Management is a very broad term. To manage means “to have under one’s own command, to control, to manage, to regulate, to direct.”
If economic organizations (enterprises) are based on the division of labor, then it is logical that the interaction of individual workers must have someone organize and coordinate. It is also needed to determine objectives and control their achievement. This type of activity is summarized below the summarizing title of management. There are various principles and approaches to management.
Peter F. Drucker defines the meaning of the term management as follows:
“For this reason, I have held from the beginning that management has to be a discipline, an organized body of knowledge that can be learned, and, perhaps, even taught. All of my major books, beginning with Concept of the Corporation (1946) and Practice of Management (1954) and progressing through my most recent one, Innovation and Entrepreneurship (1985), have tried to establish such a discipline. Management is not, and never will be, a science as that word is understood in the United States today. Management is no more a science than is medicine: both are practices. A practice feeds from large body of true sciences. Just as medicine feeds off biology, chemistry, physics, and a host of other natural sciences, so management feeds off economics, psychology, mathematics, political theory, history, and philosophy. But, like medicine, management is also a discipline in its own right, with its own assumptions, its own aims, its own tools, and its own performance goals and measurements. And as a separate discipline in its own right management is what the Germans used to call a Geisteswissenschaft – though ‘moral science’ is the better translation of that elusive term than the modern ‘social science’. Indeed, the old fashioned term liberal art may be the test term of all.”
According to Henri Fayol, management includes these managerial activities (managerial functions):
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