If you look up the dictionary definition of management, among many examples you will find clues as to the real

definition of management. This article simply takes an assortment of definitions and looks at what they say and what they imply about management. Management (from Old French mnagement the art of conducting, directing, from Latin manu agere to lead by the hand) characterises the process of leading and directing all or part of an organization, often a business, through the deployment and manipulation of resources (human, financial, material, intellectual or intangible).
en.wikipedia.org/wiki/Management

reporting functions as part of their job.

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This management definition is more in depth and tailored toward business management. Notice that it consists of three primary activities. First, management establishes a plan. This plan becomes the road map for what work is going to be done. Second, management allocates resources to implement the plan. Third, management measures the results to see how the end product compares with what was originally envisioned. Most management failings can be attributed to insufficient effort occurring in one of these three areas. The definition goes on to talk about how management is responsible for measuring details that may not be required presently, but may be useful later on. These measurements often help determine the objectives in the planning stage. When management is following this type of sequence, it becomes a continuing cycle. Plan, execute, and measure. The measurements become the basis for the next planning stage and so on. is the activity of getting things done with the aid of people and other resources.
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This management definition is interesting because it traces the root meaning back to the Latin phrase meaning to lead by the hand. Leading by the hand implies giving direction that is stronger than just a passing suggestion yet still fairly gentle in approach. Leading by the hand also implies that the person doing the leading is first going where the follower is being lead. The leader is not asking the follower to do something he is not willing to do himself. The guidance and control of action required to execute a program. Also, the individuals charged with the responsibility of conducting a program.
www.ojp.usdoj.gov/BJA/evaluation/glossary/glossary_m.htm

This definition of management refers to a program. This implies that, for management to be effective, there needs to be some type of defined approach or system in place. This system becomes the plan and management is guiding others in following that plan. This is often the downfall of managers. They have no plan or system. As a result their actions seem random to the people they are managing and this leads to confusion and disappointment. This is why it is so important for business managers to have an employee manual. Without the employee manual providing direction, managers will struggle to be fair and balanced in their dealings with employees. is the organizational process that includes strategic planning, setting; objectives, managing resources, deploying the human and financial assets needed to achieve objectives, and measuring results. Management also includes recording and storing facts and information for later use or for others within the organization. Management functions are not limited to managers and supervisors. Every member of the organization has some management and

This definition of management focus on management as the process of accomplishing work through the efforts of others. Skilled managers can accomplish much more through others than they can through their own single efforts. Effective utilization and coordination of resources such as capital, plant, materials, and labour to achieve defined objectives with maximum efficiency.
www.ecbp.org/glossary.htm

This definition of management looks at not only the people but the entire range of resources necessary to follow a plan. Notice how it focuses on efficiency. Management isnt just getting from point A to point B. It is getting there by choosing the best possible path. 1. The process of getting activities completed efficiently with and through other people; 2. The process of setting and achieving goals through the execution of five basic management functions: planning, organizing, staffing, directing, and controlling; that utilize human, financial, and material resources.

The first definition looks at the fact that management is getting work done through other people. The second definition divides management up into five components. These components are all parts of the three components (plan, execute, measure) that we looked at above. However the more detailed definition helps show the activities that occur in each of the three phase definition. The process of planning, leading, organizing and controlling people within a group in order to achieve goals; also used to mean the group of people who do this.
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A manager is someone who works with and through other people by coordinating their work activities in order to accomplish organizational goals Robbins & Coulter. Which means that - Managers work in organizations. Now let us try to understand what is the concept of an organization: An organization is a systematic arrangement of people brought together to accomplish some specific purpose Robbins & Decenzo. Organizations are social arrangements for the controlled performance of collective goals Buchanan & Huczynski Every organization has a purpose and is made up of people who are grouped in some fashion. The distinct purpose of an organization is typically expressed in terms of a goal or a set of goals. All organizations are put together and kept together by a group of people who are responsible for helping them achieve their goals. These people are called managers. What do managers do in organizations? : Managers practice management. Managers give direction to their organizations, provide leadership, and decide how to use organizational resources to accomplish goals. Peter Drucker This brings us to the question What is management? The art of getting things done through people. - Mary Parker Follet Management refers to the process of getting things done, effectively and efficiently, through and with other people. Efficiency means the ability to do things right, and refers to the relationship between inputs and outputs. In the context of the organization, it refers to the proper utilization of resources. These input resources are Men (people), Materials, Machinery (equipment), and Money. Effectiveness means doing the right things. In an organization, that translates into goal attainment. Efficiency and Effectiveness in Management Does that mean that everyone who works for an organization is a manager? : Everyone who works for an organization is not a manager. Operatives are people who work directly on a job or task and have no responsibility of

