Modern Definition of Management

Management is the science and art of getting people together to accomplish desired goals and objectives by coordinating and integrating all available resources efficiently and effectively.

Management can be defined as all the activities and tasks undertaken for the purpose archiving an objective or goal by continuous activities like; planning, organizing, leading and controlling.

Management is the combined or interchanged process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals in an efficient and effective manner.

To understand the definition of management and its nature, a threefold concept of management for emplacing a broader scope for the viewpoint of management. We can say management is a;

  1. Management is an Economic Factor

    From the point of view of an economist, management is one of the factors of production together with land, labor and capital. As the industrialization of a nation increases, the need for management becomes greater.

    The managerial resources of a firm determine, in large measure, its productivity and profitability. Executive development, therefore, is more important for those firms in a dynamic industry in which progress is rapid.

  2. Management is a System of Authority

    From an administrator’s point of view management is a system of authority. Historically, management first developed an authoritarian philosophy.

    Later on, it turned paternalistic. Still later, constitutional management emerged, characterized by a concern for consistent policies and procedures for dealing with the working group.

    Finally, the trend of management turned towards a democratic and participatory approach. Modern management is nothing but a synthesis of these four approaches to authority.

  3. Management is a Class and Status System

    As viewed by a sociologist, management is a class-and-status system. The increase in the complexity of relationships in modern society demands that managers become elite of brain and education.

    Entry into this class of executives is being more and more dependent on excellence in education and knowledge rather than family or political connections. Some scholars view this development as “Managerial Revolution”.

But you might have a different point of view about management but the purpose of it remain static; reach goal in a effective and efficient manner.

It is a set of activates directed at an organization’s resources with the aim of achieving organizational goals in an efficient and effective manner.

The basic managerial functions or activities are planning, organizing, leading, and controlling.

These activities are undertaken by the managers to combine all resources (human, financial, physical, information) efficiently and effectively to work toward achieving the goals of the organization.

So, we can say that nature of management is;

  • Management as a systematic process of planning, organizing, staffing, leading, and controlling. As managers, people carry out the managerial functions of planning, organizing, staffing, leading, and controlling.
  • The concepts and activities of management applies to all levels of management, as well as to all types of organizations and activities managed.
  • Aim of all managers is universal: to create a surplus.
  • Management identifies a special group of people whose job is to direct the effort and activities of other people towards common objectives.
  • Management is concerned with productivity, thereby implying efficiency and effectiveness. Factors of production of an organization such as labor, capital, land, equipment etc. are used efficiently and effectively prepared through management for achieving organizational goals.
  • Management has to pay attention to fulfilling the objectives of the interested parties.
  • Management is the art and science of getting work done by other peoples.
  • “Maximum results with the minimum of efforts” is the motto of management of any organization.

Management as a concept has broadened in scope with the introduction of new perspectives by different fields of study, such as economics, sociology, psychology and the like.

The study of management has evolved into more than just the use of means to achieve ends; today it includes moral and ethical questions concerning the selection of the right ends towards which managers should strive.