PRINCIPLES

OF
MANAGEMENT
Team 1 – MBA12 - ITM Thane
 Team Members

• Asha Thakur
• Abhijeet Tripathi
• Amit kadlak
• Rajesh Bhoir
• Prasad Pawar
• Rohan Singh
• Anam Kazi
• Amit Jadhav
• Pratiksha Shimpi
• Rachna Nalawade
• Pankaj Zodgekar
• Saurabh Pednekar
• Gopal Goswami
• Purshottam Palan
• Deven Guram
• Suman Yadav
What is Business?
Business = commerce + manufacturing / rendering services

Business is an economic activity carried out on a continuous basis that involves one or more
activities like buying, selling of goods or services for a profit and with purpose of satisfying a
particular need of the society usually commercial or mercantile activity engaged in as a means
of livelihood : trade, line.

Purpose of a Business

The purpose of a business is to

• offer value (through products and/or services) to customers,
• who pay for the value with cash or equivalents.

Minimally, the money received should fund the costs of operating the business as well
as provide for the life needs of the proprietor

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Types of Business Organizations
Based on Economic Activities of a Region

Based on Primary Activities

Based on Secondary Activities

Based on Tertiary Activities

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Based on Primary Activities
Extractive Business

Any processes that involve the 

• extraction of raw materials from the earth to be used by consumers.

The extractive industry consists of any operations that

• remove metals, mineral and aggregates from the earth.

Examples of extractive processes include oil and gas extraction, mining, dredging and quarrying

Genetic Business

• Includes the production of raw materials that may be increased by human

intervention in the production process;

• The genetic industries include agriculture, forestry, and livestock management and
fishing—all of which are subject to scientific and technological improvement of
renewable resources.

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Based on Secondary Activities
Manufacturing Business

• A manufacturing business is any business that uses components, parts or raw materials to

make a finished good.
• These finished goods can be sold directly to consumers or other manufacturing businesses
that use them for making a different product.
• It takes the raw materials supplied by primary industries and processes them into consumer
goods
• Further processes goods that other secondary industries have transformed into products
• Builds capital goods used to manufacture consumer and non-consumer goods.

Construction Business

• The construction industry comprises establishments that are primarily engaged in

the construction of buildings or engineering projects
• They also include construction of heavy and civil engineering such as utility systems,
land subdivision and highways, streets and bridges.

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Based on Tertiary Activities
Transport Business

Transportation may take place by air, water, rail, road, pipeline, or cable routes, using planes,
boats, trains, trucks, and telecommunications equipment as the means of transportation.

The goal for any business owner is to minimize transportation costs while also meeting
demand for products.
Banking Business / Banking Organisations

The general role of banking organization is to provide financial services to general

public, business and companies, ensuring economic and social stability and sustainable
growth of the economy

They include Banks like SBI, ICICI Bank, HDFC Bank, PNB, as well as NBFCs like Bajaj
Finserv, Capital First, HDB Finance etc.

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Based on Tertiary Activities
Communication Business

The telecommunications industry within the sector of information and communication

technology is made up of all Telecommunications / telephone companies and internet service
providers and plays the crucial role in the evolution of mobile communications and
the information society.

MTNL, BSNL, Bharti Airtel, Vodafone, Jio, as well as Hathway, Jio Fiber, Act Fiber, TATA Sky
Broadband etc. are few examples.

Insurance Business

Insurance is very importance for a business as it allows the reduce the potential
financial loss by transferring the risks via insurance.

LIC of India, Bajaj Allianz, Tata AIG, IFFCO Tokio, HDFC ERGO etc are few examples of
insurers operating in India

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Based on Tertiary Activities
Warehousing Business

A warehouse is a commercial building for storage of goods.

Warehouses are used by manufacturers, importers, exporters, wholesellers, customs etc.

They are usually large plain buildings in industrial parks on the outskirts of cities, towns or
villages

Law Firms

Companies that involves itself in the business of law.

