All activities carried out by a manager to get things done through others are known as administration. In other words, management is managing human and other resources tactfully for the achievement of the organization’s goals. It is universal in all organized activities. It is an exercise of harmonization of men, money, machines, materials and methods for the fulfillment of the defined objectives.

Check out our list of characteristics of business management

Goal-oriented

Each organization is established with a specific objective. Management is an instrument or system that contributes to the efficient use of human and other resources to achieve predetermined objectives. The main objective of business management is to maximize productivity with optimal use of human effort.

Universal activity

Management is essential where there is human activity. The business management process may be different from one organization to another, but the basic principles of management are the same. It can be said that the management principles are universally applicable.

Social process

Business management is part of the social process. Management achieves its objectives by, with and through people. Uses human resources to achieve organizational goals. Management must consider not only organizational goals but also social goals. You have to meet the needs of the employees within the resources of the organization.

Dynamic / modifiable activity

Management is a dynamic and continuous process. Today’s management system may not be applicable or effective for tomorrow. Therefore, management must be dynamic and flexible with the changing environment of society. Management has to modify its style according to the moment and the situation. This flexibility is essential for an organization to adapt to the changing business environment.

Group activity

The concept of business management is not applicable if there is only one person or owner. Represents a team, class or section of people involved in various managerial functions. It is essential if there is a group of people involved in carrying out any activity to achieve common goals. Management defines the authority, responsibility, and procedures for performing a specific job.

Different process

Management as a process involves several types of functions. A management function is interrelated with another function. Management clearly defines the specific work process to achieve the predetermined goal. It does not consider the trial and error approach.

Both science and art

Science is a main body of systematized knowledge or truth that is tested experimentally. Similarly, art is the personal ability and ability to apply scientific principles. Management is science and art. It is a science because it is based on some basic principles of universal application. It is also an art because it requires skill and ability to perform managerial functions.

A profession

The profession involves the specific type of work, followed by special knowledge and education. With the development of corporations and multinational companies, ownership and management has been different. The management of large organizations has been entrusted to professionals with specific skills and knowledge.

Multidisciplinary in nature

Business management is multidisciplinary in nature. Many of the principles and techniques used in management are borrowed from various other disciples such as psychology, sociology, economics, and mathematics.