NATURE AND SIGNIFICANCE OF MANAGEMENT — OCM STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceOCMNATURE AND SIGNIFICANCE OF MANAGEMENT3 Marks
Question
State the various important definitions of management.
✓
Answer
Management:
Management is the process of reaching organizational goals by working with and through people and other organizational resources.The various definition of management are:
$(A)$ Definition of Koontz and O’Donnell: Management is the art of getting things done through others.
$(B)$ Definition of Livingston: Management is a function of achieving predetermined objectives of a business unit with the use of minimum time and cost as well by making efficient use of available resources.
$(C)$ Definition of 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 help to achieve the business objectives.
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