Definition of Management
According to George R.Terry - “Management is a distinct process consisting of planning, organising, actuating and controlling performance to determine and accomplish the objectives by the use of people and resources”.
What is the meaning of Management?
Management is essential for all organisations big or small, profit or nonprofit, service or manufacturing unit. Management is necessary so that individuals may make their best efforts towards group objectives.
The success or failure of every organisation depends on its management, no organisation can work smoothly and efficiently without management.
Management consists of a series of inter-related functions that are performed by all managers, for examples, managers have to plan the objective of the firm, organise resources to achieve that objective, recruit and select employees who can implement these objectives. Giving directions, communicating and motivating these employees to achieve objectives effectively and efficiently and ultimately checking whether everything is going as per plan or not.
Concept of Management
As Per the Modern Concept of Management, Management can be defined as "the process of getting things done with the aim of achieving goals effectively and efficiently"
1. Process.
Process refers to the series of steps or basic functions necessary to get the things done. Management is a process because it perform series of functions, i.e., planning, organising, staffing, directing and controlling in a sequence.
2. Effective and Efficient Performance.
Modern concept of management says that employees must be effective as well as efficient. Effectiveness refers to completion of work or achievement of target on time. Efficiency refers to optimum utilisation of resources or no wastage of resources, both are must for every organisation.
3. Achievement of Group, Common or Organisational Goal.
The modern concept of management insists that all the functions and activities of managers must be directed towards the achievement of organisational goal and this goal should be the goal of every employee and must be considered as group or common goal.