Nature of Management and its Process
Everyone manages one or the other thing in his or her life. Students manage time to study, businessman manages operations of his business. So management is universal factor which exist in everyone’s life and every aspect of life. It is a never ending process which never comes to an end. In early times management was said to be an art of getting things done from others. However this concept has changed as in modern times manager is no longer just a senior. In modern time’s mangers is a team player whose job is to get the things done by his team in which he himself is a member.
Management not only helps in achieving goals it also helps in achieving many other objectives like
• Helps in achieving efficiency which results in more production with less resources and time.
• Maximizes profits
• Management helps in reducing cost
• Provides job satisfaction and security to employee as in well managed organization employee is well aware what is expected out of him.
Features of Management
• It is a systematic body of knowledge
• Management needs proper learning and organizing
• Entry in management profession is restricted as there are entrance exams now days
MANAGEMENT SCIENCE OR ARTS
Management has features of both science as well as of art. However with growth of theoretical base of management it is more of science which is still in growth stage.
Henry Fayol who is also known as the father of the modern management theory divided all the activities of industrial undertaking into six groups namely.
Henry Fayol also grouped all the functions of management into five managerial functions
Another leading management thinker Luther Gulick coined the word POSDCORB using the initial letters of management functions:
• P for Planning
• for Organising
• S for Staffing
• D for Directing
• CO for Coordinating
• R for Reporting
• B for Budgeting
It is to be kept in mind that Reporting is a control function, on the other hand budgeting represents both planning as well as controlling.
For a company secretary it is important to understand the concepts of Management and to be able to apply these concepts into his day to day functioning. Due to this purpose ICSI has introduced this concept in CS foundation Computer based exam. These online Mock tests and online Multiple Choice Questions (MCQ) cover all the important concepts and questions from Chapter Nature of Management and its Process of exam Business Management Ethics and Communication (BMEC) for CS foundation.