Topics
Principles and Functions of Management
Nature and Significance of Management
- Concept of Management
- Objectives of Management
- Importance of Management
- Management as an Art, Science and Profession
- Levels of Management
- Functions of Management
- Coordination as an Essence of Management
- Management as an Art
- Management as a Science
- Management as a Profession
- Overview of Nature and Significance of Management
Principles of Management
- Concept of Management Principles
- Significance of Management Principles
- Henry Fayol's Administrative Theory of Management
- Frederick Winslow Taylor's Scientific Management Theory
- Standardisation and Simplification of Work
- Overview of Principles of Management
Business Environment
- Concept of Business Environment
- Importance of Business Environment
- External Factors> Natural Environment
- Impact of Government Policy Changes on Business with Special Reference to Liberalization, Privatization and Globalization in India
- External Factors> Economic Environment
- Overview of Business Environment
Planning
- Planning
- Limitation of Planning
- Planning Process
- Objective of Single Use and Standing Plans
- Strategy of Single Use and Standing Plans
- Policy of Single Use and Standing Plans
- Single Use and Standing Plans - Method Rule
- Budget and Programme
- Types of Plans
- Overview of Planning
Organising
- Organising
- Structure of Organisation
- Concept of Delegation of Authority
- Elements of Delegation
- Importance of Delegation of Authority
- Concept of Decentralization
- Importance of Decentralization
- Steps in the Process of Organising
- Overview of Organising
Staffing
- Staffing
- Staffing as a Part of Human Resource Management
- Evolution of Human Resource Management
- Staffing Process
- Staffing - Recruitment Process
- Steps in Employee Selection Process
- Concept of Training and Development
- Importance of Training and Development
- Methods of Training
- Overview of Staffing
Directing
- Directing
- Principles of Directing
- Elements of Directing
- Concept of Supervision
- Importance of Supervision
- Function of a Supervisor
- Concept of Motivation
- Importance of Motivation
- Maslow’s Hierarchy of Needs
- Motivation - Financial and Non Financial Incentives
- Concept of Leadership
- Importance of Leadership
- Leadership Styles
- Communication
- Elements of the Communication Process
- Importance of Communication in Business
- Formal and Informal Communication
- Barriers to Communication
- How to Overcome the Barriers
- Overview of Directing
Controlling
- Controlling
- Features of Controlling
- Relationship Between Planning and Controlling
- Techniques of Managerial Control
- Responsibility Accounting
- Management Audit
- Overview of Controlling
Business Finance and Marketing
Financial Management
- Concept of Financial Management
- Role and Objectives of Financial Management
- Financial decisions - investment
- Financial Decisions - Financing and Dividend
- Concept of Financial Planning
- Importance of Financial Planning
- Concept of Capital Structure
- Concept of Fixed and Working Capital
- Factors Affecting Fixed and Working Capital Requirements
- Overview of Financial Management
Marketing
- Concept of Financial Market
- Types of Financial Markets
- Money Market in India
- Capital Market in India
- Kinds of Capital Market
- Methods of Floatation in the Primary Market
- Stock Exchange
- Securities and Exchange Board of India (SEBI)
- Distinction Between Capital Market and Money Market
- National Stock Exchange of India (NSE)
- Overview of Marketing
Consumer Protection
- Concept of Consumer Protection
- Consumer Protection Act 1986 (COPRA)
- Concept of Consumer
- Responsibilities of Consumers
- Legal Redressal Machinery Under Consumer Protection Act 1986
- Remedies Available to the Consumer Under Consumer Protection Act 1986
- Consumer Awareness
- Role of Consumer Organisations and NGO's
- Legal Protection to Consumers
- Overview of Consumer Protection
- Introduction
- Definition: Management
- Importance
- Functions
- Comparison: Traditional vs Modern Management
- Key Point Summary
Maharashtra State Board: Class 11
Introduction
Management means efficiently organizing people and resources to achieve common goals. Like a family plans and saves, businesses plan, organize, lead, and control to succeed. The word “manage” comes from Italian and Latin, meaning to handle and act.
Maharashtra State Board: Class 11
Definition: Management
- Mary Parker Follett
“Management is an art of getting things done through others.”
According to this traditional definition, management focuses on completing the work through the workforce. However, management of other resources such as material, machine, etc., has not been considered in detail in this definition. - Henry Fayol
“To manage is to forecast and plan, to organize, to command, to coordinate, and to control.”
In this definition, Henry Fayol has emphasized the different functions of management to achieve the goal in a systematic manner. While doing the given task, employees need proper directions about how to work, and coordination of all the activities is also equally important. - Fredrick Winslow Taylor
“Management is knowing exactly what is to be done and seeing that it is done in the best possible manner.”
As per this definition, management is considered as a science. The author says that a manager should have exact knowledge about organizational goals, and with optimum utilization of available resources, the goal should be achieved in the best way. - George Terry
“Management is the process consisting of planning, organizing, actuating, and controlling, performed to determine and accomplish the objectives by the use of people and resources.”
Maharashtra State Board: Class 11
Importance
Maharashtra State Board: Class 11
Functions
| Function | What It Means | Family Example |
|---|---|---|
| Planning | Deciding what to do | Making a monthly budget |
| Organizing | Arranging resources | Assigning chores |
| Directing | Guiding/motivating | Encouraging teamwork |
| Coordinating | Ensuring harmony | Scheduling everyone's work |
| Controlling | Reviewing/correcting | Checking savings, fixing plans |
Maharashtra State Board: Class 11
Comparison: Traditional vs Modern Management
Maharashtra State Board: Class 11
Key Point Summary
- Management helps achieve group goals efficiently.
- Present in every aspect of life: home, work, sports.
- Combines art (people skills) and science (methods).
- Modern management = optimum use of all resources.
Test Yourself
Related QuestionsVIEW ALL [47]
Match the CHARACTERISTICS of management in Column I with their correct EXPLANATIONS in Column II :
| Column I | Column II | |
| (i) | Goal-oriented process | Management is a complex activity involving management of people, work and operations. |
| (ii) | Group activity | Some aims and objectives are the basic reason for existence of an organisation. |
| (iii) | Multi-dimensional | Diverse individuals with different needs work together to fulfill the common organisational goal. |
|
Diligent developers, a website design company in Bangalore is a startup initiative of Mr. Maniraj which aims at achieving a profit margin of 10% in its first year. Mr. Maniraj appointed Mr. Advait as the Digital marketing Head, Mr. Kiyansh as the head of Backend department and Mr. Nirved headed the Graphics Designing Department. Since each head was specialised in specific skills, it resulted in increased efficiency and better coordination. However, problems arose when Mr. Advait started considering group objectives superior to organisational objectives and stopped exchanging information with Mr. Kiyansh and Mr. Nirved. The company had to bear the brunt of lack of coordination and was unable to achieve its objectives. |
- Identify and state the organisational structure adopted by the company.
- State two benefits and two limitations of the identified structure highlighted in the above case.
