Every business requires planning for the future to find a way to successful business for which the person in the helm of affairs has to take decisions and is responsible for the consequences for his decision making whether favorable or unfavorable.
According to Bradford and Johnson, "Management is an intangible part of production which develops within the lives of men. It is first mental process, a concentration of desires, a will power.
In economic terms management is one factor of production together with land, labor and capital.
According to specialists in administration and organization, management is a system of authority.
According to sociologists, management is a class and status system.
According to Newman and Summer, management is considered to be a process consisting of organizing, planning, leading and controlling.
Organizing- deals with assigning various tasks to different people and coordinating their efforts as well maintaining a careful balance between different parts of the enterprise.
Planning- Concerned with setting goals, objectives and targets and delineating mechanisms for attaining them at various levels throughout the organization as well as for the total organization.
Leading- Leadership is also concerned with the maintenance of high standards, discipline and occasionally the judicious mix of authority, power and influence in order to attain target objectives.
- Controlling- Concerned with measuring and narrowing the gap between planned performance and actual performance, and with the monitoring of performances as well as taking corrective actions wherever necessary.
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