NATURE AND SIGNIFICANCE OF MANAGEMENT — OCM STD 12 Commerce — Question

Management is a science:

• Knowledge gained by systematic way and by specializing in that area is called science. According to Dr. George Terry, “Science teaches one to know.”
• In science; the rules and principles are derived and cause and effect relationship is established. Similar process is done in management as well.
• Management makes use of gaining systematic knowledge, universality, cause and effect relationship, collection of facts, analysis and experiments, verifying the principles, etc.
• The way science has its own principles and rules, management also has .its own specific principles.
• Management makes use of these principles for co-ordination of human resource, machine, capital, manufacturing methods, etc. Thus, we can rightly . say that management is a science.

Management is an Art:

• The tactful use of skills and expertise gained through theoretical knowledge is called art. According to Dr. George Terry, “Art teaches one to do.”
• The practical application of management makes use of rules and principles, personal skills, insight and cleverness, etc.
• Thus, for proper implementation of knowledge, technical art is also important over and above the theoretical knowledge.
• The theories and principles are challenged and modified by the skilled manager as per the need of the situation. Hence, making use of management is an art.
• From these discussions we can conclude that management is neither only science nor only an art but a combination of both.