This document discusses the nature and significance of management. It defines management as a set of functions that assist in efficiently utilizing scarce resources to attain organizational goals. Management is described as the creation of an internal environment where individuals can work efficiently towards group goals. It also notes that whatever a manager does is through decision making. Management is characterized as a distinct process involving planning, organizing, actuating, and controlling utilizing both science and art to accomplish predetermined objectives. The importance of management includes optimal use of scarce resources, accomplishing group goals, reducing product costs, adapting to changes, and contributing to national growth and business stability.

1. CHAPTER – 2
NATURE & SIGNIFICANCE OF MANAGEMENT
MANAGEMENT – MEANING
MANAGEMENT IS A SET OF FUNCTIONS
THAT ASSIST IN EFFICIENT UTILISATION OF
SCARCE RESOURCES FOR THE ATTAINMENT OF
ORGANISATIONAL GOALS

2. DEFINITION OF MANAGEMENT
“Management is the creation and maintenance of an
internal environment in an enterprise where
individuals, working in groups can perform efficiently
and effectively towards the attainment of group goals.
It is the art of getting the work done through and with
people in formally organised groups.”
(Koontz and o’donnell)

3. DEFINITION OF MANAGEMENT
“WHATEVER A MANAGER DOES,HE
DOES THROUGH DECISION
MAKING” (PETER DRUCKER)

4. DEFINITION OF MANAGEMENT
“MANAGEMENT IS A DISTINCT
PROCESS CONSISTING OF PLANNING,
ORGANISING, ACTUATING AND
CONTROLLING,UTILIZING IN EACH BOTH
SCIENCE AND ART,AND FOLLOWED IN
ORDER TO ACCOMPLISH PRE DETERMINED
OBJECTIVES (GEORGE R TERRY)

5. IMPORTANCE OF MANAGEMENT
OPTIMUM UTILIZATION OF SCARCE RESOURCES
ACCOMPLISHMENT OF GROUP GOALS
ESSENTIAL TO REDUCE COST OF PRODUCT
MEETS THE CHALLENGES OF CHANGE
HELPS IN NATIONAL GROWTH
STABILITY OF BUSINESS

6. FEATURES OF MANAGEMENT
MANAGEMENT IS GOAL ORIENTED
MANAGEMENT IS A DISTINCT ACTIVITY
MANAGEMENT IS A PROCESS
MANAGEMENT IS A SOCIAL PROCESS
MANAGEMENT IS A SYSTEM OF AUTHORITY
MANAGEMENT IS NEEDED AT ALL LEVELS

7. FEATURES OF MANAGEMENT
MANAGEMENT PRINCIPLES ARE DYNAMIC
MANAGEMENT IS GROUP EFFORT
MANAGEMENT INFLUENCES BEHAVIOUR
MANAGEMENT IS AN INTANGIBLE FORCE
MANGEMENT IS A COORDINATION FORCE