We have already discussed the definition of management. Now it is the turn to discuss the nature and scope of management. Nature and scope of management can be defined in two parts, nature of management and scope of management.
Nature of Management
Dynamic Function
Management is a very dynamic function. It is supposed to cater to the needs of an environment prone to changes from social, economic, financial, political, technological, etc reasons.
Goal-Oriented
Management is a goal-oriented process as it strives for the fulfillment of the needs of an enterprise whose ultimate aim is smooth functioning and raining profits. Goals should be realistic though.
Intangible
Intangible are those things which can not be seen or touched but felt and sensed by their impact. You can not see the management but the impacts will be visible in sales figures or the productivity reports.
Profession
Management is a profession. It requires a specific skill set, training, and programs to employ the person. They even need to update themselves with the evolution of modern management.
Process
Management is a process. It is a series of actions with a properly defined endpoint.
Pervasive
At each and every level of organization, there is a need for management which makes management pervasive in nature.
Social Process
Management is a social process as it deals with people with multiple interests and unites them towards a shared common interest.
System of Authority
Management is a system of authority. The key elements supporting this are decision making, a line of command, a hierarchy, etc.
Supreme in Thought and Action
Top management sets the goals, raises the bars and expects the middle and lower-level management to conform to those goals and timelines.
Universal
Management is universal in nature. Anywhere in the world, if there is some activity, management may play a role there.
Scope of Management
Covering the scope of management is a very tough and tricky job. Scope may sometimes seem similar to the branches of management or near to the functions of management.
Subject matter
Subject matter or the functions of the management include planning, organizing, staffing, directing and controlling, etc.
Branches
Branches or functional areas of management include various management departments in a broader sense. Some examples include marketing management, inventory management, human resource management, financial management, production management, transport management, office management, etc. All these topics are vast in nature but you need not go into many details as these are not important for RBI Grade B examination point of view.
Change Agent
Management functions as a change agent. It improves the working and maximizes the profits for any organization.
Universal Application
Management practices are accepted and applied universally.