Nature and Importance of Management

• It is of utmost importance to know the nature and importance of management.

Meaning of Management

• Management is a scientific process used to achieve pre-determined business goals.
• It involves planning, coordination, direction, and control of a group's efforts.
• It's a powerful way to get work done by others, enabling various people connected to a business to coordinate and fulfill the goals.

Concept of Management

• The concept of management changes with time and circumstances.
• Different people view management differently based on their perspectives and situations.
• It is an essential function for every organization, where people work together as a group.
• According to Koontz, management is the process of working with and through others to effectively achieve organizational goals while efficiently using limited resources.
• According to F.W. Taylor, management involves the effective use of all resources through planning, organizing, directing, and controlling to achieve set goals.

Characteristics of Management

• Management involves a process, not just a specific task.
  • It is a goal-oriented process.
  • It is pervasive, meaning it is present everywhere.
  • It is multidimensional.
  • It is a continuous process.
  • It is a collective activity.

Objectives of Management

• Every organization is established to achieve specific goals or important tasks.
• Managers must clearly define their objectives so everyone in the organization can use their skills and the company's resources efficiently to achieve them.

Organizational Objectives

• Management is responsible for setting and achieving organizational goals.
• Management has to consider the interests of all stakeholders, such as shareholders, employees, and customers.
• An organization is a group of people that uses physical resources effectively to achieve specific goals.
• The objectives can be:
  • Survival, where the main goal of any business is to sustain its existence for a long time.
  • Profit, every business organization aims to earn profits.
  • Growth, which means every organization needs to develop, using management to take advantage of opportunities for growth.

Social Objectives

• Social objectives are set to fulfill responsibilities towards society and the local community, as businesses operate within society and use its resources.

Employees' Related Objectives

• Each organization has many employees, each with personal and social needs.
• The organization sets individual goals that align with the organization and enable employees to work within the organization.

Importance of Management

• Management is essential in the modern era.
• It increases productivity, employee income, and consumer satisfaction, contributing to the overall success of an organization, society, and nation.
• The following points highlight the significance of management:
  • Helps achieve collective goals.
  • Increases efficiency.
  • Creates a dynamic organization.
  • Helps achieve individual goals.
  • Contributes to the development of society.

Nature of Management

• The nature of management is multifaceted, with some viewing it as an 'art,' others as a 'science,' and some as a 'profession.'
• Different individuals have varying perspectives, making it challenging to define the nature of management.
• To understand the nature of management, it is necessary to study its key characteristics, which will help in fully understanding its nature.