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 in nature of management
Management is Goal Oriented:
It is a goal oriented process. Business organisations adopt management to achieve pre-defined goal like to produce desirable products, to earn profit, and to discharge social responsibility.
Management is a Group activity:
It is a group activity as it comes into existence only in a group which has two categories of people:
- Those who manage known as managers.
- Those who are managed known as operatives.
Management is a Dynamic Function:
It is a dynamic process. A dynamic process is one in which changes are incorporated according to requirements.
While a static process doesn’t need any change; once it is set it goes on working.
Since management is a dynamic process so management have to make changes in their functions based on environment changes.
These changes even require reversing old decisions.
Important Organ of Society:
Management is an important organ of society.
And society influences managerial action and managerial actions influence society. It is manager’s responsibility that they should also contribute towards the society in which it is operating.
System of Authority:
It has Well-defined lines of command, delegation of suitable authority and responsibility at all levels of decision-making. This is important because ever individual should know to whom he is accountable.
Management as Profession:
Managers need to possess managerial knowledge in a formal way and training, and also they have to follow a recognized code of conduct and remain concerned for their social and human obligations.
Management is Process:
Management process comprises a series of actions or operations like planning, organising, staffing, directing, and controlling.
Management is Multidisciplinary:
Although management is developed as a separate discipline, it draws knowledge from various disciplines: economics, psychology, sociology, political science, anthropology, ecology, statistics, operations research, history etc.
Management integrates the ideas and concepts taken from these disciplines and presents newer concepts which can be put into practice for managing the organisations.
In fact, the integration of knowledge from various discipline is the major contribution of management and this integrated discipline.
Management Both Science and Art:
Management is both science and art. It implies that a person, willing to become an effective manager, has to learn principles of management just like a scientist does and to practice those principles on continuous basis to get perfection just like an artist does.
Management as Profession:
It has been also regarded as a profession by many while many suggests that it has not achieved the status of profession.