Lesson-1
INTRODUCTION, MEANING AND IMPORTANCE
OF MANAGEMENT
1.0 Objectives :
The objectives of this lesson are:
¨
To know the concept and meaning of management.
¨
To understand about basic nature of management.
¨
To get knowledge of overall importance of management.
¨
To understand the difference between management and administration.
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To learn about the application of management principles.
Structure :
1.1
Introduction
1.2
Meaning and Definitions of Management
1.3
Characteristic of Management
1.4
Significance of Management
1.5
Importance of Management
1.6
Management Vs Administration
1.7
Managerial skills
1.8
Managerial Roles
1.9
Universality of Management
1.10
The Management challenges
1.11
Summary
1.12
Key words
1.13
Self Assessment Questions
1.14
Further Readings
1.2
Centre for Distance Education
Acharya Nagarjuna University
1.1 Introduction :
Management is universal in the modern industrial world and there is no substitute for good
management. It makes human effects more productive and brings better technology, products
and services to our society. It is a crucial economic resource and a life giving element in business.
Without
proper management, the resources of production ( men,
machines and materials,
money ) can not be converted into production. Thus management is a vital function concerned
with all aspects of the working of an organization.
Management is a must to accomplish desired goals through group action. It is essential to
convert the disorganized resources of men, machines, materials and methods into a useful and
effective enterprise.
Thus management is the function of getting things done through people and directing the
efforts of individuals towards a common objective.
