Maharashtra Board OCM 11th Commerce Notes Chapter 8 Introduction to Management

By going through these Maharashtra State Board Organisation of Commerce and Management 11th Notes Chapter 8 Introduction to Management students can recall all the concepts quickly.

Maharashtra State Board Organisation of Commerce and Management 11th Notes Chapter 8 Introduction to Management

Management-
Managerial → Derived from Italian words

• Manus – hand
• agere – to act

Meaning and Definition:

• Mary Parker Follet: “ Management is an art of getting things done through others”.
• Henry Fayol : “ To manage is to forecast and plan, to organize, to command, to co-ordinate and to control”.
• Fedrick Winslow Taylor : “ Management is knowing exactly what is to be done and seeing that it is done in the best possible manner*’.
• George Terry : “Management is the process consisting of planning, organizing, actuating and controlling, performed to determine and accomplish the objectives by the use of people and resources. ”

Characteristics of Management-

1. Management is Dynamic
2. Management is Inborn Quality
3. Management is a Social Process
4. Management is a Continuous Process
5. Management is Different from Ownership
6. Management is Intangible
7. Management is Situational
8. Management is Goal Oriented
9. Management is Universal
10. Management is a Group Activity

Level of Management-

• Top – Board of Directors, President, Chief Executive Officer, Managing Directors, etc.
• Middle – Functional Managers i.e. Finance Manage, Production Manager, Sales Manager, etc.
• Lower – Superintendents, Supervisors, Foremen, etc

Functions of Top Level Management-

1. Long term objectives
2. Frame the plans and policies
3. Implementation of policies
4. Create various epartments and positions
5. Appoint head, or Incharge, managers to carry out activities
6. Evaluate the performance of various departments.
7. Implementation of policies Functions of Middle Level Management

Functions of Middle Level Management-

1. link between top and lower level management
2. understand plans and policies framed by top management
3. prepare action plan according to the goals to achieve
4. assign duties and responsibilities to the staff
5. to train the staff for carrying out activities
6. appoint lower level staff
7. give timely report to top level management and co-ordinate departmental activities

Functions of Lower Level Management-

1. work as per instructions from middle level management /In charge
2. assign work to the subordinates
3. give instructions to subordinates
4. direct the subordinate (if necessary)
5. solve the Problems and disputes of subordinates.
6. look after repairs and maintenance of machinery, tools and equipments, etc.
7. conduct quality check of the product or service from time to time.

Management as an Art

• “Art is the bringing about a desired result through the application of skills”

Relation Between Art And Management

1. Personal Skills: Solve the resource problems by individual way
2. Creativity: Ability to find new ideas, according to changes in business situation.
3. Regular Practice: Use of different techniques and skills to deal with different people, different situations, different organizations.
4. Personal Abilities: Ability to co-ordinates the activities and guide people.

Management as a Science-

• Science refers to a systematically organized body of knowledge based on proper findings and
  exact principles and is capable of verification.

Relation Between Science And Management

1. Systematic body of Knowledge: Management Principles are based on experiments conducted through management theories and approaches
2. Use of Scientific Method of Observation: Management uses systematic methods of data collections, verification, analysis, interpretation and on this basis taking decisions.
3. Cause and Effect relationship: Management theories are also based on Cause and Effect relationship
4. Universal Applicability of Principles: Principles of Management are universal applied in any condition and situation

Management as a Profession-
A profession may be defined as an occupation backed by specialised knowledge and training and to which entry is regulated by a representative body and duly recognized by the society.

Relation between profession and Management

1. Formal Education: Formal management diploma or degree with training from management from school to work professionally
2. Code of Conduct: Managers have to follow code of conduct based on customs and traditions
3. Expertise: Manager is an expert in practicing his or her knowledge and skill
4. Registration: Managers can take the membership of Chambers of Commerce
5. Restricted Entry: No such compulsion for a manager

Word Meaning:

ancient – in early time; essential – necessary; indispensable – necessary; never ending – endless; creative
– having good imagination; optimum – maximise; techniques – method; exhaustive – complete; character – nature / personality; universal – in general; adaptation – accept tq change; procurement – to obtain; dynamic
– constant change; evaluation – to assess / to judge; static – fixed; forecast – to predict; systematic – in order / well arranged; vision – planning about future goals; utilization – effective use of something; mission – assignment; synchronization – activity of two or more things at same time; evaluate – to assess; purposeful – determined; implementation – to execute; guidance – to instruct / to direct; supervisory – to direct someone; intangible – not physically seen or touched; inherent – built in; continuity – in progression / without a break; context – with reference to topic; innovativeness – new ideas; qualitative – relating with quality; inborn – from birth; backed by – supported; skill – capability; regulated – to control; consistent – stable; practice – to use; organized – arranged in proper way; irrespective – no matter what; findings – to discover; formal education – process of education completed in school and colleges; verification – to find validity of something; stimulate – to encourage; principles – essential; functions – results; theories – judgement / beliefs; approaches – method; conclusions – opinion / judgement; analysis – to investigate / to inspect; interpretation – to review; motivate – to inspire; quantitative – related with numbers.