Discuss the nature of Management

Category: Bank
Posted on: Monday, September 18, 2017


The nature of management can be discussed as follows :-

 (1) Multidisciplinary : Management draws knowledge and concepts from various disciplines. It draws freely ideas and concepts from such disciplines as psychology, sociology, anthropology, economics, ecology, statistics, operation research, history etc. Management integrates the idea and present newer concepts which can be put into practice for managing the organisations.

 (2) Dynamic Nature of Principles : Based on integration and supported by practical evidences. Management has framed certain principles. These principles are flexible in nature and change with the change in the environment in which an organisation exist.

 (3) Relative, not Absolute Principles : A particular management principle has different strengths in different condition. Therefore principles of management should be applied in the light of prevailing conditions. Allowance must be made for different changing environment.

 (4) Management – Science or Art : Management is both a science and an art. The process of scientific theory construction and confirmation is used in the process of management. And has to do with applying of knowledge.This is especially important in management because in many instances, much creativity and adroitness in applying the managerial efforts are necessary to achieve the desired results.

 (5) Management as Projection : Management satisfies the requirement of a profession in the form of existence of knowledge. The concept of management is still evolving and continuously new principles are being developed.

 (6) Universality of Management : Management is a universal phenomenon. Management principles are not universally applicable but are to be modified according to the needs of the situation.