Once again, this definition of management addresses accomplishing work through other people. This definition stresses the activities that are necessary for reaching particular goals. the process of achieving the objectives of the business organization by bringing together human, physical, and financial resources in an optimum combination and making the best decision for the organization while taking into consideration its operating environment.
www.ucs.mun.ca/~rsexty/business1000/glossary/M.htm

This management definition talks about the different components that managers need to control in order to achieve objectives. One differentiator of this definition is the way it considers the operating environment as part of what a manager must understand. the role of conducting and supervising a business.
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This is a broad definition of management that doesnt consider management as something that can take place outside of a business.

UNIT - 1 MANAGMENT DEVELOPMENT Lesson:-01 Nature of Management Chapter overview: Nature, scope and process of management, historical evolution of management thought, different approaches and systems of management, skills, roles, and modern challenges. Students, let us begin with first understanding what management is all about. In order to understand management, we will first define who a manager is:

overseeing the work of others. They are not managers. Managers direct the activities of other people in the organization. However, some managers have operative responsibilities themselves. Scope of Management We will now delve deeper in order to understand what are all the scope of the activities performed by managers in organizations. Managers must make decisions to establish the purpose of the organization and to perform a variety of activities to make the goal a reality. All organizations have collective or shared goals, over and above the individual goals of their members, for the achievement of which the organization is responsible to its owners and stakeholders. The collective goals of the organization can be achieved by controlling the activities being performed by the individual members of the organization. This controlled performance means that: (a) The collective goals are known and understood by all members - planning; (b) The necessary resources are obtained and utilized efficiently - implementation; (c) The performance can be controlled and measured to determine the extent of reaching the goals control. In order to implement the plan by utilizing obtaining and utilizing the necessary Let us now classify managers in the organization. Managers are customarily classified vertically in organizations as top, middle, or first-line managers. First-line managers are usually called supervisors. They are responsible for directing the daytoday activities of operative employees. Middle managers manage other managers and possibly some operative employees and are typically responsible for translating the goals set by top management into specific details that lower-level managers can perform. Top managers are responsible for making decisions about the direction of the organization and establishing policies that affect all organizational members. The other major difference in management jobs occurs horizontally across the organization: Functional managers are responsible for departments that perform a single functional task and have employees with similar training and skills. Functional departments include manufacturing, marketing, finance, and human resources. Line managers are responsible for the manufacturing and marketing departments that make or sell the product or service.

Staff managers are in charge of departments such as finance and human resources that support line departments. General managers are responsible for several departments that perform different functions. Project managers also have general management responsibility, because they coordinate people across several departments to accomplish a specific project.

The Process of Management We have now reached the stage where we can describe and categorize what exactly managers do in organizations and exactly how they do this. In the early twentieth century, the French industrialist Henri Fayol wrote that all managers perform five management activities of planning, organizing, commanding, coordinating, and controlling referred to as management process or functions of management. Planning encompasses defining an organizations goals, establishing an overall strategy for achieving those goals, and developing a comprehensive hierarchy of plans to integrate and coordinate activities. Organizing includes determining what tasks are to be done, who is to do them, how the tasks are to be grouped, who reports to whom, and where decisions are to be made. Fayol called commanding as maintaining activity among the personnel. It involves instructing and motivating subordinates to carry out tasks. Coordinating is the task of harmonizing the activities of individuals and groups within the organization, reconciling differences in approach, timing and resource requirements in the interest of overall organizational objectives. Controlling is the task of monitoring the activities of individuals and groups, to ensure that their performance is in accordance with the plans, standards and objectives set for them. Deviations must be identified and corrected.