Lawyers that work together under a specific firm name. They help protect businesses by
providing their expertise on matters of the law.

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Based on Tertiary Activities
Discounting Firms

A discount broker is a stockbroker who carries out buy and sell orders at a reduced
commission rate. However, he or she provides no investment advice, unlike a full-
service broker.

Before the emergence of technology, only the wealthy could afford a broker and get
access to the stock market.  However, the internet has brought an explosion
of discount brokers that allow individuals with smaller capital to trade, at a smaller
fee
Credit Guarantee Firms

These type of firms is to promote Small & Medium scale business and also to secure
banks by undertaking risks of loan given to small scale and medium scale business

The credit guarantee fund with a corpus of Rs. 3000 Crore is aimed at protecting
banks against possible defaults by borrowers and encouraging them to lend more to
the segment without fearing a default.

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Based on Tertiary Activities
Other Business

• Business-Plan Consulting.

• Packing and Unpacking Service / Packers & Movers

• Business-Travel Management.

• Accounting and Auditing

• Repair of Electronics and Appliances

• Long-Distance Reselling / E-commerce

• Education and Tutoring.

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Types of Business Organizations
Public Sector Business Organization

The public sector is that part of a country's economy that is effectively controlled by the
government.

This includes central government, state government as well as local government bodies.

The public sector includes public companies, entities and public enterprises and services.

Eg: ONGC, Indian Oil, BSNL, SAIL, NTPC, DMRC, Indian Railways, Air India etc.

Private Sector Business Organisation

Private Sector is actually business organizations that owned and run in private
individuals.

Various types of business in private sector, like Sole Proprietor, Partnership, Limited
Companies, Cooperatives, Franchise, and Charities.

Eg: ITM, Tata Sons Ltd, Godrej Industries, Hinduja Group, Aditya Birla Group, Reliance
Industries etc.
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Public Sector Business Organizations
Departments

Infrastructure public roads, bridges, tunnels, water supply, sewers, electrical grids,
telecommunications, etc., public transit, public education, along with healthcare

Eg: PWD Department of State and Central Government, Transport Corporations like
MSRTC, GSRTC etc.

Statutory Organizations

Statutory Corporations or government owned corporations having monopoly over a

specific service

e.g. Military, Police, Railways, India Post

Government Companies

These companies are owned by the union government of India, or one of the many state
or territorial governments, or both.

e.g. MTNL, HPCL, BPCL etc.

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Private Sector Business Organizations
Sole Proprietorships

A business that legally has no separate existence from its owner. The sole proprietorship
is the simplest business form under which one can operate a business. The sole
proprietorship is not a legal entity. It simply refers to a person who owns the business
and is personally responsible for its debts.
Partnership Forms

A type of business organization in which two or more individuals pool money, skills,
and other resources, and share profit and loss.
Joint Stock Companies

An association consisting of individuals organized to conduct a business for gain and

having a joint stock of capital represented by shares owned individually by the members
and transferable without the consent of the group.
Co-Operative Societies

A commercial enterprise owned and managed by and for the benefit of customers or
workers reaching masses and creating opportunities
Eg: Lijat Papad, Credit Co-Operative Societies
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Geographic Spread
Domestic Business

Commercial activities conducted within a nation or a commercial entity that conducts

economic transactions inside the borders of its home nation. A domestic business
typically has the advantage of only having to deal with its local currency, customs,
culture, regulations and tax system.

International Business

A business which operates internationally in one another country along with its
domestic market

Multinational Companies

A business which operates internationally in more than one country along with its
domestic market. Multinational companies have investment in other countries, but do
not have coordinated product offerings in each country.

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Geographic Spread
Global Business

Global business refers to international trade whereas a global business is a company

doing business across the world.
Unlike, Multinational companies Global business have invested and are also present
in many countries.

Transnational Companies

Transnational companies are much more complex organizations.

