MANAGEMENT

Management has become an important “Economic organ” of the present industrial society. Every person in the world from the family head to the prime minister of the country or from the worker to the Managing director of a Joint-stock company is busy in managing different types of affairs that he has to perform in discharging his/her entrusted duties. Management is the coordination of human and physical resources towards the attainment of objectives. By managing different activities, we can best utilize our available scarce resources. As the mind of a person controls his activities, similarly management controls the business organization, men, machines, and materials in getting the work accomplished.

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TRADITIONAL AND MODERN CONCEPT OF MANAGEMENT

Management is related to the dynamic process of establishing objectives of the organization, harnessing and coordinating its human as well as other resources, and ultimately to the attainment of goals. It is a process of creating a creating conducive environment for humanitarian efforts, to reach the organization’s goals effectively and efficiently. According to  C.S George who describes management as “Management is a distinct process consisting of planning, organizing, actuating and controlling, performed to determine and accomplish the objectives by the use of people and resources” Traditional concept of management restricted management to getting things done.

According to the modern view, management covers a wide range of business-related activities. According to modern thinkers, “Management is a process of an activity a discipline and an effort to coordinate, control and direct individuals and group efforts towards attaining the cherished goal of the business”. Another aspect of management is presented by Harold Koontz and O’ Donnell, “Management is the art of getting things done through and with the help of a formally organized group”. To be more specific, to manage is to forecast and to plan, to organize, to command, and to control.

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CONCEPT OF MANAGEMENT

Management is a set of functions directed at the efficient utilization of the resources in the pursuit of organizational goals. To be more specific, to manage is to forecast and to plan, to organize, to command, to coordinate, and to control. To foresee means examining the future and drawing up the plan of action. To organize means building up the dual structure, material, and human of the undertaking. To command means maintaining activity among the personal. To coordinate means binding together, unifying, and harnessing all activities and efforts. To control means seeing that everything occurs in conformity with the established rules and expressed command. By efficient utilization of resources using resources wisely and in a cost-efficient manner. By effectiveness, we mean making the right decisions and successfully implementing them. Efficiency and Effectiveness are interrelated, for instance, it is easier to be effective if one ignores efficiency. The effect of good management is nothing short of remarkable. Take an under-performing-even chaotic-organization and install a skilled manager and him/she soon can have the enterprise humming like a well-tuned machine. Studies have shown that 90 percent of the business fail generally due to poor management.

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