Fundamentals of Management - 7193 Words

UNIT I ------------------------------------------------- Fundamentals of Management Meaning of Management- Management is the art of getting things done by a group of people with the effective utilization of available resources. An individual cannot be treated as a managing body running any organization. A minimum of two persons are essential to form a management. These persons perform the functions in order to achieve the objectives of an organization. Management is the group of activities which drafts plans, prepares policies and arranges men, money, machine and materials required to achieve the objectives. The above definitions reveal that management is the activity of man who struggles for better living in the complex and†¦show more content†¦If there is only one course of action, need for decision-making does not arise. The quality of decision taken by the manager determines the organizations performance. The success or failure of an organization depends upon the degree of right decision taken by the manager. Universal application: The principles and practices of management are applicable not to any particular industry alone but applicable to every type of industry. The practice of management is different from one organization to another according to their nature. Management is getting thing done: A manager does not actually perform the work but he gets things done by others. According to Knootz and O’Donnel, â€Å"management is the art of getting things done through and with people in formally organized groups.† Management as a class or a team: A class may be defined as a group of people having homogenous characteristics to achieve common objectives. Engineers and doctors are grouped as a class in a society. Each and every doctor has the same objectives in life. Just like engineers and doctors’ the management are some of the specializations of management, specialists are appointed in the key posts of top management. Direction and control: A manager can direct his sub-ordinates in the performance of a work and control them whenever necessary. If the available resources are not utilized properly be him, he fails to achieve the corporate objectives in the absence of direction and control. Generally,Show MoreRelatedFundamentals of Project Management3669 Words   |  15 PagesModule: Fundamentals of Project Management Module Code: FPM12/1 Assignment number: 1  © Milpark Fundamentals of Project Management FPM12/1 Assignment 1 Year 12A / Page 1 Assignment Guidelines Guidelines for the successful submission of assignments Students are sometimes unsure as to what constitutes work of an acceptable standard when submitting an assignment. Naturally, programmes offered at different NQF Levels demand different types of responses. 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ISBN 0 273 68514 7 ï £ © Pearson Education Limited 2005 Lecturers adopting the main text are permitted to photocopy the book as required.  © Pearson Education Limited 2005 Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk Previous editions publishedRead MoreFundamentals of Project Management and Business Decisions1445 Words   |  6 PagesFundamentals of Project Management and Business Decisions Professor Porfirio Chen Case Study #1: The Benfield Column Repair Project David Luo 29/02/2013 CASE ANALYSIS OF: THE BENFIELD COLUMN REPAIR PROJECT Introduction / Background This case is about an important South African coal, chemical and crude-oil Company called â€Å"Sasol†. The case is developed around the Benfield Unit of the Gas Circuit as Sasol Three. Sasol is an International integrated energy