3. What is Management ?
It is very difficult to give a precise definition of
the term ‘management’.
Different scholars from different disciplines view
and interpret
management from their own angles.
Management is the art and science of organizing
and directing
human efforts applied to control the forces and
utilize the materials
of nature for the benefit of man.
—American Society of Mechanical Engineers
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4. The study and application of management technique in
managing the affairs of the origination have changed its
nature over the period of time. Various contribution to the
field of management have changed its nature. Therefore the
nature of management can be described as follow :
Management as a Dynamic nature
Management as a science.
Management as an art.
Management as a profession.
Management as a universal process
Management as a systemby :- Jai Nagawat
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5. Principle is a fundamental truth which establish
causes and effect relationship of function.
Management has framed certain principles on the
basis of integration and supported by practical
evidences. These principles are flexible in nature and
changed with the environment in which an
organization exists. Because of the continues
development in the field many older principles are
being changed by new principles. In fact, there is
nothing permanent in landslide of management.
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7. ♪ Management has a systematized body of knowledge. It has its
own theory and principle, but it also draws on the other disciplines
such as economic, sociology, psychology, etc.. It has its own
vocabulary of terms and concepts.
♪ The experiments are not capable of being accurately predicted or
replicated because it deals with human behavior which defers from
each other therefore management can be called an inexact
science.
♪ Since the management's principle are not exact there application
and use is not universal. they have to modified according to
situation.
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9. Management can besaid to bean art sinceit satisfied the
following criteria
A successful manager practicestheart of management in
theday to day of managing an enterprise based on
study , observation &experience
A manager appliesthesescientific methods& body of
knowledgeto agiven situation . A good manager works
through acombination of practice , creativity ,
imagination , initiative , innovation .
A manager appliestheseacquired knowledgein a
personalized & skillful manner in thegiven situation & put
theseprincipleinto practice
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10. Profession may bedefined asan occupation based on specialized
interactual & training . Thepurposeof which isto supply skill services
Features:-
♥ Specialized & organized knowledge
♥ Formal education
♥ Priority isto provideservicesover profit motive.
♥ Servicesarealwaysprovided against somemonetary benefits.
♥ Themanagement isnot bind by any kind of codeof conduct.
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11. Management as a universal process, refer to the processes adopted
by persons of the world on how to satisfy there wants or ends,
since resource that are capable of satisfying human wants are
relatively scarce! Management is universal process ,because
whenever there is organized group of people working towards
some common goal there is a need of management.
So nobody can work alone in any type of organization like school,
commercial institute, so they need organization ,hence it is
universal ,applied in every type of organization.
We can see management in every organization, firms, companies,
schools, banks etc. Management is important at every level of
management i.e. Top, Middle and Low.
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14. Designing the product.
Location and layout of plant and building.
Planning and control of factory operations.
Operation of purchase and storage of materials.
Repairs and maintenance.
Inventory cost and quality control.
Research and development etc.
Production management implies planning, organizing, directing and
controlling the production function so as to produce the right goods, in
right quantity, at the right time and at the right cost. It includes the following
activities:-
Production management
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15. Production management also deals with
decision-making regarding the quality,
quantity, cost, etc., of production. It applies
management principles to production.
Production management is a part of
business management. It is also called
"Production Function." Production
management is slowly being replaced by
operations management.
The main objective of production
management is to produce goods and
services of the right quality, right quantity,
at the right time and at minimum cost. It
also tries to improve the efficiency. An
efficient organization can face competition
effectively. Production management ensures
full or optimum utilization of available
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16. Marketing management refers to the identification of
consumers needs and supplying them the goods and
services which can satisfy these wants. It involves following
activities :
Planning and developing suitable Marketing research to
determine the needs and expectations of consumers.
Planning and developing suitable products.
Setting appropriate prices.
Selecting the right channel of distribution, and
Promotional activities like advertising and salesmanship to
communicate with the customers.
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17. The following figure
shows the marketing
objectives and
Marketing systems.
Economic and other
factors
Political and
Legal factor
Technological and
Socio culture
factors
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18. Selecting the appropriate source of funds.
Raising the required funds at the right time.
Administration of earning.
Estimating the volume of funds.
Financial management may also refer to:
Managerial finance, a branch of finance that concerns itself with the managerial
significance of finance techniques.
Corporate finance, a type of finance dealing with monetary decisions that
business enterprises make and the tools and analysis used to make these
decisions.
Financial management for IT services, financial management of IT assets and
resources
Financial management seeks to ensure the right amount and type of
funds to business at the right time and at reasonable cost. It
comprises of following activities:
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21. Personnel Management: Personnel management involves
planning,
Organizing and controlling the procurement, development,
Compensation, maintenance and integration of human
resources
Of an organization. It consists of the following activities:
(a) Manpower planning
(b) Recruitments,
(c) Selection,
(d) Training
(e) Appraisal,
(f) Promotions and transfers,
(g) Compensation,
(h) Employee welfare services, and
(i) Personnel records and research, etc.by :- Jai Nagawat
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22. ◊ Manpower Planning which is also called as Human Resource
Planning .Human Resource Planning has got an important place in
the arena of industrialization. Human Resource Planning has to be a
systems approach and is carried out in a set procedure.
◊ Recruitment is of 2 types
◊ Internal Recruitment - is a recruitment which takes place within the
concern or organizational internal sources are primarily three -
Transfers, promotions and Re-employment of ex-employees.
◊ External Recruitment - External sources of recruitment have to be
solicited from outside the organization. The external sources of
recruitment include - Employment at factory gate, advertisements,
employment exchanges, employment agencies, educational
institutes, labour contractors, recommendations etc.
◊
◊ Employee Selection is the process of putting right men on right job.
It is a procedure of matching organizational requirements with the
skills and qualifications of people.
.
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