Nature of management

 

1. Universal Process

• Wherever here is human activity, there is management.

2. Factor of production

• Qualified and efficient managers are essential to utilization of labor and capital.

3. Goal oriented

• Management activity is to accomplish the objectives of an enterprise.

• Goal should be realistic and attainable. 

4. Supreme in thought and action

• Managers set realizable objectives and then mastermind action on all fronts to accomplish them.

5. Group activity

• All human and physical resources should be efficiently coordinated to attain maximum levels of combined productivity.

6. Dynamic function

• Face the changes in business environment brought about by economic, social, political, technological or human factors.

7. Social Science

• All individuals that a manager deals with, have different level of sensitivity, understanding and dynamism.

8. Important organ of society

• Society influences managerial action and managerial actions influence society.

• Manager should contribute towards the society by organizing charity functions, sports competition, donation to NGO’s etc.

9. System of authority

• Well-defined lines of command, delegation of suitable authority and responsibility at all levels of decision making.

10. Profession

• Managers need to possess managerial knowledge and training and hae to conform to a recognized code of conduct and remain conscious of their social and human obligations.

11. Process

• The management process comprises a series of actions or operations conducted towards an end.