WHAT IS MANAGEMENT

WHAT IS MANAGEMENT

  07:29    Rahul R

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Management is the art of getting things done through and with the efforts of other people. To manage is to forecast and plan,to organize,to command,to coordinate,and control. Management is the art of knowing  what you want to do in the best and cheapest way.

Nature  of Management

·         Management is a universal process

·         Management is goal oriented

·         Management is Group Activity

·         Management is a Profession

·         Management is a process

·         Management is a dynamic function

·         Management is a factor of production

Managerial Functions

Planning : Planning is deciding in advance what is to be done. It’s the determination of a course of action  to acheive the desired result. Planning involves problem solving ( identification of alternatives ) and decision making  (selection from alternatives) . In planning a manager searches for the alternative courses open to him and then select from these alternatives to determine general and specific objectives and detailed means for achieving them. It’s the fundamental function of management .

Organising: Organizing mean providing the business with all the requirements for its smooth running. It’s the creation of a  structure of duties and functions for the attainment of the objectives of the concern.

Staffing:  It’s the function of hiring and retaining a suitable wokforce. It involves the process of recruiting,training,developing,compensating , evaluating employees and maintaining  these workforce with proper incentives and motivation.

Directing: The directing function is concerned with leadership,communication,motivation, and supervision so that the employees perform their duties in the most efficient manner possible In order to achieve desired goal.

Controlling: Controlling activity consist of establishing standards for work performance that is measuring performance and comparing it to these set standards and taking corrective action.