Management as a vital aspect of the economic life

Management is a vital aspect of the economic life of man, which is an organised group activity. A central directing and controlling agency is indispensable for a business concern.

The productive resources – material, labour, capital etc. are entrusted to the organising skill, administrative ability and enterprising initiative of the management. Thus, management provides leadership to a business enterprise. Without able managers and effective managerial leadership the resources of production remain merely resources and never become production. Under competitive economy and ever-changing environment the quality and performance of managers determine both the survival as In the words of George R Terry – “Management is a distinct process consisting of planning, organising, actuating and controlling performed to determine and accomplish the objectives by the use of people and resources”. According to James L Lundy – “Management is principally the task of planning, co- ordinating, motivating and controlling the efforts of others towards a specific objective”. In the words of Henry Fayol – “To manage is to forecast and to plan, to organise, to command, to co-ordinate and to control”.

According to Peter F Drucker – “Management is a multi-purpose organ that manages a business and manages managers and manages worker and work”. In the words of J. N. Schulze – “Management is the force which leads, guides and directs an organisation in the accomplishment of a pre-determined object”. In the words of Koontz and O’Donnel – “Management is defined as the creation and maintenance of an internal environment in an enterprise where individuals working together in groups can perform efficiently and effectively towards the attainment of group goals”.

According to Ordway Tead – “Management is the process and agency which directs and guides the operations of an organisation in realising of established aims”. According to Stanley Vance – “Management is simply the process of decision-making and control over the actions of human beings for the express purpose of attaining pre- determined goals”. 8 According to Wheeler – “Business management is a human activity which directs and Management Science: Theory and Practice controls the organisation and operation of a business enterprise.