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RELEVANCE OF STRATEGIC MANAGEMENT IN INDIA

Giving direction: India’s booming economy is home to a variety of start-ups. These start-ups are new and need to stay focused. A good strategy allows them to keep their eyes on the goal. It helps them set clear goals on what business they want to be in and what kind of customers they want to

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MANAGEMENT VERSUS ADMINISTRATION

Management is an art of getting things done through others in a formalized group.  Whereas Theo Haimann defines administration as, “Administration means overall determination of policies, setting of major objectives, the identification of general purposes and laying down of broad programs and projects”. The basic differences between management and administration are: BASIS MANAGEMENT ADMINISTRATION Meaning

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MANAGERIAL SKILLS

According to American psychologist Robert Katz, the three basic types of management skills include: Technical skills, Conceptual skills and Human or interpersonal management skills. Technical skills: Technical skills refer to the knowledge and ability to use techniques and procedure involved in performing a specific task. These skills involves specialized knowledge and proficiency about machines, production

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LEVELS OF MANAGEMENT

Managers performs different types of duties, accordingly divided into three categories. The size of different levels may vary based on the kind and size of organization as well as depend on the span of management. The three levels are: A. Managerial or Top Level Management: This level consist of the board of directors and managing

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FUNCTIONS OF MANAGEMENT

There is a variety of opinions among different management gurus in the context of functions of management. George & Jerry opine that, “There are four fundamental functions of management i.e. planning, organizing, actuating and controlling”. In the view of Luther Gullick, various functions of management can be expressed by a keyword ’POSDCORB’ where P stands

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UNIVERSALITY OF MANAGEMENT

Universality of management means that the management principles are applicable to all organizations irrespective of its kind and size. Management functions are generic e.g., a retired army can manage an industry, an engineer can manage a University and so on. Why management is Universal? The managerial functions viz. planning, organizing, staffing, directing and controlling are

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MANAGEMENT AS PROFESSION

Profession is an occupation, especially one that involves intensive training and a formal qualification. The key characteristics of a profession include: Code of conduct: A code of conduct is a set of rules or guidelines outlining the norms, and responsibilities of, and or proper practices of individuals in a group. Members of every profession have

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MANAGEMENT AS A SCIENCE

Science is a systematically organized body of knowledge on a particular subject. The various principles developed scientifically are a result of rigorous research, observation and testing. The various characteristics of science include: Cause and Effect Relationship: There is a causal relationship among different variables in most of the principles of science. For example when water

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MANAGEMENT AS AN ART

An engineer uses the application of science to build a house. Engineering is a science where as its application to the solution of a real world problem is an art. An art is an application of general theoretical principles to arrive at a best possible solution for a practical problem. The characteristics that derive management

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IMPORTANCE OF MANAGEMENT

In the words of Koontz and O’ Donnel: “There is no more important area of human activity than management since its task is that of getting things done through others.” In other words, anything minus management amounts to nothing. Management has a greater importance in the growth of an organization. The below points further established

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