NATURE AND SIGNIFICANCE OF MANAGEMENT Management Management is process of getting things goals efficiently of done with the aim of achieving goals and effectively Management is the co ordination of all resources thorough The process of planning organising directing controlling in solder to attain stated objective Elements of Management 1 Process It is a series of steps 2 Effective Efficient performance 3 Effectiveness refers to completion on time of all achievement target on time 4 Efficiency refers to optimum utilisation of resources with no wastage and at minimum cost Character sticks of Management 1 Management is goal oriented process 2 Management is pervasive 3 Management is multi dimensional it include Management of people Management go work Management of operation a Management is continuous process 4 Management is dynamic function 5 Intangible 6 It is a group activity Importance of Management 1 Management helps in achieving group goal 2 Management improves efficiency 3 Management creates dynamic organisation 4 Management helps in achieving personal objectives 5 Management helps in development of society Objectives of Management Aim Result Organisational objective Survival Profit Growth Social objective Qualitive product Regionable price Employment opportunity Employment well education health and vocational training programme Eco friendly methods of production Personal objective Competitive salary Good working condition Peer recognisation Training and development Social reorganisation Nature of Management Management as a Science Science Can be defined as a systematic and organised body of knowledge based on logically observation findings fact and events Features of Science 1 Systematic body of knowledge Present in management 2 Scientific principles are derived on the basis of logical and scientific observation Not present in management 3 Principles are based on repeated experiments Present in management 4 Universal validity Not present in management Management as a Art Art can be defined as systematic body of knowledge which requires skills creativity and practice to get perfection Features of Art 1 Systematic body of knowledge or theoretical knowledge Present in management 2 Personalise application Present in management 3 Based on practice and creativity Present in management Management as Profession Profession can be defined as an occupation backed by Knowledge and training in which entry is restricted Features of Profession 1 Well define body of knowledge Present in management 2 Restricted entry Not Present in Management 3 Presence of professional association Not Present in Management in management 4 Existance of athytical code code of conduct Not present 5 Service Management Not Present in Management Conclusion 1 On Comparing the features of science with management We find that two features of are science are in management where as two not present So management can be not considered pure or exact science but we can call it as an inexact science or social science 2 On Comparing the features of art with management we find all management features are present in management So we can call management as in art of getting of thinks done by others 3 On comparing the features of profession with management we can conclude that presently all the features are not present in management but only one so we can say that management is on the path on becoming a profession Levels of Management The main levels of management are I II Middle level management III Top level management Lower management operational level supervisory level Top level Management It consist of chairman Board of directors Managing directors General manager President Vice President Chief Executive officer Chief Executive financial officer chief operating officer They have The maximum authority Main Functions 1 Determine the objectives of the enterprise 2 Framing of plants and policies 3 Organising activities to be preformed by persons working at middle level etc 4 Assembling all the resources such as finance fixed assets 5 Responsible for well fare and survival of the organisation 6 To analyse business environmental and it s Implication Middle level Management It consist of department heads such as purchased department heads sales department head finance manager market manager executive officer plant superintendent People of this group are responsible for executing plans and policies made by top level Main Functions 1 Interpretation of policies for framed by top management to lower management It act as a link 2 Organising the activities of their department for executing the plans and policies made by top level 3 Finding out or selecting and appointing the required employees for their department 4 Motivating the person to person to their best ability 5 Controlling and instructing the employees 6 Corporate with other departments for smooth functioning 7 Implementing the plans framed by top level Supervisory level lower level It consist of supervisors superintendent foremen sub department executive clerk etc Main Functions 1 Representing the problems or grievances of works to middle level management 2 Maintaining good working condition and developing healthy relation between superior and subordinate 3 Looking to safety of workers 4 Help the middle level management in selecting and 5 Communicating with workers and well coming for their appointment suggestions 6 They try to maintain precise standard of quality 7 They are responsible for boosting the morale of workers 8 Minimising the wastage of martial 9 Maintaining quality of output 10 Maintance of safety standards Functions of Management 1 Planning It refers to deciding in advance what to do how to do when to do and who is going to do it It bridges the gap between where we stand today and where we want to reach It starts with deciding on advance the objectives of the organisation 2 Organisation It refers to deciding the frame work of working how many department earning it how many post are needed in each dependent and how to distribute the authority and responsibility among the different people 3 Staffing It refers to recruiting selecting appointing them duties and taking are of grievances of employees 4 Directing Directing refers to giving directions or instructions to employees by motivating them and communicating with them 5 Controlling controlling refers matching the actual performance with the planned performance and of there a any deviation them to take corrective