January 23, 2018

Management Definition – Narayana Rao



Management Definition – Narayana Rao


Management of an organization is the process of establishing objectives and goals of the organization periodically, designing the work system and the organization structure, and maintaining an environment in which individuals, working together in groups, accomplish their aims and objectives and goals of the organization effectively and efficiently. (3rd December 2008)

Implications of the  Definition:

(i) Management is a process.
(ii) Management applies to every kind of organization, government, profit making, or nonprofit making.
(iii) It applies to managers at all levels in the organization.
(iv) Management is concerned with effectiveness and efficiency.

Effectiveness is producing the product or service the customer wants in business context with the required functional benefits and product attributes at the price he is willing to pay.
Efficiency is minimization of resources to produce the saleable output.



Oral Explanation of the Definition


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