unit-4

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[Audio] 1. Meaning of Management Management is the process of planning, organising, staffing, directing and controlling the resources of an organisation to achieve its objectives efficiently and effectively. Definitions Henry Fayol: “To manage is to forecast and plan, to organise, to command, to coordinate and to control.” Mary Parker Follett: “Management is the art of getting things done through people.”.

[Audio] Features of Management Goal-oriented process Continuous process Universal activity Group activity Dynamic in nature Involves decision-making Uses organisational resources Aims at efficiency and effectiveness.

[Audio] 2. Meaning of Administration Administration refers to the process of determining the objectives, policies and overall direction of an organisation. It is mainly concerned with policy formulation and major decision-making. Features of Administration Determines organisational objectives. Frames policies and plans. Takes major strategic decisions. Provides overall direction. Coordinates organisational activities. Generally associated with top-level management..

[Audio] 3. Management vs Administration Basis Management Administration Meaning Execution of policies and plans Formulation of policies and objectives Level Mainly middle and lower levels Mainly top level Concern Implementation Decision-making and policy formulation Nature Executive Determinative Main function Getting work done Deciding what should be done Scope More concerned with operations More concerned with overall direction Example Implementing a marketing plan Deciding the overall marketing policy.

[Audio] 4. Directors A Director is an individual appointed to the Board of Directors of a company. Under the Companies Act, 2013, the Board of Directors means the collective body of the directors of the company. Directors are responsible for managing the affairs of the company and taking decisions in the interests of the company..