NATURE AND SIGNIFICANCE OF MANAGEMENT (Important Points)
1.
Management is the art of getting things done through others in formally organised
groups for the accomplishment of organisational objectives.
2. For management it is important to be both effective and efficient.
Effectiveness is
qualitative whereas efficiency is quantitative.
3.
Characteristics of management include:
(a) It is a goal-oriented process
(b) it is all pervasive
(c) it is multidimensional as it includes management of work, people and operations
(d) it is a continuous process
(e) group activity
(f) dynamic function
(g) intangible force.
4.
Importance of management:
(a) helps in achieving group goals
(b) increases efficiency
(c) creates a dynamic organisation
(d) helps in achieving personal objectives
(e) helps in the development of society.
