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Question
What is Management? Explain the nature of management.
Solution
Management refers to the art of getting the work done with the objective of achieving the goals of the organisation in an efficient and effective manner
The nature of management can be judged from the various principles on which it is based. The following points highlight the nature of principles of management.
The following points highlight the nature of the principles of management:
i. Universal - Universality of management principles implies that they can be applied to every firm, irrespective of its size, nature or location.
ii. Act as guidelines - Management principles act as guidelines; they are considered general premises for decision making. However, they do not provide straitjacket solutions to all problems.
iii. Experiment based - Management principles have been developed through years of research and experimentation; that is why they are technical in nature. They pertain to different working situations and can be modified by managers as per the situations and requirements.
iv. Flexible - Management principles are not rigid in nature. They can be moulded by managers as per the need of the hour.
v. Behavioural - Management principles aim at influencing the behaviour of individuals; the applicability of these principles varies according to changes in human nature.
vi. Indicative of cause–effect relationship - As management principles are based on years of experimentation, they provide a definite cause and effect relationship.
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| (6) | Exist only in cyber space | ||
| (7) | Exist everywhere | ||
| (8) | Single buyer | ||
| (9) | Modern management theory | ||
| (10) | Single seller |
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