Business Management by - Ibrahim Vishal - MV


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Business Management by - Ibrahim Vishal - MV

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Business Management by - Ibrahim Vishal - MV

  1. 1. • Meaning of Management • Definition of Management • Functions of Management • Nature of Management
  2. 2. • Management is the art of getting things done by a group of people with effective utilization of available resources • An Individual cannot be treated as a managing body running any organization • A minimum of two persons are essential to form a management
  3. 3. • Management is the art of getting things done through an informally organized group. - Harold Koontz - • Management is the process by which a co-operative group directs actions towards common goal. - Joseph L. Massie - • Management is the art of directing and inspiring people. - James D. Mooney -
  4. 4. • Art in the sense of possessing of managing skill by a person. • Science in the sense of developing certain principles or laws which are applicable in a place where a group of activities are co- ordinated. Art as well as Science • Management is the process of activity relating to effective utilization of available resources. • Resources being Men – Money – Materials – Machine Management is an Activity • Process of Management mainly consist of Planning, Organizing, Directing & Controlling the Resources. • The management function of any one alone cannot produce any results in the absence of basic functions of Management. Management is a Continuous Process
  5. 5. •Objectives of the organization are clearly laid down. •Every managerial activity has to result in achievement of those objectives Achieving Pre- Determined Objectives •Management is a group of organized activities. •Group of people perform in a systematic manner to achieve those objectives. Organized Activities •The factors of production includes land, labor, capital and entrepreneurs. •The organization goals are achieved only when these are effectively co-ordinated by the entrepreneur. Management is a factor of Production
  6. 6. • Management is a group activity. Management is a vital part of group activity. As no individual can satisfy all his needs himself, he unites with his co- workers and work together as an organized group to achieve what he can not achieve individually. • Management is goal oriented: Management is a goal oriented activity. It works to achieve some predetermined objectives or goals which may be economic or social.
  7. 7. • Management is an art: Management is considered as art as both requires skills, knowledge, experience and creativity for achievement of desired results. • Continuous Process: Management is a never ending process. It will remain the part of organization till the organization itself exists. Management is an unending process as past decisions always carry their impact for the future course of action.
  8. 8. • Management is the dynamic life giving element in every business. Management is art because Knowledge without is useless and skill without knowledge means zero. Without management an organization cannot be stable.