctions in tradition, history and culture.
- Management is a perpetual process: The method of management is a set of consecutive, composite, but distinct purposes (organising, planning, staffing, controlling and directing). These operations are concurrently executed by all managers. The responsibility of a manager comprises a continuous series of duties.
- Management is intangible energy: It is an intangible strength that can’t be seen but its proximity can be felt in the form of the business operations. The outcome of management is remarkable in an industry where targets are reached according to procedures, employees are comfortable and content and there is arrangements rather than confusion.
- Management is a group activity: It implies that it is not a single person who completes all the actions of the industry but it is always a group of people. Therefore, management is a group endeavour.
The above mentioned is the concept, that is elucidated in detail about the Nature, Significance and Characteristics of Management for the class 12 Commerce students. To know more, stay tuned to BYJU’S.