Management is the art of securing maximum results with the minimum of efforts so as to secure maximum prosperity and happiness for both the employer and the employees and give the public the best possible service.
Management is the art of getting things done through and with the people in formally organized groups.
Helpful in achieving the predetermined objectives.
Helpful in the development of labour force.
Getting maximum results through minimum efforts.
To increase the efficiency of the factors of production.
To maintain cordial relationship between Capital and Labour.
Maximum utilization of all the available resources .
NATURE/ CHARACTERISTICS OF MANAGEMENT
Goal Oriented Process
It is all Pervasive
It is a Group Effort
It is a Process
It is an Inborn & Acquired Ability
It involves Social Responsibility
It is Multidisciplinary.
IMPORTANCE OF MANAGEMENT
Establishes a sound organization
Generation of employment
Essential for prosperity of an organization.
Management helps to overcome competition
Survival & growth of an organization
It shoulders social responsibilities
Management helps in research & investigation
Development of the nation.
Management & Administration
Administration is wider than management.
Management is wider than administration
Management and administration are same.
Administration is above management (American Concept)
Supported by Oliver Sheldon, William Spriegal etc.
Administration is the function in the industry concerned with the determination of the corporate policy, the coordination of finance, production and distribution, the settlement of the compass of the organization under the ultimate control of the executive.
Relationship b/w Admin. & Mgt. as per American Concept. Top-level Functions Middle-Level Functions Lower-Level Functions BOD & G.M General Manager Supervisor Determining the Policy & object Adminis- tration Accomplishment Of Pre-determined objectives Management
Management is wider than Administration (The English Concept)
Supported by, E.F.L. Brech, F.W. Taylor
Management is connected with top-level functions while administration is only a part of it which follows the policies decided by the management.
Relationship b/w Admin. & Mgt. as per English Concept Administrative Management Management Operative Management
Laying down standard for work performance
Comparing determined objectives with actual achievements
Utilizing man, material, machine & money
Giving practical shape to policies
Directing daily activities
Making efforts to achieve results
Management and administration are same (The Modern Concept )
Supported by Henry Fayol.
Term Administration- used in Government organizations
Term Management is used in Business activities.
Relationship b/w Admin. & Mgt. as per Modern Concept Administrative functions Managerial Functions ORGANISATION Top Level Management Middle Level Management Lower Level Management
Distinction b/w Administration & Management
Policy formulation and Objective determination
Broad and Conceptual
Factors affecting- Mostly external
Quality required- Administrative
Functions are performed by the owner of the enterprise
Middle and lower level
Policy execution and objective achievement
Narrow and operational
Performing managerial functions work as subordinates of administrators