Definition of Business Management

In today's module we will be discussing about definition concept and importance of Management which is a very important topic,  Follett has provided a very popular management definition because the art of getting things done through people so it is very important to understand what management definition really is. Planning through the process, organizing and controlling activities and using organizational resources to achieve organizational goals is the definition of management. 

Definition of Business Management



Efficient and effective in today's changing environment. The definition takes into account various management functions such as organizing planning directing control, we also have functions such as reporting coordination so all of these are important functions that are taken into account in talking about organizations that use their resources efficiently and effectively that are reused optimally. utilize resources optimally and also talk about an ever-changing environment where organizational functions are an internal enemy and the external environment is basically your internal environment your customers your employees your supplier competitors that basically directly affect your organization all your stakeholders and you the external environment is your ecological and legal environment technological environment socio-political culture that indirectly influences the organization.

so it is important to understand that all these changes or all these environments affect your organization directly or indirectly so this is a more effective definition of management now another important concept of management is the 5ms so what are these five aims let's just understand and how are the important part of Management so the first thing is the:

1. M is the method now is very important when you manage things that you know the method, you have to know then you will not be able to manage things correctly. You also need material which we have already discussed is the optimal use of materials with the best way to manage materials or resources.

2. M of Management the third M of Management is the machinery or the tools with which the managementneeds to be performed so machinery or the tools are required for proper working of the organization.

3. M is money now without the resources financial resources or money one organization cannot really function and the fifth and the very important function as you can understand by the picture now is man so without manpower no organization can function so this is the most important.

4. M's of management now let us understand the different concepts and nature of Management the first very widely discussed or debatable concept of Management is whether management is an art or it is science well ideally management is a combination of both art and science how science because science basically talks about principles it talks about theories so a person it he or she needs to have knowledge of the management principles they need to have that particular knowledge of how to apply those theories and how what are the different theories and principles of management so that is a science aspect of management now what is the art aspect, Management the skills of how to apply the knowledge or how the knowledge can be utilized is the art aspect of the management so a management is basically a combination of art which is the principles and theories knowledge of principles and theories and art that is how to apply that knowledge or how to apply these principles in the organization that is basically art the second concept or nature of management is that management is a multidisciplinary discipline which means that management itself is not a discipline but it has evolved or the theories have come from different disciplines or different other subjects and fields so its theories principles and concepts they are all founded upon other disciplines now what are these different disciplines these disciplines are economics sociology psychology mathematics information technology so all these have basically contributed to the science and art of management or to the different theories and principles and concepts of management so management is a multidisciplinary discipline this is the second concept of Management the third concept or nature of Management is that management is in tangible intangible stands for something which cannot be seen but which cannot be touched but it can always be felt so management can always be felt its existence or it's in existence you can feel it so if something is mismanaged if the organization is mis vanished you can definitely make out that the organization is mismanaged and it is not working properly. so it can always be felt but you cannot see it or you can touch management so it is an intangible thing the fourth nature of management is that management is pervasive at all levels pervasive stands for.

5. The concept or nature of management is that management is optimally utilizing the resources now the word optimum stands for the best possible way of using the resources of utilizing the resources we cannot use the resources in the maximum best possible way or maximum way but we can definitely use it in the best possible way or the optimum or the optimal way so physical financial and all the informational resources of the organization they must be optimally utilized that.
Proper management now let's understand what is the need or importance of management why do we need management in an organization first of all as we discussed earlier management is required for the effective utilization of resources or for optimal utilization of new resources secondly along with optimally utilizing resources it is also important to develop new resources so that we are not behind of all the resources or we do not lack the resources which are necessary for the organization now management is also the part in or in which we have to incorporate innovation so it is also important because we need to incorporate innovations management is also important for better coordination among various departments if we are we do not have proper management then the management different between different departments like your HR department the finance department the marketing departments operations department so all these are different departments they do not have the coordination then the fifth importance of Management is that very important that it provides a sense of security and oneness to its employees so if the organization is mismanaged the employees will not feel secure or they will not feel happy working in the organization so it is very important that the organization is managed and finally management is also important so that all the tasks are completed in the stipulated time frame or in the given time frame it is very important to finish the task in the optimum in the possible time frame so that all the resources are properly used.