Its a commercial enterprise that operates substantial facilities, does business in more
than one country and does not consider any particular country its national home.

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Business Objectives
General and Corporate Objectives:
General and Corporate objectives are those that relate to the business as a whole. They are usually set by the top management
of the business and they provide the focus for setting more detailed objectives for the main functional activities of the business.

Peter Drucker suggested that corporate objectives should cover eight key areas:

AREA EXAMPLES
Market standing Market share, customer satisfaction, product range
Innovation New products, better processes, using technology
Productivity Optimum use of resources, focus on core activities
Physical & financial resources Factories, business locations, finance, supplies
Profitability Level of profit, rates of return on investment
Management Management structure; promotion & development
Employees Organizational structure; employee relations
Public responsibility Compliance with laws; social and ethical behavior

Production and Service Objectives:

Production is the most important activity of an enterprise. Production is concerned with transforming raw material into finished
product with the help of energy, capital, manpower and machinery and is a very complex and tedious process.

Production and service objective is to make adequate arrangement of men, money, materials, machines tools, implements and
equipment relating to production. Decide about the targets to be achieved by keeping in view the sales forecast.

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Objectives of Business
Financial Objectives :

Financial objectives are typically written as financial goals. When selecting and creating your financial
objectives, consider what you’re trying to accomplish financially within the time span of your strategic plan.

1. Increase revenue: Revenue represents growth in your organization, so increasing revenue is a sign of
company health. You can make this more specific by defining revenue from a key area in your organization.

2. Manage cost: On the other side of revenue is the costs or expenses in your business. As you grow (or
shrink) you need to carefully manage cost—so this may be an important objective for you.

3. Ensure financial sustainability: If your organization is in growth mode or has an uncertain economic
environment, you need to be sure you remain financially stable. Sometimes this means seeking outside
sources of revenue or managing costs that are appropriate to your operations.

4. Maintain profitability: This is a solid top-level objective that shows balance between revenue and
expenses. If your organization is investing in order to grow, you may look to an objective like this to govern
how much you are able to invest.

5. Ensure favorable bond ratings: For some organizations, bond ratings are a sign of healthy finances. This is
a regularly occurring objective for a public sector scorecard

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Objectives of Business
Marketing Objectives:

Marketing objectives are goals set by a business when promoting its products or services to potential
consumers that should be achieved within a given time frame.

In other words, marketing objectives are the marketing strategy set in order to achieve the overall
organizational objectives. product.

When setting objectives, it is very important to ensure that they are Specific, Measurable, Achievable,
Realistic and Time-specific - or SMART for short.

Human Resource Objective:

Human resources is one of the most important components of a solid business model.

There are 7 key goals for excellent human resource management which can enable success that:
•Helps the organization reach its goals.
•Ensures effective utilization and maximum development of human resources.
•Identifies and satisfies the needs of individuals.
•Achieves and maintains high morale among employees.
•Provides the organization with well-trained and well-motivated employees.
•Enhances employee capabilities to perform the present job.
•Inculcates a sense of team spirit, teamwork and inter-team collaboration.

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Objectives of Business
Social Objectives:

Social objective are those objectives of business, which are desired to be achieved for the benefit of
the society. If business activities lead to socially harmful effects, there is bound to be public reaction
against the business sooner or later.

(i) Production and Supply of Quality Goods and Services:

Since the business utilizes the various resources of the society, the society expects to get quality goods
and services from the business The objective of business should be to produce better quality goods
and supply them at the right time and at a right price.

(ii) Adoption of Fair Trade Practices:

In every society, activities such as hoarding, black- marketing and over-charging are considered
undesirable. Besides, misleading advertisements often give a false impression about the quality of
products. All these activities earn a bad name , liable for penalty and even imprisonment under the
law.

(iii) Contribution to the General Welfare of the Society:

Business units should work for the general welfare and upliftment of the society. This is possible
through running of schools and colleges better education opening of vocational training centres to
train the people to earn their livelihood, establishing hospitals for medical facilities and providing
recreational facilities for the general public like parks, sports complexes etc.

