Business studies 2 nature and significance of management case study
Answers
Nature of Management
Management as an Art Management as a Science Management as a Profession
2.Personalized application: Management fulfills this criterion as a good manager works through a combination of practice, creativity, imagination, initiative and innovation. 2. Principles based on experimentation: Like the principles of pure science, the principles of management are also based on personal observation and tested through repeated experimentation. 2. Restricted entry: Unlike other professions, management as a profession does not fulfill this criteria as anyone can be called a manager regardless of his/her academic qualifications.
3. Based on practice and creativity: Management fulfills this criterion as a person becomes a better manager with constant practice and experience. This also leads to emergence of different styles of management. 3. Universal validity: Unlike the scientific principles, the principles of management lack universal validity as it deals with human behavior which is complex in nature. Different people react differently to the same situation and therefore their behavior cannot be predicted with accuracy. 3. Professional association: Several management associations exist today. However, unlike other professions, it is not necessary to be a member of such an association to become a manager.
4.Ethical code of conduct: All professions are bound by a code of conduct which guides the behavior of its members.
5. Service motive: Like other professionals, a good management ensures that it serves both the objectives of profit maximisation and social welfare effectively through its existence.
Conclusion – Management is a complete art. Conclusion – Management is a social science. Conclusion – Management does not meet the exact criteria of a profession.