Equity Theory of Motivation
The core of the equity theory is the principle of balance or equity. As per this motivation theory, an individual’s motivation level is correlated to his perception of equity, fairness and justice practiced by the management. Higher is individual’s perception of fairness, greater is the motivation level and vice versa. While evaluating fairness, employee compares […]
Relationship Building at Workplace – An Overview
Let me first ask you all a question. Where do individuals spend the major part of their day? Yes, it is their respective organizations – a place where people work to earn their bread and butter. Do you think you can afford to have enemies at a place where you spend eight to nine hours […]
Difference between Corporate, Retail, Investment Banking, and Private Banking
The Difference between Retail, Corporate, and Investment Banking Most of us when dealing with banks usually walk into the branch and get our work done we usually do not bother whether it is retail banking branch or a corporate banking branch. The difference between retail and corporate banking is that retail banking serves individuals and […]
Shortcomings of Employee Multitasking
Everything in life comes with some positives and some negatives. Every coin has two sides and the same logic applies to employee multitasking as well. Employee multitasking has both pros as well as cons. Let us go through the shortcomings of employee multitasking: Employees who are responsible for many things at workplace are generally overburdened […]
Working Capital to Sales Ratio – Meaning, Formula, Assumptions and Interpretation
Formula Working Capital to Sales Ratio = Working Capital / Sales Meaning Stating the working capital as an absolute figure makes little sense. Consider two companies, both having the same working capital of USD 100. While one company uses this working capital to generate sales of USD 500, the other uses the same amount as […]
Management is an activity concerned with guiding human and physical resources such that organizational goals can be achieved. Nature of management can be highlighted as: -
It is a tool which helps use of human & physical resources to fulfill the pre-determined goals.
For example, the goal of an enterprise is maximum consumer satisfaction by producing quality goods and at reasonable prices. This can be achieved by employing efficient persons and making better use of scarce resources.
Management integrates human efforts to those resources. It brings harmony among the human, physical and financial resources.
It is concerned with identifying the problem and taking appropriate steps to solve it. E.g. the target of a company is maximum production. For achieving this target, various policies have to be framed but this is not the end. Marketing and Advertising is also to be done. For this policies have to be again framed. Hence this is an ongoing process.
Thus clubs, hospitals, political parties, colleges, hospitals, business firms all require management. When ever more than one person is engaged in working for a common goal, management is necessary.
Whether it is a small business firm which may be engaged in trading or a large firm like Tata Iron & Steel, management is required everywhere irrespective of size or type of activity.
It involves the use of group effort to achieve predetermined goal of management of ABC & Co. is good refers to a group of persons managing the enterprise.
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