Management: Definition & Importance

Management is a wide term and can be explained in various ways; there is no single widely accepted definition for the term ‘management’.

What is Management?

Management is the art of getting things done by others and by formally organized groups.

Management: Characteristics

• Management as a continuous process: Management can be considered as a process because it consists of planning, organizing, activating and controlling the resources (personnel and capital) of an organization.
• Management as a CAREER: As a career or occupation, management is a broad concept. Management itself can be regarded as a career, but it also presents a variety of interesting and challenging careers focused on specialized occupations in the fields such as marketing, finance and personnel.
• Management as an Applied Science: Management is definitely a social science like economics or psychology and has the same institutions which these and other social sciences have.
• Universal Application. Management is a universal activity, applied to any form of activity, economic or otherwise.
• Goal Oriented: Management has the task of attaining certain objectives. The success or failure of the management depends on how far it is able to attain the desired goals. It is judged by the extent to which it achieves its targets.
• Guidance: The main task of the management is guidance in the utilization of material and human resources in the best possible way. Through optimum utilization of resources, it has to ensure that the objectives are attained.
• Management is human activity: Management functions are discharged only by individuals. No corporate body or an artificial being can perform the work of management.
• Leadership: Management has to lead a team of workers. It must be capable of inspiring, motivating and winning their confidence.

Management: Importance

• It helps in achieving Group Goals
• Optimum Utilization of Resources
• Reduces Costs
• Establishes sound organization
• Establishes Equilibrium
• Essentials for Prosperity of Society