Notes1 - Bbintbpx - Aguda

Aguda, Nina Francine M.
FIN221
Management – essential for an organized life and necessary to run all types of
management.
Management – set of principles relating to the functions of planning, organizing, directing,
and controlling, and the application of these principles in harnessing physical, financial,
human, and informational resources efficiently and effectively to achieve organizational
goals.
Managing life means getting things done to achieve life’s objectives.
Managing an organization means getting things done with and through people to
achieve its objectives.
“Good management is the backbone of successful organizations.”
DEFINITIONS OF MANAGEMENT
A set of activities directed at the efficient and
Van Fleet and Peterson effective utilization of resources in the pursuit of
one or more goals
Working with human, financial, and physical
resources to achieve organizational objectives by
Megginson, Mosley, and Pietri
performing the planning, organizing, leading, and
controlling functions.
A problem-solving process of effectively achieving
Kreitner organizational objectives through the efficient use
of scarce resources in a changing environment.
An art of knowing what to do, when to do and see

F.W. Taylor
that it is done in the best and cheapest way.
An art of getting things done through and with the
people in formally organized groups. It is an art of
Harold Koontz creating an environment in which people can
perform and individuals and can co-operate
towards attainment of group goals.
Leader – inherent qualities and traits which assist him in playing a directing role and
wielding commanding influence with others.
FIN221
Leadership – integral part of management and plays a vital role in managerial operations.
Management – integral component of technical as well as social processes.
“The practice of management is as old as human civilization.”
FOUR MAIN ACTIVITIES OF MANAGEMENT

Planning, Organizing, Leading/Directing, Controlling
CATEGORIES OF MANAGEMENT
Management as a Process
Management as an Activity
Management as a Discipline
Management as a Science
Management as a Group
“To manage a business, a group made up of people with specialized
knowledge about the company or managerial roles needs to work together.”
The definition of management indicates in every sense that it’s a group.
Managerial tasks are usually not carried out by one person alone.
Management is an activity performed by a group of people saddled with the
responsibility to keep the business running and to achieve a specific
objective.
Management as an Art
“Hence management is an art because they both have the same feature.”
Use of Theoretical Knowledge: Art is learned and applied. There is a vast
number of resources to learn and develop industry knowledge on art. In
other words, manager can learn about management operation and
principles provided in study materials.
Personalized Application: Learning management principles and theories
isn’t enough. One needs to have the required skills and creativity to use the
knowledge gained to achieve positive results. As with art, two or more
managers can learn the same thing, but the result produced might be
different because of their skill and creativity.
FIN221
Practice and Creativity: A manager by certification will not go far without

practicing or securing a managerial role. Those management principles
learned, in theory, must be put to practice. Applied with creativity, the
manager can identify areas he or she needs to develop and work on
accordingly. So, training is essential in art and management.
Management as a Profession
“Every profession has a clearly defined body of knowledge.”
Management is also called a profession because it has features that qualify
it to be so. A profession has restricted entry, which also applies to
management. Although anyone can assume a managerial role in a
company, many companies now prefer individuals with MBA degrees for
such positions. And during training or while working, professionals need to
visit these materials to gain specialized knowledge of the said profession.
IMPORTANCE OF MANAGEMENT
The role of management in our society is critical in
human progress. It serves to identify a great need
John F. Kennedy of our time: to improve standards of living for all
people through the effective utilization of human
and material sources.
Management authority has emphasized the
importance of management to social living. He
proclaimed nearly 25 years ago that, “effective
Peter F. Drucker
management was becoming the main resource of
developed nations and that it was the most needed
resource for developing nations.”
Real leadership problems of our institutions-the
getting things done, the implementation, the
evolving of a consensus, the making of the right
Leonard R. Sayles decisions at the right time with the right people is
where the action is. Move toward recognizing that
managerial and leadership jobs are among the
most critical tasks of our society.
Manager’s Job – highly crucial to the success of any organization.

“The more complex the organization, the more crucial it is to the manager’s role in
it. A good manager makes things happen.”

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Aguda, Nina Francine M.

An art of knowing what to do, when to do and see

FOUR MAIN ACTIVITIES OF MANAGEMENT

Practice and Creativity: A manager by certification will not go far without

Manager’s Job – highly crucial to the success of any organization.

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