Meaning and The Nature of Management

The term ‘management’ can be used in two major contexts.

(a) It is used with reference to a key group in an organisation in-charge of its affairs. In relation to an organisation, management is the chief organ entrusted with the task of making it a purposeful and productive entity, by undertaking the task of bringing
together and integrating the disorganised resources of manpower, money, materials,
and technology into a functioning whole.

(b) The term is also used with reference to a set of interrelated functions and processes, to a
field of study or discipline in social sciences and to a vocation or profession. The functions
and processes of management are wide-ranging but closely interrelated�.

Peter Drucker:Management is a function, a discipline, a task to be done, and managers
practise this discipline, carry out the functions and discharge these tasks.