Question

Write short answer of the following.

State the concept of management in brief.

Answer 1

Management is the process of getting the work done with the aim of achieving the goals of an organisation in an efficient and effective manner.

Key terms in the definition of management:
i. Process: Process denotes the inter-relationship among the basic functions of management such as planning, organising, staffing, directing and controlling. None of the functions can be performed in isolation.

ii. Effectiveness: It implies completing the given work in the specified time period with a focus on the end results.

iii. Efficiency: It implies completing a task with the minimum possible costs and resources.
Greater benefits with less resources = Efficiency
Same benefits with less resources = Efficiency
Less benefits even with more resources = Inefficiency