Management Concepts and Functions

A collection of flashcards summarizing key concepts and terms from management theory and practice.

Management

The process of working with and through others to effectively achieve organizational objectives by efficiently using limited resources.

Effectiveness

Completing the right task to achieve the designated goal within the time frame.

Efficiency

Completion of a task using minimum resources to maximize output.

Characteristics of Management

Intangible force, dynamic function, goal oriented process, group activity, continuous process, pervasive, and multidimensional.

Organizational Objectives

Goals that can be categorized into survival, profitability, and growth.

Survival Objective

Earning enough revenues to cover costs and ensure long-term business survival.

Profitability Objective

Earning adequate profit in order to survive, grow and provide incentives for operation.

Growth Objective

Indicates how well an organization exploits potential opportunities measured through increases in sales volume, employees, and products.

Importance of Management

Helps achieve group goals, increases efficiency, creates dynamic organizations, achieves personal objectives, and contributes to societal development.

Management as an Art

Skillful personal application of knowledge acquired through study, observation, and experience.

Management as a Science

A systematized body of knowledge based on general truths, with principles developed through experiments and observations.

Management as a Profession

An occupation requiring specialized knowledge and skills, with restricted entry and governed by a code of conduct.

Levels of Management

Divided into top management, middle management, and first-level management, each with distinct functions.

Functions of Management

Includes planning, organizing, staffing, directing, and controlling to achieve objectives.

Coordination

The force that synchronizes the functions of management and activities of different departments.

Features of Coordination

Integrates group effort, ensures unity of action, is a continuous process, is a responsibility of all managers, is a deliberate function, and is all-pervasive.

Importance of Coordination

Necessary for managing growth, functional differentiation, and ensuring the integration of specialized activities.