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Objectives of Business
National Objectives:

Being an important part of the country, every business must have the objective of fulfilling national goals
and aspirations. The goal of the country may be to provide employment opportunity to its citizen, earn
revenue to, become self-sufficient in production of goods and services, promote social justice, etc.

The following are the national objectives of business.

(i)Creation of Employment:
One of the important national objectives of business is to create ,this can be achieved by establishing
new business units, expanding markets, widening distribution channels, etc.

(ii) Promotion of Social Justice:

As a responsible citizen, a businessman is expected to provide equal opportunities to all persons with
whom he/she deals. He/ She is also expected to provide equal opportunities to all the employees to
work and progress.

(iii) Contribute to the Revenue of the Country:

The business owners should pay their taxes and dues honestly and regularly. This will increase the
revenue of the government, which can be used for the development of the nation.

(iv) Self-sufficiency and Export Promotion:

To help the country to become self-reliant, business units have the added responsibility of restricting
import of goods and increasing exports and adding to the foreign exchange reserves of the country.
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Objectives of Business
Global Objectives:

Previously India had very restricted business relationship with other nations. There was a very rigid
policy for import and export of goods and services. But, now-a-days due to liberal economic and export-
import policy, restrictions on foreign investments have been largely abolished and duties on imported
goods have been substantially reduced. This change has brought about increase in competition in the
market.

(i) Raise General Standard of Living:

Growth of business activities across national borders makes quality goods available at reasonable prices
all over the world.

(ii) Reduce Disparities among Nations:

Business should help to reduce disparities among the rich and poor nations of the world by expanding
its operation. By way of capital investment in developing as well as underdeveloped countries it can
foster their industrial and economic growth.

(iii) Make Available Globally Competitive Goods and Services:

Business should produce goods and services which are globally competitive and have huge demand in
foreign markets. This will improve the image of the exporting country and also earn more foreign
exchange for the country.

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Objectives of Business
Corporate Governance Objectives

Corporate governance is the system of rules, practices and processes by which a firm is directed and
controlled. 

Corporate governance essentially involves balancing the interests of a company's many stakeholders,

such as shareholders, management, customers, suppliers, financiers, government and the community.

Seven Characteristics of Corporate Governance

• Discipline
• Transparency
• Independence
• Accountability
• Responsibility
• Fairness
• Social responsibility

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Risks and Challenges to Business

• We live in rapidly changing times, especially for businesses

• In a single generation, businesses have had to adapt to entirely new marketing

channels (web and social), decide how to invest in and utilize new technologies,
and compete on a global stage

• One side effect of these rapid changes and growth is that no single CEO — or
any employee, for that matter — can be an expert in everything. This was,
perhaps, always true, but it has never been more apparent.

• Following are few challenges faced by Businesses all over the world.
Risks and Challenges to Business
Types of Risks

• Commercial Risks

• Economic Risks

• Political Risks

• Social Risks

• Technological Risks

• Natural Risks and Challenges

Risks and Challenges to Business
Commercial Risks

Commercial Risk refers to the risk an individual undertakes when he invests a certain amount
of money into the business. Influencers of this type of risk include:

• Consumers
• Competitors (Direct/Indirect)
• Employees within the organization
• Market
• Suppliers
• Government

Economic Risks and Challenges

The nature and direction of the economy in which a company competes or may compete may
lead to risks & challenges for the organization.

The economic environment includes general economic situation in the region and the nation,
conditions in resource markets which influence the supply of inputs to the enterprise, their
costs, quality, availability and reliability of supplies.

