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Nature and Concept of Management: Presented By: GROUP 1
Nature and Concept of Management: Presented By: GROUP 1
CONCEPT OF
MANAGEMENT
Presented by : GROUP 1
Significance of Studying
Management
1. Encourages Initiative
Management encourages initiative. Initiative means to do the right thing at the right
time without being told or influenced by the superior. The employees should be
encouraged to make their own plans and also to implement these plans. Initiative
gives satisfaction to employees and success to organization.
2. Encourages Innovation
Management shares some of its profits with the workers. It provides the
workers with good working environment and conditions. It also gives
the workers many financial and non-financial incentives. All this
improves the quality of life of the workers.
8. Reduces wastage
9. Increases efficiency
Planning
Managers must plan for future conditions, develop strategic objectives and secure the achievement of future
goals. Therefore, managers must evaluate future contingencies affecting the organization, and shape the future
operational and strategic landscape of the company.
Organizing
Managers must organize the workforce in an efficient manner and structure and align the activities of the
organization. Managers must also train and recruit the right people for the job, and always secure a sufficiently
skilled and educated workforce.
Commanding
Managers must supervise subordinates in their daily work, and inspire them to achieve company goals.
Likewise it is the responsibility of managers to communicate company goals and policies to subordinates. The
commanding of subordinates should always be consistent with company policies, and every manager should
treat subordinates in line with the standards of the company.
Coordinating
Managers must harmonize the procedures and activities performed by the company, meaning that every activity
of each organizational unit should complement and enrich the work of another.
Controlling
Managers must control that company activities are in line with general company policies and objectives. It is
also the responsibility of the manager to observe and report deviations from plans and objectives, and to make
initiatives to correct potential deviations.
Management as a
Science and an Art
Management can be considered as both science as well as an art.