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Note for Management Science - MS By bandana panda

  • Management Science - MS
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UNIT-1 INTRODUCTION TO MANAGEMENT Introduction to Management: When human being started group activities for the attainment of same common objectives whenever a group is formed and a group activity is organized to achieve certain common objectives management is needed to direct, co-ordinate and integrate the individual activities of a group and secure teams work to accomplish organizational objectives. The objectives of all business are attained by utilizing the scare resources like men, materials, machines, money etc. In process of management, a manage uses human skills, material resources and scientific methods to perform all the activities leading to the achievement of goods. Definition: “Management is knowing exactly what you want men to do and then seeing that they do it the best and cheapest ways”. __F.W.Taylor “Management is defined as the creation and maintenance of an internal environment in an enterprise where individuals working together in groups, can perform efficiently and effectively towards the attainment of group goals”. __Koontz and O’Donell Nature of Management: The study and application of management techniques in managing the affairs of the organization have changed its nature over the period of time. Multidisciplinary: Management is basically multidisciplinary. This implies that, although management has been developed as a separate discipline, it draws knowledge and concepts from various disciplines. It draws freely ideas and concepts from such disciplines as psychology, sociology, anthropology, economics, ecology, statistics, operations research, etc. Management integrates the ideas and concepts taken from these disciplines and present newer concepts which can be put into practice for managing the organization. Dynamic nature of principle: Based on integration and supported by practical evidences, management has formed certain principles. However, these

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principles are flexible in nature and change with the changes in the environment in which an organization exists. Relative, not absolute principles: Management principle are relative, not absolute, and they should be applied according to the need of the organization. Each organization may be different from others. The difference may exist because of time, place, socio-cultural factors, etc. Management Science or Art: There is a controversy whether management is science or art. However, management is both a science and art. Management as profession: Management has been regarded as profession by many while many have suggested that it has not achieved the status of a profession. Characteristics of Management: Setting goals for organizations: Goals differ from organization to organization in business, the basic economic goal is to earn maximum profit, while in service organization like hospital and educational institution for the basic goal is to provide better service and better education. Awareness of opportunities and resources: Management have awareness of opportunities and resources like men, materials, money which assembles and integrates by management. Management is transformation process: Management is a transformation process consisting of planning, organizing, staffing, directing and controlling. Management is universal: The principles and techniques of management are universally applicable to all group activities performed at any level of organization. System of authority: System of authority means a hierarchy of command and control. Managers at different levels possess varying degrees of authority. Co - Ordination: Various human beings organized in formal groups are endeavoring to achieve the common organizational objectives, so various departments in the organization must work in harmony with one another. Management is Dynamic: The ever changing social environment directly and indirectly effect the group activity thus changing environments provide a

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challenge to management. Efficient management can not remain static it must adopt it self to changing conditions. Management is decision making: The managers are decision makers the marketing managers decides about how to market, when to market, where to market how to collect funds for organization. Management is a profession: Management is not only a science but also an art. Art means managers has to handle the person and things tactfully. Science means achieving objectives through procedures

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Importance of Management: “No ideology, no ism, or political theory can win greater output with less efforts from a given complex of human and materials resource only sound management And it is on such greater output that a higher standard of life, more leisure, more amenities for all must necessarily be found”. Effective utilization of resources: Management tries to make effective utilization of various resources. The resources are scarce in nature and to meet the demand of the society, their contribution should be maximum for the general interests of the society. Management not only decides in which particular alternative a particular resource be used but also takes actions to utilize it in that particular alternative in the best way. Development of resources: Management develops various resources. This is true with human as well as non-human factors. Most of the researches for resource development are carried on in an organization way and management is involved in those activities. To incorporate innovations: Today changes are occurring at a very fast rate in both technology and social process and structure these changes need to be incorporated to keep the organizations alive and efficient. Therefore, they require high degree of specialization, high level of competence, and complex technology. All these require efficient management so that organizations work in the most efficient way. Integrating various interest groups: In the organized efforts, there are various interest groups and they put pressure over other groups for maximum share in the combined output. For example, in the case of business organization, there are various pressure groups such as shareholders, employees, government etc. These interest groups have pressure on an organization. Stability in the society: Management provides stability in the society by changing and modifying the resources in accordance with the changing environment of the society. In the modern age, more emphasis is on new inventions for the betterment of human beings. These inventions make old systems and factors mostly obsolete and inefficient. Management provides integration between

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