Wednesday, December 26, 2018

What is Management | Key Characteristics of Management

Nature of Management Definition:
The process of management is relevant to all the people who seek to influence the behavior of others toward achieving the desired objectives. Management comprises four interrelated elements i.e. planning, organizing, motivating and controlling. Technical, human and conceptual skills are required to carry out this process. 
Management characteristics
Fig: Management characteristics
14 Natures of Management Principles:
There are some natures or characteristics of management principles which are explained in the following:

1. Universal applicable:
Management is a universal activity. It is applied to establishment engaged in any form of activity, economic otherwise.

2. Goal oriented:
Every organization has certain objectives and it is the task of the management to attain them.

3. An intangible process:
Management is abstract and it can’t be seen with the eyes. It is evidenced by the organization and the result such as increased productivity, increased morale of the subordinates etc.

4. A distinct process:
Management is a distinct process consisting of fundamental functions of planning, organizing, actuating and controlling. These functions are applied in the effective utilization of the various resources such as human, financial and others for the purpose of achieving predetermined.

5. A social process:

Management is a social process since it is concerned with directing, coordinating and controlling the efforts of human beings who actually perform diverse and specific jobs.

6. A decision making process:
Management involves decision relating to the various aspects of management.

7. An integrating process:
Management integrates men, machines, material n order to carry out the operations of an enterprise and achieve the stated objectives.

8. Guidance:

The main task of management is guidance to convert the disorganized resources of men, machines, money, and materials into a useful and effective enterprise.

9. An art and science:

Management has elements of an art a cause it and characteristics of science. It is an art because it is concerned with the application of knowledge for the solution of the organizational problem.

10. An economic resource:

There are five-factor of production i.e. viz, land, labor, capital, management, and entrepreneurship.

11. A profession:
Management is now recognized as a profession. It has a specialized body of knowledge, principles, tools, and techniques that can be taught and transferred. It also has a code of professional ethics.

12. Authority:
The essence of management is to direct, guide and controls the activities of an enterprise.

13. The pervasiveness of planning:
Management functions are performed from top to lower levels.

14. A continuous process:
Management is a complex, dynamic and ongoing process that lasts as long as the organization continues to exit.

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