- Business and Employment
Features of Management and Objectives of Management
Features of Management
Management is related to channeling human and physical resources in order to achieve organizational goals. The characteristics of management are emphasized as follows:
Management is goal-oriented: Accomplishing predetermined goals or objectives determines the success of management activities. It is a focused activity and an instrument to aid human and physical resources in order to reach the predetermined goals.
Example: Producing goods of high quality and affordable costs is the aim of any enterprise and this is accomplished using sparse resources effectively and also employing capable persons.
Management combines Human, Physical and Financial Resources: In an organization, people carry on their work using non-human resources. Management brings about harmony among human, physical and economic resources.
Management is Continuous: Management is a nonstop process as it constantly handles problems and issues that are related to identifying and also solving them.
Example: In order to achieve the goal of maximum production in a company, it is important to make certain policies and then market and advertise the products. This requires more policies to be made and so it is considered as a continuous process.
Management is all pervasive: Management is needed in all organizations such as political, social, and cultural or business as it helps in achieving a fixed goal. It is required in clubs, hospitals, colleges, political parties, business firms, etc as all of these need it regardless of any type of activity. Hence, management is needed wherever many people work for a common goal.
Management is a Group Activity: Management is mostly concerned with groups managing an enterprise and less with individual’s labors. It makes use of group efforts in order to attain predetermined goals.
Objectives of Management
Securing maximum results using minimum efforts: Management is fundamentally concerned with using human, material and financial resources in the best manner possible which results in reduced costs. Hence, the main goal of management is using least efforts and resources in order to gain maximum outputs.
Increase the efficiency of factors of production: Reducing spoilage, wastage and breakages of any kind saves a lot of time, effort and money. This is needed for a company’s growth and prosperity. Hence, this can be achieved by increasing the efficiency of the various factors of production.
Maximum prosperity for Employer and Employees: Management must run the enterprise in a smooth and harmonized way. This benefits both the employee and the employer by offering the best working conditions, good wages, incentive plans and maximum profits for the employer.
Human betterment and Social Justice: Management ensures improved living standards for the society and also offers a fair dealing through its standardized policies. Hence, it is a means for encouraging the betterment of society.
- Henri Fayol - Elements of Management by Henry Fayol
Henri Fayol was a French mining engineer and management theorist. He developed the theory of Scientific Management. Fayol listed and reviewed fourteen principles of management.
- The Five Functions of Management
Functions of Management. Koontz and O’Donnel explained five functions of management. They are; Planning, Organizing, Staffing, Directing and Controlling.