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    • Principles of Management

    Principles of Management

    • Posted by admin
    • Categories 12th, Commerce
    • Date January 2, 2020
    • Comments 0 comment
    management-principles-cbse-accounts

    The following are the topics involved in Nature and Significance of Management chapter:

    Management Definition: Management is defined as the process of planning, organizing and controlling of organization operations to achieve the objects of an organization in effective and efficient manner.

    ->Types of concepts in Management: There are two types

    i) Traditional concept: To achieve the organization goals through others.

    ii) Modern Concept: To achieve the organization goals efficiently and effectively with the aim.

    ->Characteristics of Management:

    i) Goal-Oriented Process: Organisation existence depends on objectives and management is the process of combining efforts of every individual to achieve the goal.

    ii)All pervasive: the Management is applicable to all types of an organization either small  or big and profit or non-profit

    iii) Multidimensional:

    Management has multiple activities. Mainly,

    •  Management of house
    •  Management of people
    •  Management of operations

    iv)Continuous process: Management is a continuous process because it continuously performed interrelated functions

    iv)Group Activity: Management is a group activity because For Every Individual in an organization wants to contribute their efforts to achieve the organizational goals.

    v) Intangible: we cannot touch the management but we can felt by the organization functions

    ->Management objectives: objectives are classified into social, organizational and personal

    i) Organisational objectives
    Survival: it exists for a long time in the competitive market.
    Profit: it is used for successfully continued operations.
    Growth: It measurement of a successful organization.

    ii) Social objectives: It involves the creation of benefit for society
    iii) Personal objectives:  objectives of the good salary, promotion, social recognition, healthy working conditions of the employee.

    ->Management Importance:

    •  Helps to achieve Group goals: it integrates the objectives of individuals
    •  Increases efficiency: It increases the productivity with help of proper planning, organizing and directing of an organization.
    •  Creates a Dynamic organization: the manager keeps changes in an organization in a dynamic way.
    • Helps to achieve Personal objectives: To achieve personal objectives through motivation and leadership.
    •  Helps in Development of society:

    It creates employment, generates new technology by providing good quality products and services to help in the development of society.

    ->Management is an Art:

    •  It is based on practice and creativity
    •  The existence of Theoretical knowledge is available from the lots of literature

    ->Management as a Science:

    It is systematized body of knowledge and principles are based on experimentation.

    ->Management as a profession:

    It does not match with a complete criterion of a profession but it has some features of the profession.

    ->Management Levels:

    •  Top Management: It consists of senior-most executives referred as a chairman, Chief  executive officer, Directors
    •  Middle management: these are under top level management
    •  Operational Management: they are foremen and supervisors.

    ->Management Functions:

    •  Planning: it is the process of how to develop sales to achieve the organizational objectives.
    •  Organization: It is the process of organizing grouping tasks and allocating resources.
    •  Staffing:  It implies right people
    •  Directing: It involves leading, influencing, motivating employees
    •  Controlling: it is the process of follow up actions for the performance

    ->Coordination: Coordination is combination of all activities

    Such as purchase, production, sales, finance to ensure the working of an organization.

    i) Characteristics :

    • Integrates group efforts
    • Ensures units of action
    • Continuous process
    • Pervasive function
    • Responsibility of all managers

    ii) Importance:

    • Growth size: when there is growth automatically increases the employment of an organization
    • Functional Differentiation: In every organization have separate departments and different goals. When linking these activities is achieved by only coordination.
    • Specialisation: For coordination different specialists are required to achieve the different approaches and judgments etc.

     

    Tag:concepts in managements, importance of managements, principal and managements, principal of managements topics, what are principals and managements

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