Get premium membership and access questions with answers, video lessons as well as revision papers.
1. Management applies at all levels of organization i.e. the managerial functions are the same at all levels of the organization, except for the types of decisions made at the different levels.
2. Management is purposeful - the aim of all managers is the same - to achieve a specific objective.
3. Management is concerned with productivity which implies effectiveness and efficiency. Productivity is the ratio of output to input of resources within a given time period with due consideration to quality.
4. Management involves the allocation and control of human, money and other physical resources; however it excludes the actions of a person working alone. A person is not a manager unless involved in the process of getting things done through others.
5. Management is an organizational function, like sales, marketing or finance. It doesn't necessarily mean managing people. We can manage ourselves or the material assigned to us at work. If you managed a project very well on your own, it would mean that you did the job in a well-organized, efficient manner, making good use of all resources at your disposal.
6. Management is like investment. Managers have resources to invest - their time, talent and, possibly, human resources. The goal (function) of management is to get the best return on such resources by getting things done efficiently.
7. Management is an integrative process: the essence of management lies in the co-ordination of individual efforts into a team i.e. management reconciles the individual goals with organization goals.
marto answered the question on March 4, 2019 at 06:39