Sunday, December 1, 2013

WHAT IS MANAGEMENT

DEFINITION:
• F.W. Taylor - “Art of knowing what you want to do and then seeing that it is done the best and cheepest way”.

• Henry Fayol – “To Manage is to forecast, to plan, to organise, to command, to co-ordinate and to control”.

• Peter F.Drucker –”Management is work and as such it has its own skills, its own tools and its own techniques”.

• Koontz -  “Management is the art of getting things done through and with people”.

Objectives of Management

  1. Maximum Results with Minimum Efforts 
  2. Higher Efficiency
  3. Relations with Suppliers
  4. Satisfaction of Customers
  5. Contribution to National Goals
  6. Better Working Conditions
  7. Better Workforce

Importance of Management

• Accomplishment of 
Goals
• Effective Utilisation 
of Resources
• Development of 
Society and Nation
• Harmony in Work 
among employees
• Providing Vision and 
Foresight
• Sound Organisation 
to accomplish 
objectives.
• Help the Employees 
in Achieving Personal 
objectives

  • Administration: Concerned with laying down of 
    corporate policy, obtaining finance, production 
    & distribution.
  • Management: Concerned with actual execution 
    of policies policies within limits set by administration administration..
  • Organization: Combines the work in such a way 
    with individuals/groups that duties formed 
    provide best possible application of available 
    effort

3 comments:

Forex Fund Management said...

According to Henry Fayol, management comprises of following parts -

1. Forecasting
2. Planning
3. Organizing
4. Commanding
5. Coordinating
6. Controlling

KESHAB CHANDRA BEHERA said...

Thank You

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