Management is the coordination of all resources through the process of planning, organizing, directing and controlling in order to attain

stated objectives. Henry L. Sisk Nature of Management 1. Management is an art: Management is considered as art as both requires skills, knowledge, experience and creativity for achievement of desired results. 2. Management is Science. Management is considered as science. Science tells about the causes and effects of applications and is based on some specific principles and procedures. Management also uses some principles and specific methods. These are formed by continuous observations. 3. Management is a group activity. Management is a vital part of group activity. As no individual can satisfy all his needs himself, he unites with his co-workers and work together as an organized group to achieve what he cannot achieve individually. 4. Management is goal oriented: Management is a goal oriented activity. It works to achieve some predetermined objectives or goals which may be economic or social. 5. Continuous Process: Management is a never ending process. It will remain the part of organization till the organization itself exists. Management is an unending process as past decisions always carry their impact for the future course of action. 6. Universal in Nature: Management is universal in nature i.e. it exists everywhere in universe wherever there is a human activity. The basic principles of management can be applied any where whether they are business or non-business organization. 7. Intangible: Management is intangible. It is an unseen force. Its presence can be felt everywhere by the results of its effort which comes in the form of orderliness, adequate work output, satisfactory working climate, employees satisfaction etc. Classification of Managerial Skills 1. Technical Skill: It is the ability of a manager to use the equipments, methods and techniques involved in performing specific tasks. Technical skill is required more at the lower level of management I.e. at the supervisory level. At higher levels, the technical skill is less important as managers can rely upon others for technical information. 2. Human Skill: The ability of a manager to work with, understand, and motivate people in the organization is known as human skill. It also involves the ability to build effective work teams. The human aspect of management requires individual as well as group relations to be maintained and developed for achieving maximum efficiency. Human skills are important at all levels of management. 3. Conceptual Skill: This consists of the manager's ability to coordinate all organizational activities and varied interests involved in it. It involves viewing the organization in its totality and understanding the interdependence of its individual parts. Of all the skills, this conceptual skill is the most difficult skill to acquire. Conceptual skill is very important for top management in formulating long-range plans, broad policies and relating the business enterprise to the industry and economy. Social Responsibility of Management and Responsibilities of managers

1. Responsibility towards shareholders 2. Responsibility towards employees: 3. Responsibility towards customers

4. Responsibility towards government 5. Responsibility towards community and society:

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Steps in Planning: As planning is one of great importance to an organization, the entire process of planning should be carried out in a systematic manner. Planning is an intellectual process which an executive carries out before he does any job with the help of other people. It involves the following steps: 1. Determination of the objectives: The first step in planning is to identify certain objectives. The objectives set must clearly indicate what is to be achieved, where action should take place, who should perform it and when it is to be accomplished. The objectives should be established for the entire organization and for each and every department. Planning has no utility if it is not related to certain objectives. 2. Collection and forecasting of Information: Sufficient information must be collected in order to make plans and sub plans. Necessary information includes the critical assessment of current status of the organization together with a forward look at the environment that is anticipated. The collection and forecasting of the information must be done in terms of external and internal environment. The considerations of the external environments must the competitions now and in the future. The assessment of internal environment may consist of the strong and weak point of the organization. This is an important step of planning process. 3. Development of planning premises: The next step is the establishment of planning premises. Planning premises are the assumptions and predictions about the future. The assumptions are the basis of planning. Forecasting is important in premising. It helps in making realistic assumptions about sales, costs, prices, products etc in future. This requires a collection of data on present trends and future possibilities. 4. Discovering alternative courses of action: Usually, there are several alternatives for any plan. The manager should try to find out all the possible alternatives. At the time of developing alternatives he should screen out most viable alternatives. So he has to analyse in detail a limited number of alternatives. 5. Selection of best alternative: The various alternatives identified are evaluated and compared in terms of their expected costs and benefits. Many quantitative techniques are available to evaluate alternatives. after evaluating the various alternatives the best alternative should be selected for implementation. 6. Formulation of derivative plans: The next step is to develop detailed sub plans for its implementation. Derivative plans are required to support the overall plans. The derivatives plans are developed in the frame work of overall plans. These are drawn up with respect to different areas of activity. 7. Communicating the plan: It is very important to get the co operation of the subordinates at every stage of its implementation. For this purpose the plans should be communicated and explained to them so that they can get the clear picture of what to be done. An organization is not benefited from planning process until they are put into action. 8. Follow up measures: To ensure the plans are proceeding along the right lines, the actual performance is compared with the planned performance. In this way, any short coming can be noted and suitable remedial action can be taken.

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Limitation of planning 1. 2. 3. 4. 5. Lack of accuracy Costs Psychological barrier Limited flexibility Time-consuming and costly process 6. Human elements 7. Limited practical value 8. Improper plan 9. Planning is a forward-looking process: 10. The effectiveness of planning is sometimes limited:

Decision Making Decision-making is an essential aspect of modern management. It is a primary function of management. A manager's major job is decision-making. Decision-making is the key part of manager's activities. Decisions are important as they determine both managerial and organizational actions. A decision may be defined as "a course of action which is consciously chosen from among a set of alternatives to achieve a desired result." It represents a well-balanced judgment and a commitment to action Following a set of guidelines and steps to assist in the Decision making process can help simplify it. Here are eight steps that add structure and simplicity to the Decision making process. Recognize and identify the problem: Decisions are responses to situations or problems that need addressing. Therefore is important to have a clear definition of what needs addressing before attempting to go further in the decision making process. Analyze or research the problem: It is important to gather all the information involved in the problem or question, so that informed choices can be made. Develop a list of possible solutions: List the possible decisions that could be made, and what their consequences would be. Select the best alternative: Look at the list drawn up in point 4 and choose the best solution for the situation. Execute the best choice: Sometimes the hardest part of making a decision is taking action. The best decisions are ones that deliver strong decision action. Follow Up and communication: A good decision needs to be followed throughout its process and constant communication made with those involved. Feedback: It is extremely important to gather feedback on a decision. This determines the overall success of and reaction to the decision.

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