Chapter 1 Principles of Management Management is part and parcel of our day to day life. The practice of management could be found in our entire endeavour whether we are in a play ground or library or class room or hostel and so on wherein we plan many of our actions and execute them in a systematic manner to arrive at the desired results. So management is goal oriented and it is an art of getting things done with and through others.
The practice of management helps to achieve the organizational mission and determines the future of the business enterprises. In a way the success or otherwise of an organization or an individual is more decided by the way they manage their functions, duties and responsibilities. So it goes without saying that management is all the more important in organizational life in any part of the world. It is a global and universal concept.
Concept of Management: The management concept can be understood from its profound characteristic features as follows:
1. Body of Knowledge: Management has now developed into a specialised body of management theory and philosophy. Management literature is growing in all countries. In fact, management knowledge is the best passport to enter the world of employment either in business world or government or private.
2. Management Tools: Tools of management have been developed such as, accounting, business law, psychology, statistics, econometrics, data processing, etc. These branches of management profession have enhanced the practical utility of the science of management.
3. Separate Discipline: Management studies in many universities and institutions of higher learning are recognised as a separate discipline. Since 1951, many specialised schools of management offering master‘s degree in business management and administration. Seminars, special courses, training programmes are becoming fashionable and popular for orientation and retraining in management areas, e.g., export management, personnel management, general management, production management, marketing management, financial management, etc.
4. Specialisation: There is a growing tendency to select and appoint highly qualified, trained and experienced persons to manage the business in each functional areas of management. Thus we have today an increasing tendency in favour of management by experts or professionals
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