All activities performed by a manger to get things done through others are known as management˳ In other words, management is to manage human and other resources tactfully for the achievement of organizational goals˳ It is universal in all organized activities˳ It is an exercise of harmonizing men, money, machines, materials and methods towards fulfilling the defined objectives˳
Check our list of characteristics of business management
Goal oriented
Every organization is established for a specific objective˳ Management is an instrument or system that contributes for the efficient use of human and other resources to achieve predetermined objectives˳ The main objective of business management is to maximize productivity with optimum use of human effort˳
Universal activity
Management is essential where human activity exists˳ The process of business management may be different from organization to organization but the basic principles of management are same˳ It can be said that the management principles are universally applicable˳
Social process
Business management is a part of social process˳ Management achieves its objectives by, with, and through the people˳ It utilizes human resources for the achievement of organizational goals˳ Management has to consider not only the organizational objectives but also the social objectives˳ It has to fulfill the needs of employees within the organizational resources˳
Dynamic/modifiable activity
Management is a dynamic and continuous process˳ The management system of today may not be applicable or effective for tomorrow˳ Therefore, management must be dynamic and flexible with the changing environment of the society˳ Management has to modify its style according to the time and situation˳ This flexibility is essential for an organization to adjust with the changing environment of the business˳
Group activity
The concept of business management is not applicable if there is only one person or proprietor˳ It represents a team, class or section of people involved in various managerial functions˳ It is essential if there is a group of people involved in performing any activity to achieve common goals˳ Management defines the authority, responsibility and procedures to perform specific work˳
Distinct process
Management as a process involves various types of functions˳ One function of management is interrelated with another function˳ The management clearly defines the specific process of work to achieve predetermined goal˳ It does not consider the trial and error approach˳
Both science and art
Science is a systematized body of knowledge, principal or truth that is experimentally proved˳ Similarly, art is the personal skill and ability to apply the scientific principles˳ Management is both science and art˳ It is a science because it is based on some basic principles of universal application˳ It is also an art because skill and ability is required for performing managerial functions˳
A profession
Profession involves the specific type of work, followed by special knowledge and education˳ With the development of joint stock companies and multinational companies the ownership and management has been different˳ Management of huge organizations has been entrusted in the hands of professionals having specific skill and knowledge˳
Multi-disciplinary in nature
Business management is multi-disciplinary in nature˳ Many of the principles and techniques used in management are borrowed form a number of other disciples like psychology, sociology, economics and mathematics˳
Source by https://ezinearticles˳com/?Characteristics-of-Business-Management&id=8124012
