Definition of Management :
Management has existed ever since man has been organized into communities.
Management coordinates resources to get the job done to achieve goals. Resources can be human, financial, physical and informational. For organizational success, managerial skills and competences are needed. Thus, management involves getting things done through people. It is also an art of developing people through cultured working environment. Organizations need managers who have both insight to see and understand the nature of organization problems and skills and ability to develop strategies for their survival and growth in the present competitive world. Management performs the set of activities like planning decision making, organizing, leading and controlling with the aim of achieving organizational goals in an efficient and effective way.
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Characteristics of Management:
1) Universal
2) Goal Oriented
3) Continuous Process
4) Multi-dimensional
5) Group Activity
6) Dynamic Functions
7) Intangible Force
Explain :
1) Universal:
All the organizations, whether it is profit-making or not, they require management, for managing their activities. Hence it is universal in nature.
2) Goal-Oriented:
Every organization is set up with a predetermined objective and management helps in reaching those goals timely, and smoothly.
3) Continuous Process:
It is an ongoing process which tends to persist as long as the organization exists. It is required in every sphere of the organization whether it is production, human resource, finance or marketing.
4) Multi-dimensional:
Management is not confined to the administration of people only, but it also manages work, processes and operations, which makes it a multi-disciplinary activity.
5) Group activity:
An organization consists of various members who have different needs, expectations and beliefs. Every person joins the organization with a different motive, but after becoming a part of the organization they work for achieving the same goal. It requires supervision, teamwork and coordination, and in this way, management comes into the picture.
6) Dynamic function:
An organization exists in a business environment that has various factors like social, political, legal, technological and economic. A slight change in any of these factors will affect the organization's growth and performance. So, to overcome these changes management formulates strategies and implements them.
7) Intangible force:
Management can neither be seen nor touched but one can feel its existence, in the way the organization functions.
Precisely, all the functions, activities and processes of the organization are interconnected to one another. And it is the task of the management to bring them together in such a way that they help in reaching the intended result.
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