Factors of production of an organization such as labor, capital, land, equipment, etc.Management is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively.Threefold Concept of Management To understand the definition of management and its nature, a threefold concept of management for emplacing a broader scope for the viewpoint of management.
We can say management is a; Management is an Economic Factor For an economist, management is one of the factors of production together with land, labor, and capital. As the industrialization of a nation increases, the need for management becomes greater. The managerial resources of a firm determine, in large measure, its productivity and profitability. Executive development, therefore, is more important for those firms in a dynamic industry in which progress is rapid. Management is a System of Authority From an administrators point of view, management is a system of authority. Historically, management first developed an authoritarian philosophy. Still, later, constitutional management emerged, characterized by a concern for consistent policies and procedures for dealing with the working group. Finally, the trend of management turned towards a democratic and participatory approach. Modern management is nothing but a synthesis of these four approaches to authority. Management is a Class and Status System As viewed by a sociologist, management is a class-and-status system. The increase in the complexity of relationships in modern society demands that managers become elite of brain and education. Entry into this class of executives is being more and more dependent on excellence in education and knowledge rather than family or political connections. ![]() But you might have a different point of view about management but the purpose of it remains static; reach the goal effectively and efficiently. It is a set of activates directed at an organizations resources to achieve organizational goals efficiently and effectively. The basic managerial functions or activities are planning, organizing, leading, and controlling. These activities are undertaken by the managers to combine all resources (human, financial, physical, information) efficiently and effectively to work toward achieving the goals of the organization. So, we can say that the nature of management is; Management as a systematic process of planning, organizing, staffing, leading and controlling. As managers, people carry out the managerial functions of planning, organizing, staffing, leading, and controlling. The concepts and activities of management apply to all levels of management, as well as to all types of organizations and activities managed. Management identifies a special group of people whose job is to direct the effort and activities of other people towards common objectives. Management is concerned with productivity, thereby implying efficiency and effectiveness.
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