Nature and Concept of Management

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Presentation transcript:

Nature and Concept of Management

Topics of the Presentation After this presentation you will be able to learn- Definition of Management Functions of Management Management as a Science Management as an Art

Definition of Management Is a distinct process of planning, organizing, staffing, directing, and controlling (POSDICON), performed to determine and accomplish stated objectives by the use of human being and other business resources.

Functions of Management Planning Organizing Staffing Directing Controlling

1. Planning It is related to decision-making. It involves forecasting. Refers to the formulation of objectives, programs, policies, procedures, rules and regulations, in order to achieve the goals of business. It is related to decision-making. It involves forecasting. Planning is the first step which is basically a logical thinking process that decides what needs to be done in order to achieve organization's goals and objectives. It focuses on the broader perspective of the business as well as taking into consideration, the tactical methods to get the desired results.

2. Organizing Is the grouping together of people, establishing relationship among them, and defining the authority and responsibility that the personal have in the use of company’s material resources to attain predetermined goals and objectives. Organizing is about setting up and maintaining the internal organizational structure in accordance with objectives mentioned in planning stage. It also involves assigning tasks to various individuals for the larger goal of organization's missions and objectives.

3. Staffing Involves filling and keeping filled the positions provided in the organization structure. Staffing is the process of choosing right people for organization. It can be associated with human resource management and involves recruitment, hiring, training and compensating the workforce.

4. Directing is guiding people in the organization through the means of counseling, instructing, motivating.

5. Controlling Is the process of measuring and correcting the activities of subordinates and the company itself to assure conformity to plans. Controlling The process of leading and influencing the task related activities of group members or an entire organization.

Management is an "ART" because it: Through human efforts. Feels Guesses Describes Expresses Communicates & Practices

Management is a "SCIENCE" because it: Is a systematic body of knowledge Predicts Defines Measures & Utilizes knowledge

Summary Definition of Management The Functions of Management Management is an Art Management is a Science

Activity: Write your discussion in a ½ sheet of paper ( by pair) Question: Management has often been described as a universal process, meaning that the basics of management are transferable and applicable in almost any environment. Comment on this statement.