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  SUBSCRIBE RSS FEED Search Sharing Wisdom and Vivid Memories of Life KALYAN CITY LIFE ABOUT Kalyan City is a fast emerging residential township inthe Thane district of Maharashtra state, India. It is acentral suburban town and resides 54 kmsnorth-east of Mumbai. This blog regularly sharesquality academic materials. Here we also documentour unique experiences and vivid memories of life.Read our lucid informative articles to excel your understanding, knowledge and success. HOMEARTICLESPHOTOSVIDEOS TEAM  Articles published on Kalyan City Life blogare inspired from our work experience, fieldresearch, study of various good books andpapers, seminars and consultations fromsubject scholars. Our unique collection of useful study notes is an outcome of a teameffort and hard work of Gaurav Akrani, Prof.Mudit Katyani and Manoj Patil. DISCLAIMERPRIVACYCONTACT What is Management?Definitions Meaning andFeatures Post : Gaurav Akrani Date : 4/21/2011 08:46:00 AM ISTComments (17) Labels : Management What is Management? Definitions  According to Harold Koontz , Management is the art of getting things done through and withpeople in formally organised groups. Harold Koontz gave this definition of management in his book TheManagement Theory Jungle . According to Henri Fayol , To manage is to forecast and to plan, to organise, to command, toco-ordinate and to control. Henri Fayol gave this definition of management in his book Industrial and General Administration . NEW ARTICLES Essential Qualities of a GoodField Investigator Twelve Steps in MarketingResearch ProcessDifference Between MarketResearch vs Marketing ResearchIs Marketing Research Scientificor Not? ExplainDepartments and OrganizationalStructure of Advertising Agency FEATURED Worlds Top 10 Most PoisonousVenomous Deadliest SnakesBalayam Nail Rubbing ExerciseCures Alopecia, Hair Loss, Bald50 Health Benefits of Exercise -Find Benefits of Regular ExerciseWhat is Credit Card? MeaningDefinition Size AnatomyTop Inventions and Discoveriesby Scientists - A to Z List - ScienceStages in Evolution of Businessfrom Local to GlobalHow To Prepare Better For Exams ? Exam Skills For StudentsHow To Prepare For SuccessfulJob Interviews ? Best Interview TipsHow To Summarize Passage ?Summarization Skills TechniquesThe Most Memorable Day of MyLife I've Ever Enjoyed - Cool StoryBasic Principles of Insurance -Examples of Insurance PrinciplesIndian Money Market - Features,Drawbacks and Recent ReformsConcept of Marketing Research(MR) Marketing Research Process MANAGEMENT Management Functions AndProcess, Management ThoughtPlanning First Primary ImportantFunction Of ManagementManagement By Objectives(MBO) - Peter Drucker MBODecision Making Process InManagement - Problem Solving Authority, Responsibility and Accountability In ManagementPrinciple of Delegation of  Authority - Importance of DelegationOrganisation - Organizational ARTICLESCOMMENTS   IT MonitoringSoftware Manage Networks, Servers, Apps, Security & More. LearnMore Now! Scroll Top What is Management? Definitions Meaning and Featureshttp://kalyan-city.blogspot.com/2011/04/what-is-management-def...1 of 711/7/2014 11:30 AM  Image Credits © Michael Heiss. According to Peter Drucker  , Management is a multi-purpose organ that manages business andmanages managers and manages workers and work. This definition of management was given by Peter Drucker in his book ThePrinciples of Management  . According to Mary Parker Follet , Management is the art of getting things done through people. Meaning of Management  According to Theo Heimann , management has three different meanings, viz.,1. Management as a Noun  : refers to a Group of Managers.2. Management as a Process  : refers to the Functions of Management i.e.Planning, Organising, Directing, Controlling, etc.3. Management as a Discipline  : refers to the Subject of Management.Management is an individual or a group of individuals that acceptresponsibilities to run an organisation. They Plan, Organise, Direct and Controlall the essential activities of the organisation. Management does not do thework themselves. They motivate others to do the work and co-ordinate (i.e.bring together) all the work for achieving the objectives of the organisation.Management brings together all Six Ms  i.e. Men and Women, Money,Machines, Materials, Methods and Markets. They use these resources for achieving