Management: Introduction, Elements, Characteristics and Significance

 Management is the art of managing people and resources at the organization. It gives various theories, tools and techniques to manage and increase the productivity of the organization.

According to P Drucker, "Management is a multipurpose organ that manages a business and manager manages workers and work."

According to Heinz Weihrich and Harold Koontz, "Management is the process of designing and maintaining an environment in which individuals working together in groups, efficiently accomplish selected aims."

Thus, it is the process of efficiently achieving organizational objectives by efficiently using restricted means and resources.

Elements of Management:

• Management aims at achieving a predefined goal, thus it focuses on effectiveness.
• Management deals with physical and human resources.
• Management is a process that is regular and continuous.
• The principle of management is applicable to all forms of organization, thus it is universal.
• Management deals with a group of people and resources.
• It is an art as well as a science.

Characteristics of Management:

Profession: It is a profession because it has a systematic body, principles and procedures which aim at achieving stipulated objectives. It requires specialized training and various ethical code govern this profession.

Economic Function: Management function is an economic function as it aims at earning profitable returns.

Attaining objectives: Management aims at achieving rich outcomes and results, these results can be measured in terms of money.

Authority: Management is based on system authority wherein the manager is empowered and acts in pre-arranged fashion.

Decision-making: Decision-making is central to management. Decisions are made with regard to various operational and organizational dimensions.

Inter-disciplinary: Management subject draws various thoughts and models from different subjects such as psychology, economics, mathematics, anthropology, sociology, statistics etc.

Intangible: Management cannot be seen, touched or feet. It can be seen only as of the result of the organization's decision, e.g. increase in profits/goodwill etc.

Significance of Management:

• Assists in the effective achievement of organizational goals.
• Planning reduces the wastage of physical and human resources.
• Coordinates between various levels of the organization.
• Reduces duplication of work.
• Works as an intermediary between various functions, such as planning, controlling, directing and organizing.
• Reduces cost by achieving high-quality output with minimum inputs.
• Promotes harmony in the organization. It is done by filling various positions with competent individuals who have the right knowledge, skills and qualification.
• Assists the organization in working in a dynamic environment, by planning in advance and strategising for such dynamism.