Nature and significance of

management
 MANAGEMENT
In today’s scenario, Management is required in all kind of businesses whether
they are manufacturing computers or handlooms , trading in consumer goods or
providing different kind of services or solutions.
 MANAGEMENT
“Management is the process of designing and
maintaining an environment in which individual,
working together in groups, efficiently accomplish
selected aims.”

Harold Koontz and Heinz Weihrich

“Management is defined as the process of planning,

organising, actuating and controlling an organisation’s
operations in order to achieve coordination of the
human and material resources essential in the effective
and efficient attainment of objectives.”

Robert L. Trewelly & M. Gene Newport

Effectiveness versus Efficiency
Output
Efficiency

Input Output

Effectiveness
Effectiveness versus Efficiency

Effectiveness in Efficiency means

management is doing the task
concerned with doing correctly and with
the right task. minimum cost.
Completing activities If by using less
and achieving goals. resources more
In other words, it is benefits are derived
concerned with the then efficiency has
end result. increased.
Next: Nature and significance of management PART 2