TN CHHABRA NOTES

Chapter 1
Nature & Functions
Definition-Management is the process of getting things done with the aim of
achieving organisational objectives effectively and efficiently

Nature & Characteristics

1. Management is GOAL ORIENTED:-

1)purpose achieve goals, max efficiency
2)satisfaction, profits, goodwill
3)success judged by extent of goals achieved

2.Management is a CONTINUOUS process:-

1)functions repeated time and again
2)ongoing process of planning & execution
through O,S,D,C

3.Management is a COORDINATIVE force:-

1)essence of mang. Coordination &
integration of resources
2)brings together physical & financial
resources
3)catalytic agent in getting max productivity

4.Management is an INTANGIBLE force:-

1)presence evident by results produced
2)effectiveness judged on the basis of end results

5.Management is a part of GROUP Effort:-

1)involves the use of group efforts
2)can’t exist independent of a group

6.Management accomplishes results through COOPERATION:-

1)necessary skills to get work accomplished by
others
2)motivate subordinates influence the behaviour
7. Management balances EFFECTIVENESS & EFFICIENCY:-
1)Effectiveness- An organisation is said to be effective if
it is able to achieve goals
2)Efficient- An org. is termed as efficient if it is able to
achieve its objectives by making optimum utilisation
of resources

8. Management is a DYNAMIC DISCIPLINE:-

1)multidisciplinary in nature
2)management literature
3)principles drawn from social science

9.Management is a SCIENCE as well as an ART:-

1)organised body concepts, principles, techniques Science
2)application of these concepts specialised knowledge
personal possession Art

10.Management is PERVASIVE & UNIVERSAL:-

1)essential for effective performance Universal
2)principles & techniques have universal applications
3)should be modified to suit the situation

OBJECTIVES OF MANAGEMENT

1. Organisational Objectives
1)Survival:
*Basic objective of any business
*Management must strive
*Earn revenue to cover costs

2)Profitability & Growth:

*vital incentive for successful operation
*financial requirements
*growth measured in increase in annual production
2. Social Objectives
1) Management is the organ of the society
supply of quality goods at reasonable prices
generation of employment opportunities
providing financial support to community projects
protection of environment by using env. Friendly methods of
production

3. Personal Objectives
1)Good salary and other economic benefits
2)Opportunities for training & promotion