the objectives of the organisation such as high sales, maximumprofits, business expansion, etc. Features of Management Following image depicts fourteen important features of management. NEW COMMENTS Explained in a simplemanner....and it's usefu...I find this helpful but if this waspresented with...Very useful and nicely explainedin simple terms. ...Helpful information. ..!!!! Morebetter either fro...Inflation is not good because itdecrease the cons... CATEGORY  Administrative Law AdvertisingBankingBlogger Business DevelopmentC ProgrammingCommunication SkillsDistinguish BetweenEconomicsEducationFinanceHealthIndustrial PsychologyInternetJavascriptKalyan CityManagementMarketing ResearchPhotosProduction PlanningReptilesScienceSnakesStudy NotesVideosYoutubeStructure - Organisational ChartDecentralisation Advantages andLimitations of DecentralizationManagerial Leadership - Leader Qualities - Leadership TheoriesHuman Resource Management -Human Resource DevelopmentMotivation Motivational FactorsIncentives Theories of MotivationMaslow's Hierarchy of Needs -The Theory of Human MotivationFrederick Herzberg's Two Factor Theory - Motivation Hygiene FactorsDouglas McGregor's Theory Xand Theory Y - Employee MotivationDavid McClelland's AchievementMotivation, Manifest Need TheoryMarketing Mix and 4 P's of TheMarketing - Management ArticleWhat is Market Segmentation ?Importance In Modern Marketing5 M's of Advertising - Features of The Advertising ManagementQuality Control Total QualityManagement TQM Quality Circles BANKING What is a Bank ? Introduction,Definition and Features of BankDifferent Types of Banks - Whatare Various Kinds of Banks ?Commercial Banks - Definitions,Primary Secondary FunctionsBalance Sheet of CommercialBank - Liabilities and AssetsHow to Open Bank Account ? 7Steps To Open Bank AccountWhat are the Advantages of Opening Bank Account ?Saving Account Bank - Meaning,Features and Advantages of ItFixed Deposit Account of Bank -Meaning, Features, AdvantagesWhat is Current Bank Account ?Its Features and AdvantagesRecurring Deposit Account InBank - Meaning and FeaturesWhat is a Cheque ? Definition -Kinds and Types of ChequesWhat are Features of Cheques ?Main Characteristics of ChecksWhat is Crossing of Cheque ?Different Types of Check Crossing Automated Teller Machine (ATM)- The Advantages of ATM MachineE-Banking - Online Banking -Main Advantages of E-BankingPrinciples of Good Lending EveryBanker Follows - LoansDifferent Forms of Advances byCommercial Banks - Loan Types ► Management Gui► Management On ► Management On► Human Manage    Scroll Top What is Management? Definitions Meaning and Featureshttp://kalyan-city.blogspot.com/2011/04/what-is-management-def...2 of 711/7/2014 11:30 AM  The nature, main characteristics  or features of management:1. Continuous and never ending process.2. Getting things done through people.3. Result oriented science and art.4. Multidisciplinary in nature.5. A group and not an individual activity.6. Follows established principles or rules.7. Aided but not replaced by computers.8. Situational in nature.9. Need not be an ownership.10. Both an art and science.11. Management is all pervasive.12. Management is intangible.13. Uses a professional approach in work.14. Dynamic in nature.Now let's briefly discuss each feature of management. 1. Continuous and never ending process Management is a Process. It includes four main functions, viz., Planning,Organising, Directing and Controlling. The manager has to Plan and Organiseall the activities. He had to give proper Directions to his subordinates. He alsohas to Control all the activities. The manager has to perform these functionscontinuously. Therefore, management is a continuous and never endingprocess. 2. Getting things done through people The managers do not do the work themselves. They get the work done throughthe workers. The workers should not be treated like slaves. They should not betricked, threatened or forced to do the work. A favourable work environmentshould be created and maintained. 3. Result oriented science and art Management is result oriented because it gives a lot of importance to Results . Examples of Results like, increase in market share, increase inprofits, etc. Management always wants to get the best results at all times. 