MANAGEMENT

WHAT IS MANAGEMENT?

• The group of individuals who make decisions about how a business is run.

• The initiation & maintenance of an investment portfolio.

DEFINITION

• “Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims.”

Harold Koontz and Heinz

CHARACTERISTICS

• Management is a goal-oriented process.• Management is all pervasive.• Management is group activity.• Management is a continuous process.• Management is a dynamic function.

OBJECTIVE

1.Organisational objective.2.Social objective.3.Personal objective.

IMPORTANCE

• Management helps in achieving group goals.• Management increase efficiency.• Management creates a dynamics organization.• Management helps in achieving personal objectives.• Management helps in the development of society.

LEVELS OF MANAGEMENT

• 1. Top management.• 2. Middle management.• 3.Lower management.

FUNCTIONS

• Planning:- planning is the process of thinking about & organizing the activities required to achieve a desired goal.

• Organizing:- organizing is a general sense means systematic arrangement of activities.

• Staffing:- staffing simply stated, is finding the right people for the right job.

• Directing:- directing is a function of management performed by top level management in order to achieve organizational goals.

• Controlling:- controlling is the management function of monitoring organizational performance towards the attainment of organizational goal.

COORDINATION – THE ESSENCE OF MANAGEMENT

Coordination is the force that binds all the other functions of management . It is common thread that runs through all activities such as purchase , production , sales , and finance to ensure continuity in the working of the organization.

• #Characteristics:-• 1.Coordination increases group efforts.• 2.Coordination ensures unity of action.• 3.Coordination is a continuous process.• 4.Coordination is an all pervasive.• 5.Coordination is the responsibility of all managers.

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