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INTRODUCTION TO BUSINESS 1

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Abstract

For the purpose of this topic and for the working definition, management is the employment and application of both human and material resources to achieve the objectives of an organization in the most economical way. From the above definition, it can be seen that the whole concern – entire organization is referred to as management administration being part of it. Management process depends upon the various interactions of the people that make up the organization where managers behaviors is goal-centered. Management can also be defined as the act of thinking and acting (doing). However, Danyer, J.C. (1976) defined management the art and science of achieving the objectives of a business in the most efficient way”.