Principles of Management

Basic principles of management are- Plan Organise Lead Control Plan- Planning involves setting objectives and determining a course of action for achieving those objectives which includes Defining organisation vision and mission Setting Goals and Objectives Strategizing Plan of Action to achieve goals and objectives Organise- Organising requires management to assign…

Is Management an Art?

Management as an Art: Is management an art? Art is defined as the use of skills to bring a desired result. Skills refer to practical ability or expertness required for doing something. Thus, art has following features: Practical Knowledge: Knowledge refers to possession of facts and techniques of a particular…

Is Management a Science?

Management as a Science: Science is the body of systematized knowledge generated through logical consistency, critical evaluation and experimental study. Thus, science has following features Systematized Body of Knowledge: Science is systematized body of knowledge. Principles of science are based on definite cause-effect relationship, that is, a particular factor has…

MANAGEMENT IS SCIENCE OR ART

MANAGEMENT IS SCIENCE OR ART There has always been a conflicting view about management whether it is a science or an art. Some management experts say that management is a science whereas some say that management is an art and some other says management is both a science and an…

Nature of Management

The nature of management are: Management is a Universal Process:  Management is universal. It is relevant in all types of organisations either business or non-business. It is relevant throughout the world. Factor of Production:  Good management system is essential for the proper utilization of resources. So it is also considered…

DIFFERENCE BETWEEN MANAGEMENT AND ADMINISTRATION

MANAGEMENT vs ADMINISTRATION: DIFFERENCE BETWEEN MANAGEMENT AND ADMINISTRATION In the initial level of management development, both management and administration were used synonymously. However, Oliver Sheldon made distinction between management and administration in 1923 by stating that “administration is a decision function while management is an executive function.” Since then, the…

SCOPE OF MANAGEMENT

WHAT ARE THE SCOPE OF MANAGEMENT? SCOPE OF MANAGEMENT Scope of management specifies the organisational functions in which management is relevant. Organisational functions differ from organisation to organisation depending on their nature while functions of management are the same in all the organisations. In a business organisation, organisational functions are…

IMPORTANCE OF MANAGEMENT

NEED OR IMPORTANCE OF MANAGEMENT Following are the importance of management: Achieving Organisational Goals- Management is important for all type of organisation either profit or non-profit organisations for achieving their goals. It do so by developing and effectively utilising organisational resources, both human and non-human. Optimum Utilization of Resources-  Management…

Management Definition

Management Management is the force that integrates organisational resources into an efficient operating unit through planning, organising, staffing, directing and controlling. It consists of five broad functions- planning, organising, staffing, directing and controlling. Coordinating is the essence of management because it is relevant for all five functions; it is not…