For example, introduction of GST Rates, IGST on exports instead of exemption, etc.
Risks and Challenges to Business
Economic Factors

Shift to a service economy Availability of credit

Level of disposable income Propensity of people to spend
Interest rates Inflation rates
Tax rates Money market rates
Government budget deficits Gross national product trend
Consumption patterns Trade Block Formations
Demand shifts for different categories of Income differences by region and
goods and services consumer groups
Price fluctuations Worker productivity levels
Stock Market Trends Monetary & Fiscal policies
Global movement of labour and capital Foreign countries' economi conditions
Import/export factors Unemployment Trends
Coalitions of Countries/ Regional blocks Company of Petroleum Exporting
Countries (OPEC) policies
Risks and Challenges to Business
Political Risks

Certain Political factors tend to pose risks & challenges to the organization.
It can further be bifurcated into 3 elements:
• Government: GST after BJP Govt, Ban on certain automobiles under AAP state governance
in Delhi
• Legal: Reduction in stent price, Ban on liquor on Gujarat.
• Political: MNS Marathi banner, Reservation Rights, Bands

Technological Risks

The most important factor, which is controlling and changing people’s life, is technology.

Technology can act as both opportunity and threat to a business.

For example, Dell Computer Corporation reduces its paperwork flow, schedules its payments
more efficiently, and is able to coordinate its inventories efficiently and effectively by using
the capabilities of the Internet.

At the same time, a lot of jobs and businesses are becoming absolute because of technology.
Risks and Challenges to Business
Social Risks

It is a complex of factors such as social traditions, values and beliefs, level and standards of
literacy and education, the ethical standards and state of society, the extent of social
stratification, conflict and cohesiveness and so forth.

Eg: Chicken Shops in Jain area.

Natural Risks

• The Potential for Natural Disaster

• Your Climate

• Shortage of Raw Materials

• Access to Waterways

• Air-Quality Issues

• Environmentally Driven Regulatory Factors

Business People Need Managerial Skills

Managerial Levels

Higher Level Management

(Managers, Sr. Managers, General
Managers and Above)

Middle Level Management

(Assistant Managers, Deputy Managers,
Superintendent etc.)

Lower Management
(Supervisor, Foreman, Shift In-charge etc.)

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Business People Need Managerial Skills
People who wants to climb the career ladder and impress business employers, need to brush up
on the following management skills: -

1. Interpersonal skills

2. Communication and motivation

3. Organization and delegation

4. Planning, Time Management and Strategic Thinking

5. Problem solving and decision-making

6. Commercial awareness

7. Mentoring (Leadership)

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Need for Managerial Skill
Below mentioned are the Ten Skills Every Manager Needs

1. Every manager needs to be able to ask for and take in feedback from their
employees without becoming defensive. This is a fundamental leadership skill

2. Every manager must develop the ability to take an employee's perspective

and see things from the employee's point of view

3. Every manager needs to understand how his or her function fits into the
overall organization and how their business competes in its marketplace

4. Every manager needs to learn self-reflection. They need to notice their own
fear reactions

5. Every manager needs to know how to acknowledge and reinforce employees

and how to avoid bashing and criticizing them when they make a mistake.
True leaders accept their employees' mistakes as their own learning
opportunities.

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Need for Managerial Skill
Below mentioned are the Ten Skills Every Manager Needs

6. Every manager needs to learn to stand up for their teammates when a

higher-up manager gives an order that isn't feasible or achievable

7. Every manager needs to learn to manage his or her own career, completely
apart from managing their department

8. Every manager needs to learn to communicate with people of different ages,

ethnic backgrounds, religions, political stripes and personality types

9. Every leader must learn how to build trust and community at work. Without
trust, a department can't function the way it should

10. Every manager must learn to be human at work

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Need for Managerial Skill
Importance of Managerial Skills

Finance skills are also a part of the job, whether you’re balancing marketing
budgets or working on payroll, understanding how to make strategic decisions
based on financial risks and rewards is a necessary skill for every manager

Project management is to manage all the elements of planning and executing a

given project. Mastering the other mentioned managerial skills will help you be a
more effective project manager.

