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SCDL - PGDBA - Finance - Sem 1- Principles and Practices of Management

SCDL - PGDBA - Finance - Sem 1- Principles and Practices of Management



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Published by api-3762419
Principles and practice of management for Semester I of SCDL 2003 Batch Finance
Principles and practice of management for Semester I of SCDL 2003 Batch Finance

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Published by: api-3762419 on Oct 17, 2008
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Principles and Practices of Management
Principles and Practices Of Management
Page 1
Principles and Practices of Management
PART - AQ1. Management is a combination of Arts, Science &Profession” Explain fully.Ans
. Before writing a write up on “Management is a combination of Arts, Science & Profession” I would like to write something about themanagement.
Management is to create a team which accomplishes pre-determinedgoals with more efficiently in a prescribed time period asplanned/decided.Management actually is planning, organizing, directing, controlling &coordinating supported by leadership, communication, motivation andmorale.Now I would like to start Management as Art and afterwards I will writeabout management as science and profession in detail.
Management as an Art
1. It requires conceptual, technical, human relationship & decision-making skills.
Conceptual Skills : Ability to see the “big picture” to recognizesignificant elements & to understand relationship among theelements.
 Technical Skills : Is knowledge of & proficiency in activitiesinvolving methods, procedures & pressures e.g., Mechanicworks with tools & Superior show knows how to use thesetools to teach them.
Human Relations : is ability to work with people; it is acooperative effort; teamwork; create an environment wherepeople feel secure & free to express their opinions.
Decision : Ability to solve problems in ways that will benefitthe enterprise.2. It requires knowledge: Learning & acquiring knowledge fromvarious subjects such as Marketing, Finance, Production, etc.
Page 2
Principles and Practices of Management
3. Art is creative: As a discipline in function of creativity. We noticethis creativity in facing challenges of competition. Introduction of newproduct, advertising campaigns etc.4. Art is Personalized: Every person has different ways & means operforming Art. Similarly every individual has different type of management, we categorize them as Democratic, Autocratic,Patternistic, Beaurocratic etc.5. Art is Performance: Performance indicators such as profit, growth &development, market share can only understood management as aconcept.“Managing as practice is an
; the organized knowledge underlyingthe practice may be referred to as
Management as Science
1.Science is a body of organized knowledge.2.Science is developed over a period of time.3.Science establishes cause & effect relationship.4.Science has predictive power.5.Rules / Regulations in Science varied from time to time. Oldrules are challenged & new rules are established.6.Science is of two types: perfect science likephysics/chemistry/maths and social science as management.Above rules also apply to the management as social science whichconsists of history of management thought. Management as a subjectdeveloped over a period of time. Generalizations in management e.g.“if you spend more money on advertisement sales may go up”. “If youkeep employees happy there may not be any labour strikes”. This word may happen/may not happen make management socialscience.
Management as a Profession
Before discussing about management as a profession it is better toknow about what actually the profession means. Any discipline to becalled as profession must fulfill following conditions e.g. like medicine,law.a)It requires definite period of learning.b)It has centralized rule making authority.
Page 3

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