1. Man - Man in management is referred as a human resource.Evenin the automated world no organization can flourish without humanresource.For instance a aviation Industry may have automatedaircraft still it needs flight crew to cater & assist the needsof their boarded air travelers.In terms of management recruitment,selection ,training promotion ,grievances handling.payment ofcompensation gratuity ,termination of services are the few issuesthat have to be dealt effectively to retain the talent within anorganization.
2. Material- Material is a basic ingredient in management be ita service industry or a product industry.Most of the industrieslocate them self nearby to the availability of material.Forinstance a mineral water factories In India are mostly located inthe Himalaya where a fresh source of water ,which is also a rawmaterial to these companies are available.Similarly servicesindustries such as banking Insurance Hair Dressing Saloons etc. arelocated near its existing and prospective clients. Perishableproducts such as dairy products locate themselves where wellconnected transportation and distribution facilities areavailable.
3. Machine -Machine are the basic tools to produce goods or togenerate services.Selection of an appropriate machine not onlyenhances efficiency but also saves times and increasesrevenue.Tailoring the requirement of the organization,Selections ofa right technical machine and equipment,availability of spareparts, evaluation of after sales servies,substitutes and technologyand the organization budget are the crucial criteria whilepurchasing a machine.Maintenence and overhauling issues along withits life span also cannot be overlooked.In service IndustryTechonology matters a lot these days we are having Computers &periphepals as a major machine to serve the service clients.
4. Money- Money issue in management involes right from where anenterprise is established and the owner brings money in thebusiness.Various long term and short term sources of finances aredetermined ,Loans and advances are taken management is done to meetday to day business requirements and the funds involved in meetingthose requirements are known as working capital.Investments inassets patents are done and proposals are screened according to thepay back period. In payback period only those investments arepreferred which returns the invested money in less timespan.Similarly there are other criteria of evaluating investmentssuch is Internal Rate of Return where only those investments areselected which has higher returns. Similarly proposals are alsoscreened on the basis of Net present Value which asserts that avalue of a rupee will worth a penny tomorrow.
5. Method-Every thing has a right way to do and this right wayis known as a Method in management .In short it means an art ofdoing.A set of procedures and instructions is known as a method.Forinstance to obtain a credit card a cutomer follows a followingseries of steps filling a credit card application ,attachingrequired documents and submitting to a bank representative.whileprocessing the credit card application The form filled by thecustomer is checked.Documents are verified and customerverification is done . credit card is dispatched by generating pinto a courier company for the final delivery to the customer andrecords are maintained.All these standard procedures are known asmethod in management.
6. Management- The functions of management involves planningcontrolling leading organizing decision making of business areas inMarketing,Production,Sales,Research & Development,HumanResource,Finance, Operations Etc. .It includes Business tatics andstrategy application. Few traditional management most heard areStrike when then iron is hot , No free lunch, etc.There are variouslevels of management Top level takes all major and crucialdecisions and frames organization mission ,vision and objectives.Middle level management gives direction to lower level managementof how to implement those business objectives. Policies are framedand work method are determined to get set and Go.
7. Moral Values -Every enterprise exist in a society and mustconduct business by fair means .It must include the welfare of itsstakeholders (also known as Corporate Governance ) likeshareholders, buyers suppliers,employees.The paramountconsideration of welfare must not be overlooked in the blind raceof profit making. Government policies rules and regulations alsogoverns this aspect of management .Consumer Courts are opened.Legal penalties against violation of corporate law are framed andit is an obligatory requirement to abide by these laws andregulations if an organization wants to exist in an society. 1. Man- Man in management is referred as a human resource.Even in theautomated world no organization can flourish without humanresource.For instance a aviation Industry may have automatedaircraft still it needs flight crew to cater & assist the needsof their boarded air travelers.In terms of management recruitment,selection ,training promotion ,grievances handling.payment ofcompensation gratuity ,termination of services are the few issuesthat have to be dealt effectively to retain the talent within anorganization.
2. Material- Material is a basic ingredient in management be ita service industry or a product industry.Most of the industrieslocate them self nearby to the availability of material.Forinstance a mineral water factories In India are mostly located inthe Himalaya where a fresh source of water ,which is also a rawmaterial to these companies are available.Similarly servicesindustries such as banking Insurance Hair Dressing Saloons etc. arelocated near its existing and prospective clients. Perishableproducts such as dairy products locate themselves where wellconnected transportation and distribution facilities areavailable.
3. Machine -Machine are the basic tools to produce goods or togenerate services.Selection of an appropriate machine not onlyenhances efficiency but also saves times and increasesrevenue.Tailoring the requirement of the organization,Selections ofa right technical machine and equipment,availability of spareparts, evaluation of after sales services,substitutes andtechnology and the organization budget are the crucial criteriawhile purchasing a machine.Maintenance and overhauling issues alongwith its life span also cannot be overlooked.In service IndustryTechnology matters a lot these days we are having Computers &peripherals as a major machine to serve the service clients.
4. Money- Money issue in management involves right from where anenterprise is established and the owner brings money in thebusiness.Various long term and short term sources of finances aredetermined ,Loans and advances are taken management is done to meetday to day business requirements and the funds involved in meetingthose requirements are known as working capital.Investments inassets patents are done and proposals are screened according to thepay back period. In payback period only those investments arepreferred which returns the invested money in less timespan.Similarly there are other criteria of evaluating investmentssuch is Internal Rate of Return where only those investments areselected which has higher returns. Similarly proposals are alsoscreened on the basis of Net present Value which asserts that avalue of a rupee will worth a penny tomorrow.
5. Method-Every thing has a right way to do and this right wayis known as a Method in management .In short it means an art ofdoing.A set of procedures and instructions is known as a method.Forinstance to obtain a credit card a customer follows a followingseries of steps filling a credit card application ,attachingrequired documents and submitting to a bank representative.whileprocessing the credit card application The form filled by thecustomer is checked.Documents are verified and customerverification is done . credit card is dispatched by generating pinto a courier company for the final delivery to the customer andrecords are maintained.All these standard procedures are known asmethod in management.
6. Management- The functions of management involves planningcontrolling leading organizing decision making of business areas inMarketing,Production,Sales,Research & Development,HumanResource,Finance, Operations Etc. .It includes Business tatics andstrategy application. Few traditional management most heard areStrike when then iron is hot , No free lunch, etc.There are variouslevels of management Top level takes all major and crucialdecisions and frames organization mission ,vision and objectives.Middle level management gives direction to lower level managementof how to implement those business objectives. Policies are framedand work method are determined to get set and Go.
7. Moral Values -Every enterprise exist in a society and mustconduct business by fair means .It must include the welfare of itsstakeholders (also known as Corporate Governance ) likeshareholders, buyers suppliers,employees.The paramountconsideration of welfare must not be overlooked in the blind raceof profit making. Government policies rules and regulations alsogoverns this aspect of management .Consumer Courts are opened.Legal penalties against violation of corporate law are framed andit is an obligatory requirement to abide by these laws andregulations if an organization wants to exist in an society.
I Information Technology Information Technology is playing avital role in each and every area of management.ManagementInformation System,Decision support system .Human ResourceInformation System,Financial Information all aid in routine andspecialized work of Management These Subsystems are interlinked toprovide a synergic effect ro managemt.For Instance a Human ResourceInformation Sytem marks the attendence and evaluate the keyperformance of employees same data is used by the FinancialInformation System and income in a form of salary are generatedaccording to the leaves and work performances of theemployees.These Information systems are very useful for performingAnalaytical,Statistical,Financial,and logical Analysis.
