In the modern world, it is of utmost importance to utilize economically and efficiently the resource of all kinds-human, physical, financial and technological. No organization can achieve its objective without the optimum use of these resources. In optimizing the use of these resources, a catalytic role is played by an agency known as management.
The people who manage the organization are known as managers and the knowledge, skills, techniques and practices they use in managing are broadly referred to as to the field of management. By performing their functions, managers bring about the effective coordination between human and non-human resources with a view to achieve maximum productivity at a minimum cost. Thus, management is the force that unifies various resources. It is the process of bringing them together and coordinating them to help accomplish organizational goals.
Management is the basic integrating process of the organizational activity that surrounds our daily life. The need for management arises out of the scarcity of resources that satisfy human wants, and out of the diversity and complexity of human activities. The fulfillment of our quest for better living depends heavily upon the understanding of how to develop and apply the skills of management. Management is the thinking organ of the enterprise. All the policy decisions are taken by it. Management keeps itself in touch with the external environment and takes to ensure that the enterprise is able to meet the demands of changing environment.
Thus, management of nay organization takes decision and sees to it that the decision are implemented to achieve organizational objectives of profit making, satisfaction of customers and providing quality of work life to the employee. Management is a universal process in all organized social and economic activities. It is not merely restricted to factories, shops or offices, but it is relevant for all organizations trying to achieve some stated objectives.
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