Management is an activity concerned with guiding human and physical resources such that organizational goals can be achieved. Nature of management can be highlighted as:
1. Management is Goal-Oriented
The success of any management activity is accessed by its achievement of the predetermined goals or objective. Management is a purposeful activity. It is a tool which helps use of human & physical resources to fulfill the pre-determined goals. For example, the goal of an enterprise is maximum consumer satisfaction by producing quality goods and at reasonable prices. This can be achieved by employing efficient persons and making better use of scarce resources.
2. Management is a continuous and never ending
Management is a process which constitutes of planning, organizing, directing and controlling. The manager has to plan and organize all the activities, he has to give directions to his subordinates and also the activities are performed and goals are met. One has to review the performance on a regular basis and in case any short fall re-plan and organize, this way it is a continuous and never ending process. The manager has to perform all these activities continuously hence a never ending process.
3. Management integrates Human, Physical and Financial Resources
In an organization, human beings work with non-human resources like machines. Materials, financial assets, buildings etc. Management integrates human efforts to those resources. It brings harmony among the human, physical and financial resources.
4. Management is result oriented
Management emphasis on results, whatever tasks and activities are performed are done with a view to achieve a desired goal. Management always desired to improve upon and get better results everytime. Examples of result are increase in market share, increase in profits, etc…
5. Management is all Pervasive
Management is required in all types of organizations whether it is political, social, cultural or business because it helps and directs various efforts towards a definite purpose. Thus clubs, hospitals, political parties, colleges, hospitals, business firms all require management. Whenever more than one person is engaged in working for a common goal, management is necessary. Whether it is a small business firm which may be engaged in trading or a large firm like Tata Iron & Steel, management is required everywhere irrespective of size or type of activity.
6. Management follows established rules
Management follows certain established rules and principles, such as division of work, unity of command, etc… These principles help to prevent and solve problems in the organization.
7. Management is a Group Activity
Management is not concerned with individual’s efforts. It is more concerned with group (employees) efforts to achieve group (owners) goals. It involves the use of group effort to achieve predetermined goal of management of ABC & Co. is good refers to a group of persons managing the enterprise. Management tries to satisfy the needs and wants of a group (consumers) with the help of group of people (team).
8. Management is aided but not replaced by computers
Now in every office computers have become an integral part of the organization, they help the managers take accurate decisions. However it should be noted that computers only help the management to make accurate decision and cannot replace management. This is because the final responsibility of decision taking rests with the management it is aided but not replaced by computers.
9. Management is intangible
Management is intangible i.e. it cannot be seen or touched, but it can be felt and realized by its results. The success and failure of management can be judged by its results. If there is good discipline, good productivity, good profits then management is successful and vice versa.
10. Management is Dynamic in nature
Management is creative and innovative, it is something which keeps on changing with the time and is never stable. An organization will survive only if it is dynamic, it must continuously bring in new creative ideas, new products, new techniques, etc…
11. Getting things done through people
Managers do not do all the work by themselves; they get work done from others i.e. delegation of work. A team should not be treated as slaves, neither should it be tricked, threatened or forced. A favorable work environment should be created; this can result in the best possible results.
12. Multidisciplinary in nature
One of the most difficult part of management is getting work done through other people and managing them. This is difficult because different people have different feelings, aspirations and emotions, similarly same person may have different feelings and emotions at different times. Understanding an individual and getting work done becomes a challenge, therefore management uses knowledge from different subjects such as Economics, Psychology, Sociology, etc…