Unit 1 Nature and Significance of Management Capsule Note
CHAPTER 1: MANAGEMENT – MICRO NOTES WHAT IS MANAGEMENT? Definition (Mary Parker Follet): Art of getting things done through other people. Definition (Henry Sisk): Coordination of all resources through planning, organising, directing & controlling to achieve stated objectives. Key points: Goal-oriented, works through people, continuous process, aims at efficiency & effectiveness, both art & science. FIVE CONCEPTS OF MANAGEMENT Economic resource: Most important factor of production, combines land, labour, capital. Class/Elite: Managers form distinct social group with special knowledge & skills. System of authority: Hierarchy, chain of command, formal relationships. Separate discipline: Systematic body of knowledge with principles, theories taught worldwide. Process: Series of inter-related functions – planning, organising, staffing, directing, controlling. OBJECTIVES OF MANAGEMENT Organisational/Economic: Survival (cover costs), Profit (return to own...