• Management is that function of an industrial undertaking which organises, directs and controls various activities of the enterprise directed towards specific ends (objectives).
  • The objectives of the enterprise are accomplished through the use of resource like men, money, material and machines.
  • The management function of a concern is a major segment of co-ordination. Management entails the coordination of human effort and material resource toward the achievement of organizational objectives.
  • Harbison and Myers observe Management as

(a)    An economic source, because the management resources of a firm determine to a large extent its productivity and profitability.

(b)   A system of authority, because historically, first of all management developed Authoritarian Philosophy, and

(c) A class and status system, because entrance into the class of managers is based upon higher education and brain.

  • Management embraces all duties and functions that pertain to the initiation of an enterprise, its financing, the establishment of all major policies, the provision of all necessary equipment, the outlining of the general form of organization under which the enterprise is to operate and selection of the principal officers.
  • Management may be called an Art as well as Science.

(a)    Management has scientific basis because management techniques are susceptible to measurement and factual determination.

(b)   Management is an Art because management means co-coordinating and getting things done through others.

  • Management is actually an executive function which actively directs human efforts towards common goals.
  • The main characteristics of the management is to integrate and apply the knowledge and analytical approaches developed by numerous other disciplines.