Management: Science or Art: Management like other practices- whether medicine, music composition, or even accountancy- is an art. The management theories which evolved in the early twentieth century were called the Second Industrial Revolution. Nature of Financial Management Personnel management is an extension of general management. First; managers must set a plan, then organize resources according to the plan, lead employees to work towards the plan, and finally, control everything by monitoring and measuring the effectiveness of the plan. The finance manager measures the cost of capital and chooses cheap sources of capital by properly analyzing different sources available. Heterogeneous Markets. (ii) Precise Definition of Management: Let us formulate a precise definition of management. So … It should be the basis of our study of the principles of management. Concept of Management; Objectives and Importance of Management 4 Functions of management are planning, organizing, leading and controlling that managers perform to accomplish business goals efficiently. It works towards reducing the cost of various activities through proper monitoring and setting up proper price policy. The substance of management should be identified as a process. and find homework help for other Business questions at eNotes Management is sometimes viewed through a hierarchical frame, dividing management groups by frontline, middle, and upper levels. Different ideas or concepts help in different situations. Nature of Personnel management includes the function of employment, development, and compensation- These functions are performed primarily by the personnel management in consultation with other departments. Government of different countries have different fiscal policies and therefore they accordingly prohibit the flow of capital in their countries. According to this approach no single idea/ concept can yield the one best way of administration. They coordinate services and are keen on planning. 1. The best is one that is according to situation. Frontline managers are more zoomed in, whereas executives are more zoomed out. Therefore, principles should be applied according to the prevailing conditions. Get an answer for 'Explain the nature of management functions and their importance at different levels of management.' Further, there was a lot of criticism and opposition to similar management theories from other contributors. It is know-how. In a global marketplace where the rate of change is rapidly increasing, flexibility and adaptability are crucial to the managerial process. Globalisation 2.Quality and Productivity 3.Ownership 4.Environment 5.Strategy Formulation 6.Ethics and Social Responsibility 7.Workforce Diversity 8.Change 9.Empowerment 10.Information Technology. Separating management vertically allows different management groups to focus on different organizational scopes. The levels of Management and Their Functions are Discussed Below:. (5) Contingency approach emphasises dynamic nature of management process in an ever-changing business environment. This article throws light upon the ten main challenges faced by managers in an organisation. A particular management principle has different strengths in different conditions. Nature of Personnel Management. Management is dynamic by nature and evolves to meet needs and constraints in the organization’s internal and external environments. Nature of Management and its Process Management Skills And to be a good manager it is important to have skills like Planning and creating an effective strategy , good communication skills, decision making, leadership skills, problem-solving skills, time management , conceptual-skills, controlling, motivating, and leading the team, etc. Top-Level Management is also referred to as the administrative level. The challenges are: 1. Browse more Topics under Nature Of Management And Its Process. Top Level Management. International markets are homogeneous in nature and differ from each other. Contingency Approach of Management.

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