• The core meaning of management is the act of managing human, technical and financial resources. The person who performs these tasks is called the manager,
• It can be considered as an organized group (team) effort to achieve the set goals and targets of the organization.
• The various other definitions are as follows

Peter Drucker:

• Peter Drucker in his book “The Principles of Management” defines management as  “It is a multi-purpose organ that manages the business and manages the managers and manages the workers and the work.”. According to him management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing the organizational resources (Men, Money, and Machines) in order to achieve the objective of that policy.

Harold Koontz:

• It is the art of getting things done through and with people in formally organized groups.

Henry Fayol:

• To manage is to forecast and to plan, to organize, to command, to coordinate and to control.

Mary Cushing Nile:

• It is that which achieves a social objective with the best use of human, material, energy, and time with satisfaction for the participants and the public.

Effectiveness versus Efficiency:

•  For management, it is important to be both effective and efficient. Effectiveness and efficiency are two sides of the same coin. These two aspects need to be balanced and sometimes management has to compromise with the efficiency.  Many times to achieve targets (effectiveness) the efficiency of the system is compromised. 
• It is important for management to achieve goals (effectiveness) with minimum resources i.e.,(optimum efficiency). Generally, high efficiency is associated with high effectiveness which is the aim of all managers. But it is to be noted that undue emphasis on high efficiency without being effective is not desirable.
• Poor management is due to both inefficiency and ineffectiveness

Characteristics of Management:

Management is a Goal-oriented Process:

• Every organization has a set of basic goals which are the basic reason for its existence. These goals should be simple and clearly stated.  
• Management coordinates and leads the efforts of different individuals in the organization towards achieving these goals.
  

Management is all pervasive:

• A process of management is carried out in all enterprises small, medium and large. Governments, schools, hospitals need good management for their optimal performance. It is carried out around the globe in all the countries. Methods may be different but management is required everywhere. The difference in methods depends on political set up, social culture, traditions and history of that region.
  

Management is multidimensional:

• Management is a complex activity it consists of management of work, people, and operations.

Management of work:

• The main aim of the organization is to get work done in the form of manufacturing or service. Management converts this work in terms of achievable goals. These goals are assigned to individuals or team or bath.
• Necessary decisions are made, planning is done, the budgetary allocation is done and responsibilities are finalized. After this responsibility and authority are delegated.

Management of people:

• Human resources or people are the greatest assets of any organization. Automation has reduced the dependence on the human resource but still, people are important factors of any organization. Hence their effective management is necessary.
• During the management of people, the manager has to deal with individual and group of individuals. The people may have different natures, different likes, and dislikes, different behaviours. So managing them is a very difficult task. The manager has to create a rapport with people to achieve the goal of the organization.

Management of operations:

• During manufacturing or providing services, certain operations are to be performed. The flow of input material and the technology at the right time and right place is required for transforming the input into the desired output for consumption.  It involves coordination between man, machine, and money to achieve the goal at minimum cost.

Management is a continuous process:

• The process of management is a series of continuous, composite, but separate functions (planning, organizing,  directing, staffing and controlling). These functions are simultaneously performed by all managers all the time.
• When one goal is achieved another goal is set and thus process continues.

Management is a group activity:

• Every member of the organization has a different purpose for joining the organization. But all of them work together to achieve organizational goal. The achievement of this common organizational goal depends on the teamwork and coordination between these individuals.
• At the same time manager has to see that the personal goals of individuals are also achieved an individual can foresee their growth in the organization. 

Management is a dynamic function:

• Management is not a stagnant process, it has to change and adapt itself as per changing environment which is influenced by the political, cultural and economic factors. Due to advancement in technology the environment changes continuously, hence management has to change and review their strategies as per the change in environment.

Management is an intangible:

• We cannot see the management but we can feel its presence in the organization, through the different processes carried out in the organization. Presence of management can be felt in successful organizations where the goals of the organization are met, targets are achieved, employees are happy and satisfied. Every function of the organization is clearly defined. Necessary responsibility and authority are delegated to the right people at the right level. Thus the function of the organization is smooth without any chaos.

Effective Management or Objectives of Management:

To meet the challenges of changes:

• In the era of Globalisation, Computerization, Privatisation, and entry of multinationals the changes are inevitable. These changes are critical and intense. Hence effective and professional managerial techniques can handle them successfully in order to stay afloat amidst intense competition. Complex nature of modern business can be handled only by scientific, professional and effective managerial techniques. It adapts the organization to changing demand of market/changing needs of societies.

Achievement of Group Goals:

• Organizational goals cannot be achieved individually. It requires several people to come together and work as a group (team) and every member of the group possesses some specialization of doing something to accomplish the task. Manager arranges the resources, integrate them in an effective manner to achieve goals.
• By defining objectives of the organization clearly, there would be no wastage of resources like time, manpower, money and effort. Managers plan to convert disorganized resources of men, machines, money etc. into a useful enterprise. To achieve the group goal these resources are coordinated, directed and controlled.

Optimum Utilization of Resources:

• By defining objectives of the organization clearly, there would be no wastage of resources like time, manpower, money and effort. The manager uses smart ways and converts disorganized resources of men, machines, money etc. into a useful enterprise. This way the productivity of the organization increases.
• Alternate use of idle resources is found

Minimization of Cost:

• Minimization of the cost and maximizing production is one of the ways to increase the profitability of the organization. At the same time, it may help the organization to offer its product at a lower cost to beat the competition.
• The idea of minimization of the cost is minimum input by proper planning and getting maximum output. Physical, human and financial resources are used in such a manner with the best combination to achieve cost reduction.

Survival and Growth:

• In the era of Globalisation, Computerization, Privatisation, entry of multinationals, and Government policy, the changes are inevitable. These changes are critical and intense. Hence effective and professional manager can handle them successfully in order to stay afloat amidst intense competition.
• Complex nature of modern business can be handled only by scientific and professional managerial techniques.

 Sound Organizational Structure:

• Effective management on the basis of clear organizational structure effectively delegates the work and finalize responsibility. Due to smooth and coordinated efforts, no overlapping of efforts takes place.
• Proper organizational structure establishes effective authority & responsibility relationship. Manager fills up various positions with the right persons, having the right skills, training, and qualification.

Generation of Employment:

• Good and innovative management results in the expansion and diversification of the business. It opens many job opportunities for people of society.

Essentials for Prosperity of Society:

•  Efficient management avoids wastage of scarce resources. By generating job it improves the standard of living of the people in the society. Organization comes with new innovative products and researchers which are beneficial for society.

Improvement in Corporate Image:

• Good management results in the quality of products and services. As the corporate image (Goodwill) is directly proportional to the quality, by improvement of quality the corporate image of the organization improves.

Employee Motivation:

• Effective management encourages initiative among its subordinates. It also encourages innovation. Incentives monetary or other improve willingness and efficiency of the employee.

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