What is Management? Management Definition & Features

What is Management? Here you'll see Management meaning, its Definition & Management Features in detail. Management meaning can be understood by understanding the various functions of management.

WHAT IS MANAGEMENT? (MANAGEMENT MEANING)

It doesn't matter in which field you are, management is important in each and every field. The question, What is Management? can be answered with help of below-given process:

• Planning
• Organizing
• Directing
• Controlling

Management plays a crucial role in all the fields whether it is Business, Education or any other. 

For example, employers manage their business to achieve business goals, and students manage their study.

It is considered as art and science. The reason why it is an art because it includes the process of getting work done with the help of manpower in the best possible manner.

Management is science because it includes some scientific principles which are followed by a manager. Management includes five M's, in the absence of any of this 'M', the business organization can't achieve its goals. 5 M's of Management are:

1. Men,
2. Money,
3. Material,
4. Machine, &
5. Method

All these 5 M's are very crucial and in the absence of any 'M', there are no chances of achieving business goals because all of these M's in the management has its own importance.

To ease the implementation of managerial functions, it is divided into different functional areas. Functional areas departments vary from the company-to-company. But, mainly, functional areas in management divided into four:

• Production Management
• Marketing Management
• Finance Management
• Human Resource Management

These functional areas are divided to smoothen organizational activities and each department are delegated some responsibilities and authority to achieve organizational goals.

The main reason why management is given more importance is, it eliminates risk and uncertainties which may be faced by a company in near future and also, with the help of management, various activities are arranged in a proper manner. It also helps in utilizing 5 Ms effectively. (which are listed above)

MANAGEMENT DEFINITION:

As we have seen What is Management and the basic Meaning of Management, here we'll see Management Definition by authors.

Management definition by Peter Drucker,

"Management is a multi-purpose organ that manages business and manages managers and manages workers and work."

Management Definition by Henri Fayol,

"To manage is to forecast and to plan, to organize, to command, to co-ordinate and to control."

Management definition by Harold Koontz,

"Management is the art of getting things done through and with people in formally organised groups."

Management definition by F.W. Taylor,

"Management is the art of knowing what you want to do and then seeing that they do it in the best and the cheapest manner."

Management definition by George R. Terry,

"Management is a distinct process consisting of planning, organising, actuating and controlling; utilizing in each both science and arts, and followed in order to accomplish pre-determined objectives."

So, from the above definitions by various management authors, we can conclude that it is very hard to give precise definition to the term Management.

Here, from the above definitions, we can see that different authors have viewed management according to their thoughts and perception. So, we have seen Management Definitions by Peter Drucker, Henri Fayol, Harold Koontz, F.W. Taylor & G.R. Terry and all authors defined management in a different aspect.



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FEATURES/NATURE OF MANAGEMENT:

The Meaning of Management can be understood through the help of features of management. Here are the listed features:

1. It is goal-oriented
2. Group and not an individual activity
3. Management is all Pervasive
4. It is multidisciplinary in nature
5. It is a continuous process
6. Management is dynamic in nature
7. It is intangible but its impact is felt
8. Composite process
9. Management is an art as well as a science
10. It follows established principles

From the above-listed features, we can get the basic idea about how management works and what are different types of activities included in it. Below is the elaboration of listed Features of Management:

1. It is goal-oriented

Management is a goal-oriented process. A company invests and manages different activities in different branches/departments of management to achieve its targeted goals.

The company works for various management functions like planning, organizing, directing, controlling etc. to achieve its goals. The goal of a company varies from one organization to another. Companies set their goals according to their business type.

2. Group and not an individual activity

It is a group activity, has involvement of people and cannot be carried out by an individual. Management requires group efforts to make easier the achievement of organizational goals.

As it is a group activity and not an individual activity, business organization hires people to make them work for various departments. It also helps in innovation and creativity in a business because it is a group activity.

3. Management is all Pervasive

Management is very crucial in business. But, management is not limited to business organizations it is all pervasive. Management has equal importance in all the fields like business, schools, hospitals, and different institutions.

Management is also known as a universal concept which means it is a widely accepted concept and all-pervasive. So, we can say that it is a must for all the activities.

4. Multidisciplinary in nature

The primary objective of management is to get the work done by people and also to manage and motivate people for their work. As it is an activity done by people, it is not necessary that different people have the same feelings and emotions at the same time.

In this sense, management is a very complex job. So, to avoid complexities in it, management uses knowledge from different subjects like Psychology, Sociology, Economics etc.

5. Continuous process

Management is a process which is continuous and never-ending. A manager has to perform various functions in his business organization like Planning, Organizing, Directing and Controlling.

To achieve organizational objectives, it is very important to perform management functions properly and continuously. Hence, it is a continuous and never-ending process.

6. Dynamic in nature

In the present situation, it is very important for any business organization to become dynamic, innovative and creative in his business.

Management is innovative and creative. The success of a business is only possible when it is innovative. Innovative and creative in the sense, it must continuously bring unique ideas, new products, unique features in the product, new advertisements, new promotional techniques etc.

7. Intangible but its impact can be felt

Management is intangible (it cannot be seen or touched) but, management can be felt and noticed by its outcome. Whether business management is good or bad, can be noticed from the results of management.

If a business unit has poor management, it can be felt that what are the hurdles faced by that business in management. So, management is intangible and it cannot be seen or touched but its impact can be felt.

8. Composite Process

Management is an activity which includes a set of functions which must be followed in a sequence. Main functions like Planning, organizing, directing and controlling must be followed in proper sequence because these functions are dependent on each other.

Functions in management are inter-dependent, not independent. So, the outcome is based on all the functions. Organizing functions cannot be undertaken without planning and activities of employees cannot be controlled without knowing the actual plan. So, it is the composite process.

9. It is an art and a science

Management is an art because it is an art of getting work done through people in a best and cheapest manner. Management also includes personal skills, creativity etc. that's why it is an art.

Management is a science because it includes universally accepted principles and also it has principles which must be followed in a sequence. Hence, management is an art and science as well.

10. Follows established principles

Management is a terminology which follows different established principles. These principles are drawn up by analyzing management carefully. Henri Fayol had synthesized 14 Principles of Management after having years of study in the concept - Management. List of 14 Principles of Management is as follows:

1. Division of work
2. Authority and Responsibility
3. Unity of Command
4. Discipline
5. Unity of direction
6. Subordination of individual interest
7. Remuneration
8. The degree of centralization
9. Scalar chain
10. Equity
11. Stability tenure of personnel
12. Order
13. Initiative
14. Esprit de corps

Conclusion:

Hence, we can conclude that there is no precise Definition of Management. Different authors answered the question, What is Management? in their own way.

From the above Management Definition by authors, we can say that Management is a specific process of planning, organizing, staffing, directing and controlling the work of people who are engaged in business activities.

Here, in this article of management, we have seen What is Management? definition, the meaning of management and Features of Management in detail.

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