Nature and Significance of Management, Schemes and Mind Maps of Business

Download Nature and Significance of Management and more Schemes and Mind Maps Business in PDF only on Docsity! YA SH SA YS Chapter 1: Nature and Significance of Management 1.1 Meaning of Management: ● Management is the process of planning, organizing, coordinating, directing, and controlling resources to achieve organizational goals. ● It involves getting things done through people. 1.2 Characteristics of Management: ● Management is a continuous process that never ends. ● It is a goal-oriented process that aims to achieve specific objectives. ● Management involves the utilization of resources, including human, financial, and material resources. ● Management is a universal process that applies to all types of organizations, regardless of their size or industry. ● Management involves human interaction, as it requires working with and leading people. ● Management is a multidisciplinary field that draws on knowledge from various fields such as psychology, economics, and sociology. 1.3 Importance of Management: ● Management is essential for the success of an organization as it helps in achieving organizational goals. ● It ensures the efficient utilization of resources, which results in cost savings and increased productivity. ● Management improves the quality of decision-making by providing a systematic approach to problem-solving. ● It enhances the motivation and morale of employees by providing them with clear objectives and a sense of direction. ● Management facilitates the growth and development of an organization by identifying new opportunities and challenges. 1.4 Levels of Management: ● There are three levels of management: top-level, middle-level, and lower-level. ● Top-level management consists of senior executives who are responsible for the overall direction of the organization.