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Define Management. - Business Studies

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One Line Answer

Define Management.

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Solution 1

Management is a process which focuses on the attainment of desired organisational goals through an efficient and effective utilisation of organisational resources.

Solution 2

As a process, management refers to a series of inter-related functions or elements to achieve stated objectives through the effective utilization of human and other resources. It involves five functions, namely, (a) planning, (b) organizing, (c) staffing, (d) directing or leading and (e) controlling. As shown in Fig. 1 it is through the performance of these functions that management is able to effectively utilize manpower and physical resources such as money or capital, machines, materials, methods, etc. to produce goods and services required by society. 

Concept: Concept of Management
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