Management is the integration and co-ordination of resources in order to move effectively towards desired objectives. All organisations have some missions that include their reasons for existence. To be effective, organisations must have targets, objectives towards which managers hope to move. Effectiveness is the heart of all managerial activities. This also refers to how well an organisation reaches its objectives over a period of time. However, it stresses the long-range continuing nature of organisation. The ability to change, adapt, reach objectives and serve its mission is of prime importance to any organisation. This is easy to understand when it is contrasted with efficiency. Efficiency is a short-term measure of how well an organisation uses its resources. This measures frequently are used to determine whether the organisation is meeting its short-term targets. Basically, resources are what managers must use efficiently and effectively. They include human resources example workers at all levels in the firm, capital resources example acquition and use of money. Technology includes the type of computer you buy, the building needed and the maintenance of the facilities. Clients are those served by the firm, including customers, community etc. Time is a limiting resource. How fast customers are served, when to bring in innovation are important consideration. A skill of the professional business consultant is the ability to recognise the relative importance and proper or logical location of each function in any specific situation. Thus, the emphasis placed on each function varies with nature of the client business. Hence, there is never a packaged solutions to organisation problems. Each client organisation differs from the other in the way it organises and intergrates the various organisation functions because of variations in market products, methods, tradition, people and many other aspects. Finally, the true organisation consultant, then,must recognises this and deals with each individual on its own merits

Management is the art of getting things done through people. In a broader sense, it is the process of planning, organising, leading and controlling the efforts of organisation members and of using all other organisational resources to achieve stated organisational goals. The definition of management can be broadly classified into four groups: 1. Process School: The process School defines management in terms of functions undertaken by the manager in an integrated way to achieve organisational purposes. According to Henri Foyol, to manage is to forecast and plan, to organise, to command, to cordinate and to control. All other definitions of management related to this school are either marginal additions, deletions, or elaborations of the functions listed out in the above definition. 2. Human Relations School: This school emphasises the human aspect of organisation and conceives it as a social system. It is a social system because managerial actions are principally concerned with relations between people. In fact, management is concerned with development of people and not the direction of things. The essence of this school is well reflected in the definition of Lawrence Appley to whom management is the accomplishment of results through the efforts of other people. 3. Decision School: The Decision School defines management as rulemaking and rule-enforcing body. In fact the life of a manager is a perpetual choice making activity and whatever a manager does, he does through his decisions. Moreover, decision making power provides a dynamic force for managers to transform the resource of business organisation into a productive and cooperative concern. 4. System and Contingency School: According to this school, organisations like any living organism must adapt themselves to their environments for survival and growth. Thus, management involves designing organisations adaptable to changing markets, technology and other critical environmental factors. The systems theory of organisations are organic and open systems consisting of interacting and interdependent parts and having a variety of goals. Managers are supposed to maintain balance among the conflicting objectives, goals and activities of members of the organisation. He must achieve results efficiently and effectively. According Contingency School there is no best way to design organisations and manage them. Managers should design organisations, define goals and formulate policies and strategies in accordance with the prevailing environmental conditions. Different schools of thought defined management differently due to three reasons: 1. Difference in perspectives of management and organisation theories, 2. shifts in emphasis in the study of the organisation from economic and technical aspects to conceptual and human aspects, and 3. focus on internal and external environments of the organisation.

