Page 3 - IC90 Human Resource Management

Chapter - 1 Introduction to Management Science

A. What is Management ?

1. Introduction to Management

Definition

Very broadly, management is the science that deals with the use of resources

in an organisation in order to achieve the purposes of the organisation.

Every organisation has a variety of resources at its disposal. They are acquired

at a cost. They are meant to be applied to achieve certain predetermined

objectives of the organisation. The subject of Management lays down

principles and concepts relating to this process of using the available resources,

to obtain the desired results.

Cost is also a factor because money is also a resource, acquired from banks or

the money market at a cost. Individuals pursuing objectives (also called goals)

also use resources like money, time, equipments, materials, etc to attain the

objectives. Principles of management apply to such individual pursuits as well.

But the dimensions of the resources in organisations being much larger, the

principles have been developed in the context of organisations.