Managers who can motivate their employees are true assets to their company.
This type of interaction not only increases productivity and employee
satisfaction, but it sets a good example as well. Hiring managers look for leaders
who can spot employees' strengths and encourage them to develop their skill
sets.

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Need for Managerial Skills
Importance of Managerial Skills

Analytical skills are also important in management. You should know what data is
most relevant to your industry, how to gather it, and what the resulting numbers
mean.

Integrity, honesty, and professionalism are crucial skills for strong managers. As a

leader, it's better to show rather than tell when it comes to work ethic and
demeanor.

People skills are crucial. You should be able to communicate effectively in both

verbal and written form. Typo-riddled memos or rushed, confusing meetings won't
do. The best managers are always able to send a clear message and share valuable,
understandable information that will help get the job done

Technical Skills or your industry knowledge and experience should guide all those

whom you oversee, helping them to achieve higher levels of success. Managers are
often called upon to provide training and coaching for their employees. One should
be able to impart useful wisdom and handy trade secrets that will help your team
excel
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Nature & Functions of Management
Management has to cope with diverse and far-reaching challenges:
• Technology
• Competition
• Political
• Social
• Economic changes.

They have to deal with uncertainty and unexpected events. They have to do more
with less, engage all employees.

Management is to plan, organize, direct and control the resources of the organization
for achieving common objectives and goals. Resources include material, money,
machinery, methods, manufacturing and marketing.

Management principles are universal in nature. Management is necessary for all

types of organization, whether industrial organizations, government departments,
public sector undertakings, military, hotels, hospitals, educational institutions or even
hostels.
Nature of Management
Management is an activity

Like various other activities performed by human beings such as writing, playing,
eating, cooking etc. management is also an activity because a manager is one who
accomplishes the objectives by directing the efforts of others. Management as an
activity includes Informational Activities, Decisional Activities, Interpersonal
Activities.

Management is a purposeful activity

The activity of management is connected with planning, direction, controlling,

staffing etc. and also there is some purpose behind it. Its main aim is to achieve the
economic and social objective. Without any purpose management can not be
formed.
Management is concerned with the efforts of a group
Management deals with group of activities because no individual can do all the
activities at the same time. So, it is based on group efforts. It is also used to
achieve the common goals with group efforts.
Nature of Management
Management applies economic principle
Economic theory provides a number of con­cepts and analytical tools which can be
of considerable and immense help to a manager in taking many decisions and
business planning. Therefore, it would be useful to examine the basic tools of
managerial economics and the nature and extent of gap between the economic
theory of the firm and the managerial theory of the firm.

Management involves decision making

Decision Making is the essence of the management process. Decisions are made to
solve problems, tackling the situations, handling crises and resolving conflicts that
are inevitable. The Concept of decision making involves defining the problem,
finding, comparing and choosing a course of action.
Management is getting things done through others
Management, the art of getting things done through people. Management is the
process by which human efforts are coordinated and combined
with other resources to accomplished organizational goals and objectives .
Nature of Management
Management is an integrating process
Management undertakes the job of bringing together human physical and financial
resources so as to achieve organizational purpose. Therefore, is an important
function to bring harmony between various factors.
Management involves co-ordinating various activities and optimizing the use of
resources

The study of individual differences is the main focus of anthropology. Management

involves the coordination of activities and optimizing the use of resources for the
accomplishment of organization goals. The informal organization is the unofficial
part of the system.

Management is a universal activity

Management is taken as universal activity whether an organization is big or small,
government, hospitals, schools, colleges etc. management is required. Wherever
there is human activity there is management. Every step of life requires
management because with the help of management each and every task can be
handled easily, properly and effectively.
Nature of Management
Management is a dynamic process

Management is a dynamic activity as it must adjust itself to the regularly changing

environment. In this context, it can be rightly said that nothing is eternal in
management.
In the modern times one of the most important human activities is managing group
of people. Ever since people began forming groups to accomplish aims they could
not achieve as individuals, managing has been essential to ensure the coordination
of individual efforts. As society has come to rely increasingly on group effort and as
many organized groups have become large the task of managers has been rising in
importance.

