Lesson-1 introduction, meaning and importance of management 0 Objectives

1.2 Meaning and Definitions of Management :
Management is the art of maximizing efficiency, as a social process, a method of getting
things done through others a plan of action and its direction by a co-operative group moving towards
a common goal. Effective utilisation of available resources to achieve same objective is
management.
Management is a comprehensive function of Planning, Organising, Forecasting Co-
ordinating, Leading, Controlling, Motivating the efforts of others to achieve specific objectives.
Management can precisely be called the rule – making and rule – enforcing body.
Definitions :
According to 
Harold Koontz 
“ Management is the art of getting things done through and
with formally organized groups “.
According to 
Peter F. Drucker.
“ A Multipurpose organ that manages a business and
manages managers and manages workers and works “.
According to
 J.Lundy
“ Management is what management does. It is the task of planning
executing and controlling “.
According to
 Lawrence Appley
“ Management is the development of people and not the
direction of things “.

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1.3
Principles of Management
Introduction, Meaning and .....
According to 
F.W. Tylor
“ Management is the art of knowing what you want to do in the best
and cheapest way “.
Management
is what
A manager
does
It is an art
of taking
work done
through others
it is the art
and science of
decision making and
leader ship
Deep co-ordination
of human resources
and factors of
production
Meaning of Management
Fig 1.1
Fig 1.2

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1.4
Centre for Distance Education
Acharya Nagarjuna University
In nut shell it can be said that management as such is a science of managing men,
machines, money materials and methods. It embrasses all duties and functions that pertains to
the initiation of an enterprise, its financing, the establishment of all major policies the provisions of
all necessary equipment, the entailing of general form of orgauisation, under which enterprise is to
operate and the selection of the principal officers.