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Answer
$(1)$ Introduction: Management has been started since ancient time. In the primitive era, human being got his food by hunting; hence there was no need of business. Later on barter system came in use, thereafter money was introduced and business came into force. In the beginning sole proprietorship form of business was used, later partnership and joint stock Company was introduced as so need for more money and management arised. Company can raise more funds and produce on a large scale but it give rise to many problems as the size and activities of the business expand. These problems include the problem of capital, production, sales or employees. In these circumstances there arose a need of trained, experienced and expert people to take various decisions in the business units. Work done by this group of people is known as “Management”.
$(2)$ What is management? : According to Knootz and O’Donnell, “Management is the art of getting thing done through others.”
According to Livingston, “Management is a function of achieving predetermined objective of business unit with the use of minimum time and cost as well by making efficient use of available resources
According to George R. Terry, “Management is such a process which plans and controls men, machine, material, method, money and market. It provides leadership, co-ordination and direction to human efforts which helps to achieve the business objectives”.
$(3)$ Characteristics/Nature of Management:
$(1)$ Universal Process : Management is not only required in industries but also can be applied in the field of social, religious, agriculture, army, education etc. Management activity is seen in the units of each and every field and different department of the unit.
$(2)$ Goal Activity: “Management is a tool and not the attainment.” Every business unit is established to achieves certain objectives. Management is necessary to achieve these objectives in a competent and economical manner.
$(3)$ Group Activity: Management is required where two or more people are working together for the accomplishment of predetermined objectives.
$(4)$ Continuous Process: Management is a goal oriented activity, yet it does not stop after the achievement of objectives. New objectives and targets are decided by the business unit. The cycle of defining objectives, achieving them and defining them continuously goes on moving.
$(5)$ Human Activity: Management is done by the human being and for the human being. Man is in the center of Management, other means of production are useless without man.
$(6)$ Decision Process: Management has to take decisions constantly while managing the business. No work can be -
$(7)$ Science, Art and Profession: Like Science, Management has its own rules or principles. So many writers consider management as a science. To take work from Man one requires, proficiency, intelligence, cleverness and insight, this is known as “Art of getting work done from others”. In Modern times business needs trained and expert people who has adopted professionalism like lawyers, doctors, C.A. Thus, management is a profession.
$(4)$ Conclusion: Management of an activity requires proper planning, Organizing, Staffing, Directing, Co-ordination, Reporting, Budgeting and Controlling. So management is known as a process also.
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