Class 12 Business studies note
Concept and meaning of management
Resources are very limited in supply.
All resources are to be managed by human. However, human have unlimited wants. Therefore, there are limited resources and unlimited wants and desire. Complete satisfaction is very necessary for better functioning of every aspect of the society. Therefore, for complete satisfaction in life resources are to be managed properly in such a way that human achieve complete utility and benefit simultaneously. Thus, to manage all resources available in such a way that it gives complete satisfaction to human beings is the theoretical meaning of management. To go on a deeper level, management can be defined as art and skill of getting things done through others is called management. More elaboration is given by George R Terry.
According to Terry-“management is the distinct process consisting of planning, organizing, activating, and controlling activities performed to determine and accomplishes the objectives by the use of people and resources.”
If we give our attention towards the definition we find that terry perceives the management as a process a systematic way of doing things. The four management activities are included under the process and they are planning, organizing, activating and controlling.
MANAGEMENT = MANAGE+MEN+T (TACTFULLY)