Principle & Practice of Management WHY WE STUDY MANAGEMENT?

Make an individual to become effective manager Who will be able to help the organization achieve a high level of performance Through the utilization of its human and material resources. Enable us to assess the future, make plans for it, thus acting as good planners. To be responsible and accountable for employees to be in the same track towards accomplishment of organizational goals. Make us to become effective managers who will be able to detect and locate problems to be solve, Thus making good decision about appropriate solution and utilizing organizational resources effectively to implement these solutions. Meaning of Management The term Management means different to different people. The precise definition is difficult Management practitioners treat it as a Process Economists view it as a Factor of Production Socialists regards it as a Group of Person Modern people consider it as a Profession In general Management is what a Manager does Definitions of Management The art of getting things done through people The managers achieve organizational objectives by getting work from others & not performing the tasks themselves The scope of management is not merely restricted to getting things done through others. It is certainly more than that. It includes decision-making, organising, staffing, motivation & leading of subordinates & controlling the organizational activities

The above definition represents the traditional view of management

This definition is vague as it does not identify the functions which a manager has to perform to get the results from others The employees are merely treated as means of getting results. Thus, management us certainly more than just getting things done through others, It is appropriate to quote Harold Koontz who defined as

The art of getting things done through & with people in formally organized groups. It is the art of creating an environment in which people can perform an individuals & yet cooperate towards attainment of group goals.

Management is the process of effective utilization of human & material resources to achieve enterprise objectives The human resources comprise of people working with the organization The material resources include capital, technology, machines, materials etc. These resources are utilized by management though planning, organization, leading, control & coordination for the accomplishment of the organizational objectives As a matter of fact, management is a goal-oriented process. In the words of George R. Terry, Management is a distinct process consisting of activities of planning, organizing, actuating & controlling, performed to determine & accomplish stated objectives with the use of human beings & other resources This definition clearly identifies 4 functions of management, but modern trend is to classify managerial functions into 5 categories viz., (1) Planning, (2) organising, (3) Staffing, (4) directing & (5) Controlling Management is continuous process The functions of management are inter-dependent & interrelated

Inputs Six Ms

Management Functions The process of Management Plannin g Directi ng

Objectives End Results

Men & Women Materials Machines Methods Money Markets Organizing

Staffing
Controlling

Goods & Services Desired by the Customers

Management as a group of Managers o o The term management is frequently used to denote a group of Managerial Personnel. When one says that management of this company is very efficient, it is implied that the persons who are looking after the affairs of the company are efficient. A manager is the person who performs the managerial functions of Planning, organizing, staffing, directing, & controlling. But in practice, the term management is used to denote the top management of the organization.

Management As A Discipline: o o o o Management has been widely recognized as a discipline or field of study. It is taught as a specialized branch of knowledge in educational institutions, As a field of study the subject includes management concepts, principles, techniques & skills.. Management is a muilt-disciplinary

Nature of the Management Goal Oriented Economic Resources Distinct Process Integrative Force Intangible Force Results thought others System of Authority A science & an art Universal Application

Importance of Management Achievement of Group Goals Optimum Utilization of Resources Fulfillment of Social Obligations Stability Human Development

Basic types of Management Skills 1. Technical Skill Ability to use tools, procedures & techniques in a specialized area. 2. Human Skill Ability to work with, understand & motivate people as individual or groups. 3. Conceptual Skill Mental ability to coordinate & integrate all of an organizations activities, especially in the long-term decisions affecting the organization. It is needed to see the organization as a whole & recognize how the various factors in a situation are interrelated so actions taken are in the best interests if the organization. The Four Functions of Management