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CHAPTER- NATURE AND SIGNIFICANCE OF MANAGEMENT 7 | Management i 1 j | | | rerlisaicin KEYWORDS Deliberate process Group Activity Term used for taking charge of different activities Guiding activity for achievement of goals Concerned with efficient use of resources. 2 | Effectiveness Finishing the task i Doing right task Completing activities } Concerned with end result. 3. | Efficiency a Doing the task correctly Minimum cost Cost-benefit analysis Less input more output. 4 | Input Resources Money, Materials, Equipments and persons 5 Poor management Inefficiency andsineffectiveness results in 6 | Nature of Art or Science or Profession Management 7 Management as an Art Observation Experience Personalised application 8 | Management as Science Systemised body of knowledge Experimentation Universal validity 9 Management as | Profession Emphasis on managed business concerns 10 | Levels of Management Hierarchy | Authority-responsibility relationship Ji | Co-ordination Process , | Synchronize Force _ Integration of efforts Common thread Minimum of conflict 
