How Do I Understand The Concept Management?

Management is both an art as well as a science. The science part is what has been instituted in MBA courses and other academic degrees.
The Art side is personality driven where how effectively one applies these techniques in real world while dealing with real people.

Dry knowledge can only get so much result. It is people, their culture, the work environment that one needs to adapt to to get even better results.

Management in a nut shell is to ensure EFFICIENCY and EFFECTIVENESS while carrying out the following activities,

• Planning


• Organizing


• Leading


• Controlling

through which the optimum utilization of the resources is ensured.
Efficiency means "doing things right", while Effectiveness means "doing the right things".

Everyone does management irrespective of their feild and age because it is not limited to business entities. Anything that has a value for you and you want to utilize it optimally is being managed therefore there are many sub areas of management like time management, knowledge management and also the business related like human resource. Financial and marketing management etc.

Management is the blend of both art and science since it involves rules and regulations, which are to be objectively employed by individuals. Management includes planning, organizing, leading, coordinating and controlling a team or a project by means of certain tools. These tools remain the same in all the scenarios but the individuals have to make use of them depending upon situations, groups and the individual perspectives of the managers.

Effective management is one that delivers the desired outcome within given time and resources. Therefore, management is the right amalgamation of both the tools and skills the managers work with to achieve certain results.