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Question

Identify the nature of management when it is practiced as personalized application of existing knowledge to achieve desired result.


Solution

Management is both science and art.
Management as science: Use of logic, objectivity. Cause and effect relationships indicate management as science.
Management as science:
a) In management, there is availability of systematic and organized study material.
b) Management principles are based on repeated experiments. Managers test and experiment managerial principles under different conditions in different organizations.
Management as art: Use of theoretical knowledge in personal way. Regular practice and creativity indicate art. Management is an art because of: a) The process of management involves the use of know-how and skills
b) The process of management is directed towards the accomplishment of concrete results
c) Management is personalized in the sense that every manager has own approach to problems
Management as profession: Specialized knowledge, use of code of conduct, restricted entry and association indicate management as profession.

Business Management

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