Management

The term ‘management’ stands for the act of organising, planning, directing and controlling the activities of human beings and physical resources with the intention of accomplishing a predefined objective. Being broad in nature the word carries many contextual meanings.

It is looked upon as a ‘class of persons’, as a ‘factor of production’, as a ‘exploiting set of people’, as a ‘process’ from the viewpoints of management practitioners, economists, socialists and trade unionists, respectively.

According to Peter Drucker, “Management is a multipurpose organ that manages a business, manages manager and manages workers and work”.

According to Louis Allen, “Management is what a manager does”.

According to Koontz and O’Donnell, “Management is the creation and maintenance of an internal environment in an enterprise where individuals, working in groups, can perform efficiently and effectively toward the attainment of group goals. It is art of getting the work done through and with people in formally organized groups”.

According to James D. Mooney and Allan C. Reiley, “Management is the art of directing and inspiring people”.

Concepts of Management

Different concepts related to the management such as Management as a Process, Management as an Activity, Management as a Group, Management as a Discipline, Management as an Economic Resource. Explanation of these concepts are as follows:

1. Management as Process : Management as process is a process of setting planning, goals, controlling the organizing and leading the execution of any type of activity, such as: a project (project management process) or a process (process management process, sometimes referred to as the process of performance measurement and management system).
2. Management as an economic resource : Management as an economic resource, management makes a productive enterprises out of physical and human resources (i.e. labour). The inputs of manpower, machinery, material and money do not by themselves ensure growth, they become productive through the catalyst of management.
   

3. Management as an activity : Management as an activity is the process of observing all the day to day functions of the employees and also tends to label their activities and this helps to identify the activity and progress by tracking each and every entity in a typical day.
4. Management as group : Management as group refer to all those persons who perform the task of managing an enterprise. When we say that management of ABC Pvt. Ltd. is good, we are referring to the group of people those who are managing this Company.
5. Management as a discipline : Management as a discipline refer to that branch of knowledge which is connected to study of principles and practices of basic administrations. Management as a discipline specifies certain code of conducts for managers and indicates various methods of managing an enterprise.