Nature of Management 1. Universality: Management is an universal phenomenon in the sense that it is common and essential element in all enterprises. Managers perform more or less the same functions irrespective of their position or nature of the organization. The basic principles of management can be applied in all managerial situations regardless of the size, nature and location of the organization. Universality of managerial tasks and principles also implies that managerial skills are transferable and managers can be trained and developed. 2. Purposeful: Management is always aimed at achieving organizational goals and purposes. The success of management is measured by the extent to which the desired objectives are attained. In both economic and non-economic enterprises, the tasks of management are directed towards effectiveness (i.e., attainment of organizational goals) and efficiency (i.e., goal attainment with economy of resource use). 3. Social process: Management essentially involves managing people organized in work groups. It includes retaining, Developing and motivating people at work, as well as taking care of their satisfaction as social beings. All these interpersonal relations and interactions makes the management as asocial process.

4. Coordinating force: Management coordinates the efforts of organization members through orderly arrangement of interrelated activities so as to avoid duplication and overlapping. Management reconciles the individual goals with the organizational goals and integrates human and physical resources. 5. Intangible: Management is intangible. It is an unseen force. Its presence can be felt everywhere by the results of its effort which comes in the form of orderliness, adequate work output, satisfactory working climate, employees satisfaction etc. 6. Continuous process: Management is a dynamic and an ongoing process. The cycle of management continues to operate so long as there is organised action for the achievement of group goals. 7. Composite process: Functions of management cannot be undertaken sequentially, independent of each other. Management is a composite process made up of individual ingredients. All the functions are performed by involving several ingredients. Therefore, the whole process is integrative and performed in a network fashion. 8. Creative organ: Management creates energetics effect by producing results which are more than the sum of individual efforts of the group members. It provides sequence to operations, matches jobs to goals, connects work to physical and financial resources. It provides creative ideas, new imaginations and visions to group efforts. It is not a passive force adopting to external environment but a dynamic life giving element in every organization.

investment (ROI) is a key measure of a firm's performance

Definition of interest. Interest is the income received from invested capital. The invested capital is called the principal ; at any time after the investment of the principal, the sum of the principal plus the interest due is called the amount. The interest charge is usually stated as a rate per cent of the principal per year. If $P is the principal, r the rate expressed as a decimal, and i the interest for 1 year, then by definition i = Pr, or

Investment problems usually involve simple annual interest (as opposed to compounded interest), using the interest formula I = Prt, where I stands for the interest on the original investment, P stands for the amount of the original investment (called the "principal"), r is the interest rate (expressed in decimal form), and t is the time. For annual interest, the time t must be in years. If they give you a time of, say, nine months, you must first 9 3 convert this to /12 = /4 = 0.75 years. Otherwise, you'll get the wrong answer. The time units must match the interest-rate units. If you got a loan from your friendly neighborhood loan shark, where the interest rate is monthly, rather than yearly, then your time must be measured in terms of months. Investment word problems are not generally terribly realistic; in "real life", interest is pretty much always compounded somehow, and investments are not generally all for whole numbers of years. But you'll get to more "practical" stuff later; this is just warm-up, to prepare you for later. In all cases of these problems, you will want to substitute all known information into the "I = Prt" equation, and then solve for whatever is left.

INVESTMENT 1. In finance, the purchase of a financial product or other item of value with an expectation of favorable future returns. In general terms, investment means the use money in the hope of making more money. 2. In business, the purchase by a producer of a physical good, such as durable equipment or inventory, in the hope of improving future business.
1. Money committed or property acquired for future income. 2. Trade off between risk and reward while aiming for incremental gain and preservation of the invested amount (principal). In contrast, speculation aims at 'high gain or heavy loss,' and gambling at 'out of proportion gain or total loss.' Two main classes of investment are (1) Fixed income investment such as bonds, fixed deposits, preference shares, and (2) Variable income investment such as business ownership (equities), property ownership. In economics, investment means creation of capital or goods capable of producing other goods or services. Expenditure on education and health is recognized as an investment in human capital, and research and development in intellectual capital. Return on