Nature of Management Goal Oriented : It coordinates the efforts of workers to achieve the goals of the organisation. The success of management is measured by the extent to which the organisational goals are achieved. Economic Resources : Management is one of the factors of production together with land , labour and capital. It is the most critical input in the success of any in the success of any group activity. These factors do not themselves ensures production, they require the catalyst of management to produce goods and services required by the society. Distinct Process : It is a distinct function process consisting of such functions as planning, organising, staffing, directing and controlling. Integrative Force : The essence of management is integration of human and other resources to achieve the desired objectives. Multi – Disciplinary Subject : Management has grown as a field of study (i.e. discipline) taking the help of so many other disciplines such as Engineering, Anthropology, Sociology and Psychology. VirtuosoCoder.in

Intangible Force : Management has been called unseen force Intangible Force : Management has been called unseen force. Its presence is evidenced by the result of its efforts. Results through others : the managers cannot do everything themselves. They must have the necessary ability and skills to get work accomplished through the efforts of others. A Science and an Art : Management has an organized body of knowledge consisting of well defined concepts, principles and techniques which have wide applications. So it is treated as a science. The application of these concepts , principle and techniques requires specialized knowledge and skills on the part of manager. Since the skills acquired by a manager are his personal possession, management is viewed as an art. System of Authority : Management as a team of managers represents a system of authority, a hierarchy of command and control. Managers at different levels possess varying degrees of authority. Universal Application : The principles and techniques of management are equally applicable in the fields of business, education, military, government and hospital. VirtuosoCoder.in

Objectives of Management Efficient use of resources : Management seeks to obtain maximum output with minimum resource and efforts. Satisfaction of Customers : The customers must be satisfied by offering them quality products and better service. Adequate return on capital : Management must achieve a reasonable rate of return for the owners of the business. Satisfied Workforce : Management attempts to build a team of good workers who are happy and satisfied with the organisation. Good working condition : Management seeks to achieve a system to ensure fair wages for the work, security of employment and better working conditions for the workforce. Good relation with suppliers : Management seeks to achieve good relations with the suppliers of raw materials and capital so as to continue in production. VirtuosoCoder.in

Skills of Manager Conceptual skills : This skills refer to the ability to visualize the entire picture or to consider a situation in its totality. It comprise the ability to see the whole organisation and inter relationships between its parts. Human skills : This skills consist of the ability to work effectively with other people both as individuals and as members of a group. These are required to win cooperation of others and to build effective work teams. Technical skills : This skills refer to the ability and knowledge in using the equipment, techniques and procedures involved in performing specific tasks. Thus, Conceptual skills deal with ideas, human skills with persons and technical skills with jobs. VirtuosoCoder.in

Besides those skills, the managers, particularly at upper organisational level must also have design skills / decision making skills. These involve competencies to solve organisational problems in the light of the prevailing external environment of the organisation. These are also known as diagnostic and analytical skills. Diagnostic skills include the ability to determine, analyse and examine the nature and circumstances of a particular situation. VirtuosoCoder.in

Importance of Skill at Different Level Top Management Conceptual Skills Strategic Planning and Decision- making Middle Management Human Coordination and Planning for Implementation First-Line Management Technical skills Implementation VirtuosoCoder.in

Foremen or Supervisors Accounts or Finance officers Operating Board of Directors Top Management Managing Director Marketing Manager Production Manager Finance Manager Upper Middle Management Branch Manager Plant Superintendent Chief Accountant Middle Management Sales Officers Foremen or Supervisors Accounts or Finance officers Operating Management Salesman workers Clerks Rank and File Work Force VirtuosoCoder.in

Functions of top management : Top management : It consists of the Board of Directors and the Chief Executives. Chief Executive may be an individual, e. g. Managing Director, General Manager, etc. or a group consisting of Chairman and Functional / Executive Directors. Chief Executive is concerned with the overall management of the company’s operations. Functions of top management : To analyse and interpret changes in the external environment of the company. To establish long term corporate plans (goals, polices and strategies) of the company. To formulate and approve the master budget and departmental budgets. To design broad organisational structure. To appoint departmental heads and key executives. VirtuosoCoder.in

To provide overall direction and leadership to the company. To coordinate and integrate the activities of different departments and divisions of the company. To provide overall direction and leadership to the company. To exercise overall review and control of the financial and operating results of the company. To represent the company to the outside world (public relations). To decide the distribution of profits. Intermediate / upper middle management : This mgmt. comprises departmental or divisional heads, e. g., works manager, marketing manager, personal manager, finance manager, etc. It is also known as departmental or functional mgmt. Every divisional or departmental head is the overall incharge of one particular division or department. VirtuosoCoder.in

Functions of middle level : He is accountable for the performance of his division or department to the chief executive. He performs the managerial functions of planning, organising, staffing, directing and controlling in relation to one department. He coordinates and controls the activities of all personnel working in different branches or sections of his particular department. Middle management : this level management consists of sectional heads, e. g., plant manager, area sales manager, branch manager, etc. These executives serve as a link between intermediate or top management and the operating management. Functions of middle level : To interpret and explain the plans and policies formulated by top management. To monitor and control the operating performance. VirtuosoCoder.in

To train, motivate and develop supervisory personnel. To cooperate among themselves so as to integrate the various activities of a department. To train, motivate and develop supervisory personnel. To lay down rules and regulations to be followed by supervisory personal. Supervisory or operating management : It consists of supervisors, foremen, sales officers, account officers, etc. It deals with non managers, i.e. workers whereas all other levels deal with executives. They maintain close contacts with rank and file workers and supervise day-to-day operations. Functions of supervisory or operating management : To play day-to-day production within the goals laid down by higher authorities. VirtuosoCoder.in

To issues order and instructions. To assign jobs to workers and to make arrangements for their training and development. To issues order and instructions. To supervise and control worker’s operations and to maintain personal contacts with them. To arrange materials, tools and maintain machinery. To advice and assist workers by explaining work procedures, solving their problems, etc. To maintain discipline and good human relations among workers. To report feedback information and worker’s problems tot the higher authorities. VirtuosoCoder.in