4. Multidisciplinary in nature Management has to get the work done through people. It has to managepeople. This is a very difficult job because different people have differentemotions, feelings, aspirations, etc. Similarly, the same person may havedifferent emotions at different times. So, management is a very complex job.Therefore, management uses knowledge from many different subjects such asEconomics, Information Technology, Psychology, Sociology, etc. Therefore, it ismultidisciplinary in nature. 5. A group and not an individual activity Management is not an individual activity. It is a group activity. It uses group(employees) efforts to achieve group (owners) objectives. It tries to satisfy theneeds and wants of a group (consumers). Nowadays, importance is given tothe team (group) and not to individuals. FINANCE What is Finance? MeaningDefinition Features of FinanceWhat is Financial Planning?Meaning Types of Financial PlansWhat is Financial Management?Meaning Definition Scope ArticlesWhat is Corporate Finance?Meaning - What it Includes?What is Credit Rating? Meaningand Articles on Credit RatingDuties and Responsibilities of Computer Operator in BankNationalisation of Banks in India -Introduction Objectives DemeritsNarasimham Committee Report I1991 II 1998 - RecommendationsNew Economic Reforms of theBanking Sector In India - Brief Functions of Reserve Bank of India (RBI) - Credit Policy of RBIKCL Blog - A project of Vedanga Infomedia.Scroll Top What is Management? Definitions Meaning and Featureshttp://kalyan-city.blogspot.com/2011/04/what-is-management-def...3 of 711/7/2014 11:30 AM  6. Follows established principles or rules Management follows established principles, such as division of work, discipline,unity of command, etc. These principles help to prevent and solve the problemsin the organisation. 7. Aided but not replaced by computers Now-a-days, all managers use computers. Computers help the managers totake accurate decisions. However, computers can only help management.Computers cannot replace management. This is because management takesthe final responsibility. Thus Management is aided (helped) but not replaced bycomputers. 8. Situational in nature Management makes plans, policies and decisions according to the situation. Itchanges its style according to the situation. It uses different plans, policies,decisions and styles for different situations.The manager first studies the full present situation. Then he draws conclusionsabout the situation. Then he makes plans, decisions, etc., which are best for the present situation. This is called Situational  Management. 9. Need not be an ownership In small organisations, management and ownership are one and the same.However, in large organisations, management is separate from ownership. Themanagers are highly qualified professionals who are hired from outside. Theowners are the shareholders of the company. 10. Both an art and science Management is result-oriented. Therefore, it is an Art. Management conductscontinuous research. Thus, it is also a Science. 11. Management is all pervasive Management is necessary for running a business. It is also essential for running business, educational, charitable and religious institutions.Management is a must for all activities, and therefore, it is all pervasive. 12. Management is intangible Management is intangible, i.e. it cannot be seen and touched, but it can be feltand realised by its results. The success or failure of management can be judged only by its results. If there is good discipline, good productivity, goodprofits, etc., then the management is successful and vice-versa. 13. Uses a professional approach in work Managers use a professional approach for getting the work done from their subordinates. They delegate (i.e. give) authority to their subordinates. They asktheir subordinates to give suggestions for improving their work. They alsoencourage subordinates to take the initiative. Initiative means to do the rightthing at the right time without being guided or helped by the superior. 14. Dynamic in nature Management is dynamic in nature. That is, management is creative andinnovative. An organisation will survive and succeed only if it is dynamic. Itmust continuously bring in new and creative ideas, new products, new productfeatures, new ads, new marketing techniques, etc.Scroll Top What is Management? Definitions Meaning and Featureshttp://kalyan-city.blogspot.com/2011/04/what-is-management-def...4 of 711/7/2014 11:30 AM

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