Chapter 1 – Overview of Management

Click here to download pdf :chapter 1

Introduction to Management:

Management is the involvement of set of processes which help the organization in materialization of its objectives.

Definition: (I prefer using short and simple definition for easy retention)

 Overview_1.png

Importance of Management

Following are the importance of management (Briefly quoted, you could expand on the basis of marks for questions):

  1. Encourages intiatives
  2. Encourages innovation
  3. Facilitates growth and expansion
  4. Improves life of workers
  5. Improves corporate image
  6. Motivates employees
  7. Optimum utilization of resources
  8. Reduce wastage
  9. Increases efficiency
  10. Improves relations
  11. Reduces absenteeism and labour turnover

(absenteeism means the employee is absent without permission and labour turnover means the employee leaves the organization)

  1. Encourages teamwork

Features/Characteristics of Management

Following are the characteristics of Management (Briefly quoted, you could expand on the basis of marks for questions):

  1. Aims at optimum utilization of resources
  2. Helps in Getting things done
  3. Management is a process
  4. Management is an universal act
  5. Management is a science and an art
  6. It is a profession
  7. Helps to achieve predetermined objectives
  8. Is a system of authority
  9. Is a group activitiy
  10. Involves decision making
  11. Implies Good leadership
  12. Is Goal oriented
  13. Is dynamic and not static
  14. Applies to all levels of organization
  15. Management is intangible

Science v/s Art

Management is a Science Management is an Art
Science is described as a systematic body of knowledge pertaining to an area of study and contains some general truths explaining past events or phenomena Art is described as a way of doing things; it indicates how an objective is to be achieved.
Judging on the basis of above definition:

1.       Management is systematized body of knowledge and its principles are evolved on the basis of observation

2.       As management deals with human, experiments cannot be conducted as in exact science

3.       It is not possible to define, analyse, measure and quantify the results by repeating the same experiment with same inputs again.

Hence Management, like any other Social Science, is an inexact science

Judging on the basis of the above definition:

1.       Management is the application of the principles of management. (Art is application of an application of science, putting principle in to practice)

2.       Practicing management principles regularly leads to perfection, like any art.

3.       Management leads to solve the problems of the organization fully and timely.

Hence, management is an art and science as well.

 

A Process, Co-ordination and function

There are three perspectives in which management is defined:

overview_2

5 M’s of Management

Following are the five resources on which Management sails

Overview_3

 

Skills of an Effective Manager

Robert L. Katz has identified three basic types of skills that every manager needs- Technical, Human and conceptual. Their degree of application varies on the level of organization.

overview_4

overview_5

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s