Business Studies
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CHAPTER-1:NATURE OF MANAGEMENT Meaning of management Management is the process of coordinating and overseeing the work activities of others so that organizational goals can be achieved efficiently and effectively. It involves using available resources such as manpower, money, materials, and time in a systematic way to produce desired outcomes. Management applies to all organizations, whether business, government, or non-profit, and is essential at all levels, from top executives to first-line supervisors. The core functions of management include planning, organizing, leading, and controlling . Planning involves setting objectives and determining the best action to achieve them. Organizing is about arranging resources and tasks in a structured way. Leading includes motivating and guiding employees toward achieving goals, while controlling means monitoring progress and making corrections where necessary. These functions are interconnected and...