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Note for Principles of Management - POM By ananthi Parth

  • Principles of Management - POM
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Management Definition Harold koontz “Management is the art of getting things done through others and with formally organised groups.” Henri Fayol “Management is to forecast, to plan, to organize, to command, to coordinate and control activities of others.” Joseph Massie “Management is defined as the process by which a cooperative group directs action towards common goals”.

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Nature of Management • • • • • • • • • • • Universal Process: Wherever there is human activity, there is management. Without efficient management, objectives of the company can not be achieved. Factor of Production: Qualified and efficient managers are essential to utilization of labor and capital. Goal Oriented: The most important goal of all management activity is to accomplish the objectives of an enterprise. The goals should be realistic and attainable. Supreme in Thought and Action: Managers set realizable objectives and then mastermind action on all fronts to accomplish them. Group activity: All human and physical resources should be efficiently coordinated to attain maximum levels of combined productivity. Dynamic Function: Management should be equipped to face the changes in business environment brought about by economic, social, political, technological or human factors. Social Science: All individuals that a manager deals with, have different levels of sensitivity, understanding and dynamism. Important Organ of Society: Society influences managerial action and managerial actions influence society System of Authority: Well-defined lines of command, delegation of suitable authority and responsibility at all levels of decision-making. Profession: Managers need to possess managerial knowledge and training, and have to conform to a recognized code of conduct and remain conscious of their social and human obligations. Process: The management process comprises a series of actions or operations conducted towards an end.

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Scope of Management 1. Subject-Matter of Management: Planning, organizing, directing, coordinating and controlling are the activities included in the subject matter of management. 2. Functional Areas of Management: These include: Financial Management, Personnel Management, Purchasing management, Production Management , and Maintenance Management 3. Management is an Inter-Disciplinary Approach: For the correct implementation of the management, it is important to have knowledge of commerce, economics, sociology, psychology and mathematics. 4. Universal Application: The principles of management can be applied to all types of organizations irrespective of the nature of tasks that they perform. 5. Essentials of Management: Three essentials of management are: •Scientific method •Human relations •Quantitative technique 6. Modern Management is an Agent of Change: The management techniques can be modified by proper research and development to improve the performance of an organization.

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