Management is the coordination and administration of tasks to achieve a goal. Such administration activities include setting the organization's strategy and coordinating the efforts of staff to accomplish these objectives through the application of available resources.

Nature and Significance of Management

Management is the process of planning, organizing, coordinating, and controlling resources to achieve organizational goals effectively and efficiently. It involves various activities and functions that are necessary for the smooth functioning of an organization. The nature and significance of management can be understood through the following points:

1. Universal Application:
Management is applicable to all types of organizations, be it profit-oriented or non-profit, small or large, public or private. It is essential for achieving organizational objectives irrespective of the sector or industry.

2. Goal-Oriented:
The primary objective of management is to achieve the goals and objectives of an organization. It involves setting clear and specific goals and then working towards their accomplishment through effective planning, organizing, and controlling.

3. Continuous Process:
Management is a continuous process as it involves various activities that need to be performed continuously to ensure the smooth functioning of the organization. It includes planning, organizing, staffing, directing, and controlling, which are ongoing and interrelated.

4. Integrative Function:
Management acts as an integrative function that brings together all the resources of the organization, including human, financial, material, and informational resources. It coordinates and combines these resources to achieve the desired objectives.

5. Dynamic and Adaptive:
Management is dynamic and adaptive in nature as it needs to respond to the changing internal and external environment of the organization. It involves making adjustments and changes in the plans and strategies to cope with the dynamic business environment.

6. Decision-Making:
Management involves making decisions at various levels of the organization. Managers need to analyze situations, evaluate alternatives, and make informed decisions to solve problems and achieve organizational goals.

7. Multi-Disciplinary:
Management draws knowledge and principles from various disciplines such as economics, psychology, sociology, and statistics. It integrates these disciplines to develop effective management practices and techniques.

8. Significance:
Management is significant for the success and growth of an organization. It helps in achieving organizational goals, optimizing resource utilization, improving productivity and efficiency, ensuring coordination and teamwork, and adapting to changes in the business environment.

In conclusion, management is a universal, goal-oriented, continuous, integrative, dynamic, and multi-disciplinary process. It plays a significant role in achieving organizational objectives and ensuring the smooth functioning of an organization.