It is essential to know the principal and practice of
Answers
Explanation:
Objectives
After studying this unit, you will be able to:
Define management
State the nature, purpose and scope of management
Identify roles and skills of a manager
Explain the functions of a manager
Discuss Henry Fayol’s Principles of Management
Introduction
Management is a vital aspect of the economic life of man, which is an organised group activity.
A central directing and controlling agency is indispensable for a business concern. The productive
resources - material, labour, capital etc. are entrusted to the organising skill, administrative
ability and enterprising initiative of the management. Thus, management provides leadership
to a business enterprise. Without able managers and effective managerial leadership the resources
of production remain merely resources and never become production. Under competitive
economy and ever-changing environment the quality and performance of managers determine
both the survival as well as success of any business enterprise. Management occupies such an