Lecture 1.1 - What is Management | Management Science by NPTEL - Business Basics PDF Download

 Page 1


MANAGEMENT CONCEPTS  
and 
FUNDAMENTALS
Dr. M.Thenmozhi
Professor
Department of Management Studies
Indian Institute of Technology Madras
Chennai  600 036
E-mail: mtm@iitm.ac.in
Page 2


MANAGEMENT CONCEPTS  
and 
FUNDAMENTALS
Dr. M.Thenmozhi
Professor
Department of Management Studies
Indian Institute of Technology Madras
Chennai  600 036
E-mail: mtm@iitm.ac.in
WHAT IS MANAGEMENT ?
1.Field of Study                             
- Management principles, techniques, functions, etc
- Profession
2.Team or Class of people
- Individual who performs managerial activities or
may be a  group of persons
3.Process
- Managerial activities 
- planning, organising, staffing, directing, 
controlling.
Page 3


MANAGEMENT CONCEPTS  
and 
FUNDAMENTALS
Dr. M.Thenmozhi
Professor
Department of Management Studies
Indian Institute of Technology Madras
Chennai  600 036
E-mail: mtm@iitm.ac.in
WHAT IS MANAGEMENT ?
1.Field of Study                             
- Management principles, techniques, functions, etc
- Profession
2.Team or Class of people
- Individual who performs managerial activities or
may be a  group of persons
3.Process
- Managerial activities 
- planning, organising, staffing, directing, 
controlling.
WHAT IS MANAGEMENT ?
DEFINITION:
• F.W. Taylor - “Art of knowing what you want to do and 
then seeing that it is done the best and cheepest way”.
• Henry Fayol – “To Manage is to forecast, to plan, to  
organise, to command, to co-ordinate and to control”.
• Peter F.Drucker –”Management is work and as such it 
has its own skills, its own tools and its own techniques”.
• “Management is the art of getting things done through 
and with people”.
Page 4


MANAGEMENT CONCEPTS  
and 
FUNDAMENTALS
Dr. M.Thenmozhi
Professor
Department of Management Studies
Indian Institute of Technology Madras
Chennai  600 036
E-mail: mtm@iitm.ac.in
WHAT IS MANAGEMENT ?
1.Field of Study                             
- Management principles, techniques, functions, etc
- Profession
2.Team or Class of people
- Individual who performs managerial activities or
may be a  group of persons
3.Process
- Managerial activities 
- planning, organising, staffing, directing, 
controlling.
WHAT IS MANAGEMENT ?
DEFINITION:
• F.W. Taylor - “Art of knowing what you want to do and 
then seeing that it is done the best and cheepest way”.
• Henry Fayol – “To Manage is to forecast, to plan, to  
organise, to command, to co-ordinate and to control”.
• Peter F.Drucker –”Management is work and as such it 
has its own skills, its own tools and its own techniques”.
• “Management is the art of getting things done through 
and with people”.
CHARACTERISTICS OF MANAGEMENT
1) Is a Process /a function.
2) Is a Social Process.
3) Involves Group Effort.
4) Aims at achieving predetermined objectives.
5) Required at all levels of management
6) Is a Profession
7) Is comprised of following functions:
• Planning 
• Organising
• Directing
• Controlling 
• Co-ordination
8) Is an art and science.
Page 5


MANAGEMENT CONCEPTS  
and 
FUNDAMENTALS
Dr. M.Thenmozhi
Professor
Department of Management Studies
Indian Institute of Technology Madras
Chennai  600 036
E-mail: mtm@iitm.ac.in
WHAT IS MANAGEMENT ?
1.Field of Study                             
- Management principles, techniques, functions, etc
- Profession
2.Team or Class of people
- Individual who performs managerial activities or
may be a  group of persons
3.Process
- Managerial activities 
- planning, organising, staffing, directing, 
controlling.
WHAT IS MANAGEMENT ?
DEFINITION:
• F.W. Taylor - “Art of knowing what you want to do and 
then seeing that it is done the best and cheepest way”.
• Henry Fayol – “To Manage is to forecast, to plan, to  
organise, to command, to co-ordinate and to control”.
• Peter F.Drucker –”Management is work and as such it 
has its own skills, its own tools and its own techniques”.
• “Management is the art of getting things done through 
and with people”.
CHARACTERISTICS OF MANAGEMENT
1) Is a Process /a function.
2) Is a Social Process.
3) Involves Group Effort.
4) Aims at achieving predetermined objectives.
5) Required at all levels of management
6) Is a Profession
7) Is comprised of following functions:
• Planning 
• Organising
• Directing
• Controlling 
• Co-ordination
8) Is an art and science.
FUNCTIONS OF MANAGEMENT
Planning
• Look ahead and chart out future course of operation
• Formulation of Objectives, Policies, Procedure, Rules, 
Programmes and Budgets
Organising
• Bringing people together and tying them together in the 
pursuit of common objectives.
• Enumeration of activities, classification of activities, fitting
individuals into functions, assignment of authority for 
action.