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Fundamental of Management


Definition of Management:

 It is very difficult to give a precise definition of the term ‗management‘. Different scholars from different disciplines view and interpret management from their own angles. The economists consider management as a resource like land, labor, capital and organization. The bureaucrats look upon it as a system of authority to achieve business goals. The sociologists consider managers as a part of the class elite in the society. 

Management is the coordination of all resources through the process of planning, organizing, directing and controlling in order to attain stated objectives. 

—Henry L. Sisk

 Management is the art of knowing what you want to do and then seeing that it is done in the best and cheapest way. 

—F.W. Taylor

 To manage is to forecast and to plan, to organize to command, to coordinate and to control.

 —Henry Fayol

 Therefore, management is the application of planning, organizing, staffing, directing and controlling functions in the most efficient manner possible to accomplish objectives. 


Specific results or targets to be reached by a certain time.


 A broadly stated guideline that an organization/dept./individual is attempting to achieve. Functions of Management: 

Management consists of the functions given below. It is based on Henri Fayol's thinking on the functions (Forecasting, Planning, Organizing, Commanding/Directing, Coordinating, Controlling) of management.


 P- Planning- generating plans of action for immediate, short term, medium term and long term periods 

 O- Organizing- organizing the resources, particularly human resources, in the best possible manner.  S- Staffing- positioning right people right jobs at right time 

 D- Directing- lead and enthuse the employee to work effectively and efficiently. Directing can be accomplish through Leadership. Leadership is the process of influencing the activities of an individual or group toward accomplishing the goal.

 C0- Co 0rdinating- Communicate and coordinate with people to achieve the plans of the organization.

  R- Reporting- to whom the executive is responsible informed as to what is going on, which thus includes keeping himself and his subordinates informed through records, research, and inspection.

  B- Budgeting- with all that goes with budgeting in the form of planning, accounting and control

Management Roles:

 Management expert Professor Henry Mintzberg has argued that a manager‘s work can be boiled down to ten common roles. According to Mintzberg, these roles, or expectations for a manager‘s behavior, fall into three categories: informational (managing by information), interpersonal (managing through people), and decisional (managing through action).

Importance of Management:

 Management is important due to the following reasons:

  It optimizes use of scarce resources. 

 It ensures effective leadership and motivation. 

 It promotes harmony among industrial relations. 

 It facilitates the achievement of goals. 

 It facilitates change and growth. 

 It enhances the quality of life. 

 It improves productivity. 

 It contributes to organizational competitiveness. 

 It develops professionalism. 

 It contributes to organizational growth


 The field of management is very wide. The operational areas of business management may be classified into the following categories: (i) Production Management: Production management implies planning, organizing, directing and controlling the production function so as to produce the right goods, in right quantity, at the right time and at the right cost. It includes the following 


 (a) designing the product (b) location and layout of plant and building (c) planning and control of factory operations (d) operation of purchase and storage of materials (e) repairs and maintenance (f) inventory cost and quality control (g) research and development etc.

(ii) Marketing Management:

 Marketing management refers to the identification of consumers needs and supplying them the goods and services which can satisfy these wants. It involves the following activities: (a) marketing research to determine the needs and expectation of consumers (b) planning and developing suitable products (c) setting appropriate prices (d) selecting the right channel of distribution, and (e) promotional activities like advertising and salesmanship to communicate with the customers 

(iii) Financial Management:

 Financial management seeks to ensure the right amount and type of funds to business at the right time and at reasonable cost. It comprises the following activities: (a) estimating the volume of funds required for both long-term and short-term needs of business (b) selecting the appropriate source of funds (c) raising the required funds at the right time (d) ensuring proper utilization and allocation of raised funds so as to maintain safety and liquidity of funds and the creditworthiness and profitability of business, and (e) Administration of earnings Thus, financial management involves the planning, organizing and controlling of the financial resources. 

(iv) Personnel Management: 

 Personnel management involves planning, organizing and controlling the procurement, development, compensation, maintenance and integration of human resources of an organization. It consists of the following


 (a) manpower planning (b) recruitments, (c) selection, (d) training (e) appraisal, (f) promotions and transfers, (g) compensation, (h) employee welfare services, and (i) personnel records and research, etc. 
Fundamental of Management Fundamental of Management Reviewed by liemeta on November 19, 2020 Rating: 5