Characteristics of economic Management
All activities done by a manger to obtain things carried out by others are classified as management. Quite simply, management would be to manage human along with other sources tactfully for that achievement of business goals. It’s universal in most organized activities. It’s an exercise of harmonizing men, money, machines, materials and techniques towards fulfilling the defined objectives.
Check our listing of characteristics of economic management
Every organization is made for any specific objective. Management is definitely an instrument or system that includes for that efficient utilization of human along with other sources to attain predetermined objectives. The primary purpose of business management would be to maximize productivity with better use of human effort.
Management is important where human activity exists. The entire process of business management might be not the same as organization to organization however the fundamental concepts of management are same. It may be stated the management concepts are globally relevant.
Business management is part of social process. Management achieves its objectives by, with, and thru the folks. It utilizes human sources for that achievement of business goals. Management needs to consider not just the business objectives but the social objectives. It must fulfill the requirements of employees inside the business sources.
Management is really a dynamic and continuous process. The management system nowadays might not be relevant or effective for tomorrow. Therefore, management should be dynamic and versatile using the altering atmosphere from the society. Management needs to modify its style based on the some time and situation. This versatility is important for a corporation to regulate using the altering atmosphere from the business.
The idea of business management isn’t relevant if there’s just one person or proprietor. It represents a group, class or portion of people involved with various managing functions. It is crucial if there’s someone involved with performing any action to attain common goals. Management defines the authority, responsibility and operations to do specific work.
Management like a process involves various functions. One purpose of management is interrelated with another function. The management clearly defines the particular procedure for try to achieve predetermined goal. It doesn’t think about the learning from mistakes approach.
Both art and science
Science is really a systematized body of understanding, principal or truth that’s experimentally demonstrated. Similarly, art may be the personal skill and skill to use the scientific concepts. Management is both art and science. It’s a science since it is according to some fundamental concepts of universal application. It’s also a skill because skill and skill is needed for performing managing functions.
Profession requires the specific kind of work, adopted by special understanding and education. With the introduction of joint stock companies and multinational companies the possession and management continues to be different. Control over huge organizations continues to be entrusted at the disposal of professionals getting specific skill and understanding.
Business management is multi-disciplinary anyway. Most of the concepts and approaches management are lent form many other disciples like psychology, sociology, financial aspects and mathematics.