Amritybhav

Management as a Science: Science is a systematised body of knowledge  that explains certain general truth. Basic functions of science:   a)        Systematised body of knowledge: Scientific Principles are based on cause and effect relationship.   b)        Principles based on Experimentation: Scientific Principles are first developed through observation and then tested through repeated experimentation.     c)         Universal Validity: Scientific principles have universal validity and application.   Management as a systematised body of knowledge with its own theory and principles that have developed over a period of time; based on repeated experiments and observation which are universally applicable but they have to be modified according to the given situation. As the principles of management are not as exact as principles of pure science, so it may be called an ...

Objectives of Management: Management has to achieve its objectives efficiently and effectively. 1)       Organisational/ Economic Activities: The main objective of any organisation should be to utilise human and material resources. It includes survival, profit, and growth. a)        Survival: Management of an organisation must ensures survival of organisation by earning enough revenues to cover cost. b)        Profit: Management must ensure that organisation makes profit. It is essential to cover costs and risks of business. c)         Growth: It is important for every business to grow in long run in terms of employees, branches, etc. 2)     Social Objective: It involves creation of benefits or economic value for society. It includes- using environmental friendly methods of production, providing basic amenities, giving employment opportunities   to disad...

What is Management? Google says," the process of dealing with or controlling things or people." Wikipedia says," Management  (or  managing ) is the administration of an  organisation , whether it is a  business , a  not-for-profit  organisation, or government body. Management includes the activities of setting the  strategy  of an  organisation  and coordinating the efforts of its  employees  (or of volunteers) to accomplish its  objectives  through the application of available  resources , such as  financial ,  natural ,  technological , and  human resources ." Have You Read? What Is National Income? Management is the process of getting things done by others for achievement of organisational goals efficiently and effectively.  We need to elaborate three terms: Process- It means the primary function that management performs to get things done.  Planning- It means deciding in advance...