All activities performed by a manager to get things done by others are known as management. In other words, management is managing human and other resources tactfully for the achievement of organizational objectives. It is universal in all organized activities. It is an exercise of harmonizing men, money, machines, materials and methods towards the fulfillment of the defined objectives.
Consult our list of characteristics of business management
goal-oriented
Every organization is established for a specific purpose. Management is an instrument or system that contributes to the efficient use of human and other resources to achieve predetermined objectives. The main objective of business management is to maximize productivity with optimal use of human effort.
universal activity
Management is essential wherever there is human activity. The business management process may be different from one organization to another, but the basic management principles are the same. Management principles can be said to be universally applicable.
social process
Business management is a part of the social process. Management achieves its objectives by, with and through people. Use human resources to achieve the objectives of the organization. Management has to consider not only organizational objectives but also social objectives. It has to meet the needs of employees within the resources of the organization.
dynamic/modifiable activity
Management is a dynamic and continuous process. Today’s management system may not be applicable or effective for tomorrow. Therefore, management must be dynamic and flexible with the changing environment of the society. Management has to modify its style according to the moment and the situation. This flexibility is essential for an organization to adjust to the changing business environment.
group activity
The concept of business management is not applicable if there is only one person or owner. It represents a team, class or section of people involved in various management functions. It is essential if there is a group of people involved in carrying out any activity to achieve common goals. Management defines the authority, responsibility, and procedures for performing a specific job.
separate process
Management as a process involves several types of functions. A management function is interrelated with another function. Management clearly defines the specific work process to achieve the predetermined objective. It does not consider the trial and error approach.
Both science and art.
Science is a systematized body of knowledge, principles or truths that are tested experimentally. Similarly, art is personal skill and the ability to apply scientific principles. Management is both science and art. It is a science because it is based on basic principles of universal application. It is also an art because it requires skill and ability to perform managerial functions.
has occupation
The profession involves the specific type of work, followed by special knowledge and education. With the development of corporations and multinational companies, ownership and management have changed. The management of large organizations has been entrusted in the hands of professionals with specific skills and knowledge.
Of a multidisciplinary nature
Business management is multidisciplinary in nature. Many of the principles and techniques used in management are borrowed from other disciplines such as psychology, sociology, economics, and mathematics.