MANAGEMENT AND ENTREPRENEURSHIP Unit-1 10al51

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UNIT-1 MANAGEMENTs

Management is defined as the art and science of getting things done through others. Management is the process of designing and maintaining the environment in which individuals working together in groups, accomplish their aims effectively and efficiently. Managers carry out the functions for Planning, Organizing, Staffing, Directing and Controlling.

Planning involves thinking ahead and preparing for future. It determines in advance what should be done.

Organizing involves dividing work into convenient tasks or duties, grouping of such duties in the form of positions, grouping of various positions into departments and sections, assigning duties to individual positions, and delegating authority to each position so that work is carried out as planned.

Staffing consists of selecting and placing the right people at right position. Directing involves various sub functions like Communicating, Leading and Motivating.

Control is the process of checking to determine whether or not proper progress is being made towards the objectives and goals and acting if necessary to correct any deviations. All these functions are performed to achieve predetermined goals.

The nature of management can be described by its multidisciplinary, dynamic nature, relative principles and universality of Management. The functional areas of Management are Production, Finance, Marketing and Personnel.

A clear distinction can be made between Administration and Management.

Administration involves policy formulation, objective determination

Management deals with policy execution and achieving objectives. A manager plays inter-personal roles, information roles and decision roles. There are many theories of Management and each theory contributes something to our knowledge of what managers do. F W Taylor, Adam Smith, Henry Fayol, Elton Mayo and others have contributed to the development of Management concept

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