Nature and Significance of Management Lecture Notes

Vocabulary-style flashcards covering the definitions of management, core concepts of efficiency and effectiveness, and the five primary management functions as described in the lecture notes.

Management (General Meaning)

A process of getting things done with the aim of achieving goals effectively and efficiently.

Effectiveness

Focuses on doing the right task and finishing the given task or goal within the given time.

Efficiency

Focuses on doing the task the right way with minimum cost and maximum utilisation of resources.

Process

Refers to the primary functions or activities that management performs to get things done, specifically planning, organising, staffing, directing and controlling.

Harold Koontz and Heinz Weihrich (Management Definition)

The process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims.

Robert L. Trewelly and M. Gene Newport (Management Definition)

The process of planning, organising, actuating and controlling an organisation's operations in order to achieve coordination of the human and material resources essential in the effective and efficient attainment of objectives.

Kreitner (Management Definition)

The process of working with and through others to effectively achieve organisational objectives by efficiently using limited resources in the changing environment.

Henry Fayol (Management Definition)

To forecast, plan, organise, command, coordinate and control the activities of others.

Coordination

Considered the invisible glue of management that binds all other functions together.

Planning

One of the five core functions of management focusing on establishing goals and courses of action.

Organising

One of the five core functions of management involving the arrangement of resources and activities to achieve goals.

Staffing

One of the five core functions of management concerned with finding the right people for the right jobs.

Directing

One of the five core functions of management involving leading, influencing, and motivating employees.

Controlling

One of the five core functions of management focused on monitoring performance and making necessary corrections.