Concept of Management – its Features & Objectives

The concept of Management is very important for all business organizations whether these are profit or non-profit, big or small. It consists of the interrelated functions that are performed by the managers like planning, organizing, directing, controlling, motivating people at work.

Meaning of Management:

Management means to manage all the activities related to planning, organizing, directing, coordinating, controlling, etc with the aim to achieve desired goals.

Definitions by different authors:

“To manage is to forecast and plan, to organize, to command, to coordinate and to control.”

Henry Fayol

“Management is the art of knowing exactly what your men to do and then seeing that they do it in the best and cheapest way.”

-Koots and O’Donnel

“Management is the coordination of all resources through the process of planning, organizing, directing and controlling in order to attain stated objectives.”

-F.W.Taylor

“Management is the process by which a cooperative group directs actions of others towards common goals.”

-Marrie and Douglas

concept of management:

It includes three terms which are as follows

Process: It refers to the sequence of the number of steps like planning, organizing, directing, coordinating, controlling, etc to accomplish the goals of the organization.

Effectiveness: It means to do the right task with end result. effectiveness means achieving the desired goal or objective on time.

Efficiency: It means to do the task in the right way. In simple words, we can say that efficiency refers to the proper utilization of resources and minimizing the cost.

Features of management:

There are some features of management that will give more clarity about the functioning of the management:

1. Management is a group activity:

Management is an important element of group activities. In this, all the managers and the employees are working together to achieve the desired goal. We can say that no one can satisfy his desires himself, he comes with his fellow beings and works in a group to achieve.

2. Management is pervasive:

Management activities are pervasive in nature. It means these activities are performed in each and every corner of the world. the managerial activities are performed at all levels in the organizations.

3. Management is a continuous process:

Management is never-ending. Managers are performing all the activities related to planning, organizing, directing, controlling continuously in the organizations.  For example: if the desired objective is fulfilled it does not mean that management will not do further planning, it will be continuous for new targets and future objectives.

4. Management is dynamic in nature:

According to the change in the environment, management has to make changes in the goals and objectives of the organization for future growth development.

5. Management multi-dimensional:

It does not mean a single activity but includes various activities like management of work(planning, organizing, controlling), management of people( staffing, directing),  management od f operations(production, sales, purchase).

Objectives of management:

The managerial objectives of the organization can be differentiated as follows:

1.Organisational objects: these are related to the growth and prosperity of the organization.

2. Social objectives: These objectives are related to the commitment of the organization with the society to provide:

a) Quality products. b) Employment opportunities. c) Financial support to the community. d) contribution to the projects of govt. and NGOs.

3. Personal objectives/ human objectives:

Individual or human objectives are related to all workmen working in the organization/business. Sometimes workers are losing their interest if their objectives are not fulfilled by the management. So management must try to focus on these objectives:

For example good working conditions, good salary packages, growth, rewards and recognition, housing facility, medical facility, education, training, etc.

Thanks for reading the topic.

please comment your feedback whatever you want. If you have any questions, please ask us by commenting.

References: –

V.K. Publication

Also, Check our Tutorial on the following subjects: 

  1. Financial Accounting Class +1
  2. Advanced Financial Accounting Class +2
  3. Business Economics Class +1 

 

 

 

About us

About us, we are here to improve your knowledge in all financial & Business related topics and to get better carrier opportunities. The author has about 10-year Experience in tuition Business. It is very difficult to teach a large number of students with a personal touch or in a classroom. 

Animation's Resource websites

All Icons and images used on my website were downloaded from the following website please go and download free:-

close