In short, Management is all about making things happen, producing results

Importance of Management

Management is goal oriented

Management is concerned with achievement of specific goals. Management is a
purposeful activity. It is a tool which helps use of human & physical resources to
fulfill the pre-determined goals.

Management is associated with group efforts

The business comes into existence with certain objectives which are to be achieved
by a group as they cannot be achieved by a single person alone. The role of
Management is to co-ordinate the activities and actions of the members in the
group towards a common goal.

Management is intangible

It is an unseen force, whereas mismanagement is quickly noticed. Its presence can

be evidence by the result of its efforts up to date order but they generally remain
unnoticed, Where as mismanagement is quickly noticed.
Importance of Management

Management is an activity
It is the process of planning, organizing, directing and controlling events so to
achieve the objectives of the organization. Management is not people or not a
certain class but it is the activity.

Management is universal
Most of the principles and techniques of management are universal in nature. They
can be applied to government organization, military, educational institutes, religious
institutes etc. They provide working guidelines which can be adopted according to
situations.

Management is concerned with people

It is through people that things get done. People are the focus of management.
Their welfare and well-being is and must always remain a priority for management.
Functions of Management
Planning

Planning means looking ahead and chalking out future courses of action to be
followed taking into consideration available & prospective human and physical
resources. It is a systematic activity which determines when, how and who is going
to perform a specific job.

Steps in Planning function:

• Establishment of objectives

• Establishment of Planning Premises

• Choice of alternative course of action

• Securing Co-operation

• Follow up/Appraisal of plans

Functions of Management
Organizing

Organizing is the function of management which follows planning. It is a function in

which the synchronization and combination of human, physical and financial
resources takes place.

Steps of Organizing function:

• Identification of activities

• Departmentally organizing the activities

• Classifying the authority

• Co-ordination between authority and responsibility

Functions of Management
Staffing

The managerial function of staffing involves manning the organization structure

through proper and effective selection, appraisal and development of the personals
to fill the roles assigned to the employers/workforce.

Staffing pertains to recruitment, selection, development and compensation of

subordinates.

Nature Of Staffing Function:

• Important Managerial Function

• Continuous Activity
• Efficient Management
• Staffing helps in placing right men at the right job
• Performed by all Managers
• Requires sufficient care & attention of the Management
Functions of Management
Directing

Directing is a process in which the managers instruct, guide and oversee the
performance of the workers to achieve predetermined goals.

Planning, organizing, staffing has got no importance if direction function does not
take place.

Characteristics Of Direction:

• Pervasive Function
• Continuous Activity
• Human Factor
• Creative Activity
• Executive Function
Functions of Management
Co-ordination

Co-ordination tries to achieve harmony between individual‘s efforts towards

achievement of group goals and is a key to success of management. Management
seeks to achieve co-ordination through its basic functions of planning, organizing,
staffing, directing and controlling.

Co-ordination is achieved through planning, organizing, staffing, directing and

controlling. Co-ordination is life-line of management

Organizing

Controlling is measuring and correcting individual or organizational performance to

ensure that event confirm to plans.

It involves measuring performance against set goals and plans showing where
deviations from the standards exist and helping to correct those deviations. The
control process is cyclical which means it is never ending. Employees often view
controlling negatively No matter how positive the changes may be for the
organization.
Management
Definition of Management

Mary Parker Follet:

Management is the art of getting things done through people, by directing
the efforts of others and not by performing the task himself.

George R Terry:
A process consisting of planning, organizing, actuating and controlling,
performed to determine and to accomplish the objectives by the use of people
and resources.

R L Daft:
Management is the attainment of organizational goals in an effective and
efficient manner through planning, organizing leading and controlling
organizational resources.

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Thank You