Ankur varshney .S 1954 II M.S.

Concepts of business management

Management

resource Management as a team Management as an academic discipline Management as a human process

as an economics

Principles of business management

POSDCORB

Economics resource
Business management

Team

Academic discipline

Human process

manpower

money

management

material

machine

Top level Middle level

Operating level

Planning

Controlling

Human process

Organizing

Directing

Management has emerged as a specialized branch of knowledge it comprises principles and practices for effective management

P PLANNING O ORGANISING S STAFFING D DIRECTING CO- COORDINATING / CONTROLLING R REPORTING B - BUDGETING

Deciding what needs to happen in the future and generating plans for action. Process of thinking about the activities required to create a desired future on some scale. It involves determining the objectives and selecting a course of action to achieve them. It is mental process requiring the use of intellectual, foresight, imagination, and sound of judgement. It consist of forecasting, decision making and problem solving.

Once plans are formulated, the next step is that of organizing. It is important element of management, because through organizing that a manager brings together the material and human resources required for achievement of desired goals. It helps to avoid duplication of work and overlapping of effort.

It is the process of filling all positions in the organization with adequate and qualified personnel. It consists of Human Resource Planning, Recruitment, Selection, Training, Compensation, Integration and maintenance of employees..

It is the managerial function of guiding, supervising, motivating and leading people towards the attainment of planned targets of performance. It involves Motivation Supervision Leadership Communication

It is the process of ensuring that the organization is moving in the desired direction and that progress is being made towards the achievement of goals. Establishing standards for measuring work performance. Taking corrective action for correcting deviations so as to ensure attainment of objectives.

Preparing reports on the progress of various activities.

Financial planning. Accounting. Control over expenditure