MANAGEMENT- Meaning/Concept AND Objectives
MANAGEMENT-Meaning/ Concept, functions & Objectives
MEANING/CONCEPT OF MANAGEMENT:
MANAGEMENT is the process of getting things done with the aim of achieving goals effectively and efficiently.
- Process: refers to the primary function like planning, organising, staffing, directing and controlling performed by the management to get things done.
- Effectiveness: means completing the right task to achieve the deputed goal
within the time frame. - Efficiency: means completion of task using minimum resources
DEFINITION OF MANAGEMENT:
“Management is the process of working with and through others to effectively achieve the organisational objectives by efficiently using limited resources in the changing environment.“
Functions of Management:
1. Planning – Setting objectives and targets and formulating an action plan of what is to be done, how to be done and when to do it.
2. Organising – Assignment of duties, task, establishment of authority and responsibility relationships, allocating the resources required to perform the planned task.
3. Staffing – Finding and placing the right person at the right job at the right time.
4. Directing – Leading, influencing, motivating the staff chosen to perform the assigned task efficiently and effectively.
5. Controlling – Ensuring/Monitoring the activities in an organisation are performed as per the plan.
3 OBJECTIVES OF MANAGEMENT :
1. Organisational Objectives
The organisational objectives of management refer to the main objectives required to fulfill the economic goals of the business organisation. The main objective of management is to utilize the human and material resources in such a manner that it should give maximum advantage to the organization. Every management group strives to accomplish these objectives for its organisation.
These objectives of every organisation are survival, profit and growth.
(a) Survival: The basic objective of every business is to survive for a longer period in the market. The management must ensure survival of the organisation by earning enough revenue to cover its costs.
(b) Profit: Only survival is not sufficient for business. Profit earning is essential for meeting the expenses and for the successful operation of the bus Thus management must ensure earning of sufficient profit.
(C) Growth: The next important objective of the management is to ensure future growth and development of the business.
2. Social Objectives of management.
Each organisation is a part of society and thus it has certain social obligations to fulfill there needs.
Some of them are as follows:
(i) To supply quality goods and services.
(ii) Providing basic amenities to the employees like schools and creches for their children, medical facilities etc.
(iii) To generate employment opportunities especially for the backward classes.
(iv) To provide environment friendly methods of production.
To provide financial support to society by donating for noble causes. To organize educational, health and vocational training programmes.
(vii) To participate in social service projects of Government and Non Governmental Organisations (NGOs).
3. Personal Objectives of management
Personal Objectives refer to the objectives which are related to the individual needs of the employees of an organisation. All organisations are made up of people with different values, experiences and objectives. People join an organisation to satisfy their different needs. These are as follows:
i) Financial needs like competitive salaries, incentives and other monetary benefits.
ii) Social needs like recognition in the organisation.
iii) Higher level need which includes personal growth and development.
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