Upload
pooja
View
257
Download
0
Tags:
Embed Size (px)
DESCRIPTION
Management
Citation preview
Management Concept
Definition of Management
• Management is the art and science of organising and directing human efforts applied to control the forces and utilise the materials of nature for the benefit of man.
—American Society of Mechanical Engineers
Nature and Characteristics of Management
Management is goal-oriented
• The success of management is measured by the extent to which the established goals one achieved. Thus, management is purposeful.
Management is universal
• The fundamental principles of management are applicable in all areas of organised effort. Managers at all levels perform the same basic functions.
Management is a continuous Process • Management is a dynamic and an on-going
process.
Management is an Art as well as Science • It contains a systematic body of theoretical
knowledge and it also involves the practical application of such knowledge.
Management is Intangible Management is an unseen or invisible force. It
cannot be seen but its presence can be felt everywhere in the form of results.
Scope of Management
• Production Management
• Marketing Management
• Financial Management
• Personnel Management
Production Management
It includes the following activities:
• 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
Marketing Management:
It involves the following activities:
• Marketing research to determine the needs and expectation 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.
Financial Management:
It comprises the following activities:
• Estimating the volume of funds required for both long-term and short-term needs of business
• Selecting the appropriate source of funds
• Raising the required funds at the right time
• Ensuring proper utilisation and allocation of raised funds so as to maintain safety and liquidity of funds and the creditworthiness and profitability of business, and
• Administration of earnings
Personnel Management:
It consists of the following activities: • Manpower planning • Recruitments, • Selection, • Training • Appraisal, • Promotions and transfers, • Compensation, • Employee welfare services, and • Personnel records and research, etc
Management By Objectives
• Management by objectives (MBO) is a process of defining objectives within an organization so that management and employees agree to the objectives and understand what they need to do in the organization in order to achieve them.
• The term "management by objectives" was first popularized by Peter Drucker in his 1954 book 'The Practice of Management'.