Question

Write on the nature and significance of management.

Answer 1

Nature and Significance of Management.In general terms, ‘management’ is concerned with seeing that the job gets done. A manager is one who does his work by getting other people to do theirs. In today’s world of growing size and complexities there is a need for effective management not only in business enterprises but also in non-profit enterprises like clubs, hospitals, schools, families, etc. Management may be good or bad, but it is universal and of great importance.Meaning of management: - Management is the process of adopting a systematic and coordinated approach to achieve individual and organizational goals through efficient use of resources.Features of Management
•Management is a goal-oriented activity, as all human efforts are directed towards attaining the predetermined goals of an organisation.
•It integrates human and material resources in a productive manner.
•It is a continuous ongoing activity, as it involves constant identification, analysis and solution of management problems.
•It is pervasive in nature, as it exists in all types of and at all levels of organisation.
•It is a group activity, as it involves the coordinated efforts of all the people in an organisation to achieve the objectives of that enterprise.
•It is intangible, as it cannot be seen but its presence or absence is reflected in the day-to-day working and success or failure of an organisation.
•It is considered to bo dynamic in nature as managers need to constantly review and revise techniques,methods and approaches due to the rapidly changing business environment.
•It is considered to be a composite process consisting of several interrelated and interdependent functions to be performed in close coordination.Objectives of Management
•Management aims at achieving maximum results with minimum effort by following a focused approach.
•It helps to increase the efficiency of factors of production by eliminating duplication of human efforts and wastage of material resources.
•It ensures maximum prosperity for employers and employees by integrating the goals of individuals with the goals of the organisation.
•Management brings about human betterment and social justice, as efficient use of resources leads to the growth of the organisation, its employees, and society at large.