MANAGEME

NT
CONCEPTS
AND
FOUNDATIO
NS
Created by
ANUBHA
THAKUR
Table of Content

• MEANING • CHARACTERISTIC
• DEFINITION S
• OBJECTIVES • LEVELS
• NATURE • FUNCTIONS
• PRINCIPLES
 MEANING
Management is a process that is very important for day-to-day life and it is used in
household-to-business organizations to ease the work process.
• Management is a term derived from the Italian word “Managgiare”, which literal
meaning is “to handle”
• and the Latin word “Manus” which literally means “Hand”
• and in the french word “Mesnagement” is a term that simply means modern-day
management.
Mgmt. is a set of principles relating to the functions of planning, organizing, directing,
and controlling and the practical application of these principles while managing
resources of the company including human resources.
 DEFINITION
“Management is a process and the art of
getting things done through people using
available resources with the aim of
achieving goals effectively and efficiently.”
 DEFINITIONS
“Management is to forecast, plan, organize, command, coordinate and
control the activities of others.” – Henry Fayol
“Management is the art of knowing what you want to do and then
seeing that they do it in the best and the cheapest manner.” – F.W.
Taylor
“Management is defined as the process of planning, organizing,
actuating and controlling an organization’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 and M. Gene Newport
Objective of Management
Organizational Objectives: Mgmt. is expected to work for the achievement of the
objectives of the particular business or organization in which it exists. Some
elements are Survival, Growth, Profits, ..etc.
Social Objectives: Managers are not the only representative of the owners and
workers, but are also responsible to the various groups outside the organization
which creates a good corporate image in the industry. Some elements are the
Supply of quantity at reasonable prices, Creation of Employment, ..etc.
Personal objectives: An organization consists of several persons who have their
own goals and objectives. Some examples are a Competitive Salary, Personal
growth, and Skill development, a Good working environment, ..etc.
Some other Purposes/Objectives are as
follows;
Better Utilisation of resources
Effective Planning
Maintain Organizational Culture
Profit Maximization
Increase Customer Satisfaction
Career Planning
To cope with Risks
Coordination between employees
CHARACTERISTI
CS
• A continuous and never-ending process
• Result and goal-oriented process
• All-pervasive/universal
• It’s science as well as art.
• Multidimensional (work/people/operations)
• It’s a group activity
• It’s a dynamic function
• It is an intangible force but its impact is felt
• It involves decision making
 Scope
These specific tasks are termed the scope of the mgmt. These tasks are clubbed
into Finance Managers, Human Resource Managers, Marketing Managers,
Production Managers, Research & Development, Core Operations, patient care,
hospitality, ..etc.
• Human Resource Mgmt. (HRM)
• Financial Mgmt. (FM)
• Marketing Mgmt.
• Production and Operation Mgmt.
• Risk Mgmt.
• Strategic Mgmt.
• Cost & Accounting Mgmt.
• Quality Mgmt.
 MANAGEMENT
LEVELS
Levels of Management can be divided into three categories:
• Top Level Management
• Middle-Level Management
• Lower Level Management
 Nature
To understand the basic nature of mgmt. it must be analyzed with different
aspects in terms of art and science, in relation to administration, and as a
profession, in terms of managerial skills and style of managers.
• Multidisciplinary
• Universality of Administration
• Dynamic Nature of Principle
• It is a Continuous Process
• It is a Group Activity
• It is Goal Oriented
• Management is a Science as well as an Art
Management as an Art:
A Manager applies his experience & skills to manage and coordinate
the effort of their people to perform his duties in the organization.
The main elements are:
• Personal Skill
• Application of knowledge
• Result Orientation
• Creativity
• Practical knowledge
Management as a
Science:
• Mgmt. is considered a Social Science, It is designed not only to bring
profits to the organization but also to serve as a helpful tool for society.
• Different principles & theories are developed through continuous
observation, Research & Development (R&D), and experiments.
• It constitutes a systematized body of knowledge which have
practicability.
• Universal acceptability is there.
Management as a
Profession:
• Learning Ability
• Post Learning Experience
• Ethical code of Conduct
• National Recognition
• Working Principles
Significance/Importance
• Encourages Innovation
• Facilitates growth and expansion
• Optimum use of resources
• Improves life of workers
• Improves corporate image
• Encourages Team Work
• Good Corporate Image
• The welfare of the Society
• Increase Motivation
• Higher Efficiency
Principles of Management
• Division of work • Remuneration
• Authority and Responsibility • Centralization
• Discipline • Scalar chain
• Unity of command • Order
• Unity of direction • Equity
• Subordination of • Stability of tenure of
personal/individual interests to personnel
the general interest. • Initiative
• Esprit de corps