All activities performed by a manger to get things done through others are known as management. In other words, management is to manage human and other resources tactfully for the achievement of organizational goals. It is universal in all organized activities. It is an exercise of harmonizing men, money, machines, materials and methods towards fulfilling the defined objectives.
Check our list of characteristics of business management
Every organization is established for a specific objective. Management is an instrument or system that contributes for the efficient use of human and other resources to achieve predetermined objectives. The main objective of business management is to maximize productivity with optimum use of human effort.
Management is essential where human activity exists. The process of business management may be different from organization to organization but the basic principles of management are same. It can be said that the management principles are universally applicable.
Business management is a part of social process. Management achieves its objectives by, with, and through the people. It utilizes human resources for the achievement of organizational goals. Management has to consider not only the organizational objectives but also the social objectives. It has to fulfill the needs of employees within the organizational resources.
Management is a dynamic and continuous process. The management system of today may not be applicable or effective for tomorrow. Therefore, management must be dynamic and flexible with the changing environment of the society. Management has to modify its style according to the time and situation. This flexibility is essential for an organization to adjust with the changing environment of the business.
The concept of business management is not applicable if there is only one person or proprietor. It represents a team, class or section of people involved in various managerial functions. It is essential if there is a group of people involved in performing any activity to achieve common goals. Management defines the authority, responsibility and procedures to perform specific work.
Management as a process involves various types of functions. One function of management is interrelated with another function. The management clearly defines the specific process of work to achieve predetermined goal. It does not consider the trial and error approach.
Both science and art
Science is a systematized body of knowledge, principal or truth that is experimentally proved. Similarly, art is the personal skill and ability to apply the scientific principles. Management is both science and art. It is a science because it is based on some basic principles of universal application. It is also an art because skill and ability is required for performing managerial functions.
Profession involves the specific type of work, followed by special knowledge and education. With the development of joint stock companies and multinational companies the ownership and management has been different. Management of huge organizations has been entrusted in the hands of professionals having specific skill and knowledge.
Multi-disciplinary in nature
Business management is multi-disciplinary in nature. Many of the principles and techniques used in management are borrowed form a number of other disciples like psychology, sociology, economics and mathematics.