What Is Management??

Management has been describe as social process involving responsibility for economical and effective planning and regulation of operation of an enterprise in the fulfillment of given purposes. Management Overview

Management can be defined as the process of administering and controlling the affairs of the organization, irrespective of its nature, structure, size and type. It is an act of creating and maintaining such a business environment wherein members of the organization can work together, and achieve business objectives effectively and efficiently.

Management acts as a guide to a group of people working in an organisation and coordinating their efforts towards the attainment of common objective.

In other words it is concerned with optimally using 5M’s that is men, machine, material, money and methods. (Management Overview) this is possible only where there proper direction, coordination and integration of the processes and activities, to achieve the desired goal or result.

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Characteristics Of Management

Characteristics of managements are given below:

  1. Universal
  2. Intangible Force
  3. Continuous Process
  4. Dynamic Function
  5. Goal Oriented
  6. Multi-dimensional
  7. Group Activity
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Functions Of Management

There are mainly five (5) functions of management and these are given below:

  1. Planning
  2. Organizing
  3. Staffing
  4. Directing
  5. Controlling

Objectives Of Management

Some of the major objectives of management are given below:

  1. Optimum utilization of resources
  2. Better quality goods
  3. Growth and development of business
  4. Discipline and morale
  5. Ensuring regular supply of goods
  6. Promotion of research and development
  7. Mobilizing best talent
  8. Improving performance
  9. Minimize the element of risk
  10. Planning for future

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