Here is a compilation of term papers on ‘Management’ for class 11 and 12. Find paragraphs, long and short term papers on ‘Management’ especially written for commerce students.
Term Paper on Management
Term Paper Contents:
- Term Paper on the Meaning of Management
- Term Paper on the Nature and Characteristics of Management
- Term Paper on the Scope of Management
- Term Paper on Management—A Science or an Art
- Term Paper on the Levels of Management
- Term Paper on Management Process
- Term Paper on the Significance, Role and Importance of Management
Term Paper # 1. Meaning of Management:
Utilization of resources has been the most common and yet perhaps the most complex human activity ever since the dawn of civilization. Management is the process of utilization of resources in an effective manner in today’s dynamic environment. Management involves an organised effort to achieve the objective.
People work together in a group to achieve common objectives so the coordination of physical and human resources becomes necessary. Leadership and coordination are required to achieve the unity of direction of efforts for achieving objectives.
Management is the brain of an enterprise. A manager keeps himself in touch with the current environment and supplies foresight to the enterprise. He helps in predicting what is going to happen in fixture which will influence the working of an enterprise.
Different experts have defined management in different ways as, “Management is an executive function which is primarily concerned with carrying out of the broad policies laid down by the administration. It is that function of an enterprise which concerns itself with the direction and control of various activities to attain the business objectives.” – Dr. William R. Spriegel
“Management is the task of manager to establish and maintain an internal environment in which people working together in groups can perform effectively and efficiently toward the attainment of group goals.” – Koontz. O’ Donnell
“Management is a social process entailing responsibility for effective (or efficient) planning and regulation of the operations of an enterprise.” – E. F. L. Brech
“Management is a social process entailing responsibility for effective (for efficient) planning and regulation of the operations of an enterprise”. – Dr. Kimball and Kimball
“To manage is to forecast and plan, to organize, to command, to coordinate and to control”. – Henry Fayol
“Management is simply the process of decision making and control over the actions of human beings for the express purpose of attaining predetermined goals”. – Stanley Vance
“Management is principally a task of planning, coordinating, motivating and controlling the efforts of others towards a specific objective.” – James L. Lundy
“Management consists in guiding human and physical resources into a dynamic, hard hitting organization unit that attains its objectives to the satisfaction of those served and with a high degree of morale and sense of attainment on the part of those rendering services.” – Lawrence A. Appley
“Management is the process by which managers create, direct, maintain and operate purposive organisations through systematic, coordinated, cooperative human effort.”
In short, management can be defined as the agency that provides leadership, guidance and control for the achievement of the objective(s) set by the top management.
Term Paper # 2. Nature and Characteristics of Management:
The salient features which highlight the nature and features of management are as follows:
1. Management is a process.
2. Management is purposeful.
3. It is a human activity.
4. Management is an integrative force.
5. Management is a social process.
6. Management is universal.
7. Management is needed at all levels of the organisation.
8. Management is dynamic.
9. Management is a group phenomenon.
10. Management is getting the things done.
11. Management is intangible.
12. Management is both a science and an art.
13. Management is profession.
1. Management is a Process:
Management is a continuous process unless the objectives are achieved. It is the process which involves the activities or functions like planning, organising, staffing, directing and controlling.
2. Management is Purposeful:
Management is a way to achieve certain end results as without end results it would be directionless. All activities of management are goal oriented and the success of management is measured by the extent to which the derived objectives are attained.
3. It is a Human Activity.
Management is a human activity where human beings plan, implement and control the activities.
4. Management is an Integrative Force:
Management is a force which binds together the various elements. It reconciles the individual goals with organisational goals.
5. Management is a Social Process:
Management is done by people, through people and for people. As it is related with interpersonal relationship, it is called as social process.
6. Management is Universal:
The basic principles of management are universal. They apply more or less in every situation. The functions of management are performed by all managers.
7. Management is needed at all Levels of the Organisation:
Management is needed at all levels of the organisation e.g., top level, middle level and lower level. The only difference is of the nature of task and the scope of authority.
8. Management is Dynamic:
Management is a dynamic function and it has to be performed continuously. It is constantly engaged in moulding of the enterprise in the ever changing business environment.
9. Management is a Group Phenomenon:
Management involves the use of group effort in the pursuit of common objectives. People join groups to achieve what they cannot achieve individually. Management is an activity whenever and wherever people come together to achieve some common goals.
10. Management is Getting the Things Done:
A manager does not do any operating work himself. He gets the work done by, with and through the people. He directs and develops their talent by adopting technical, human and psychological skills.
11. Management is Intangible:
Management is intangible i.e., it cannot be seen but can only be felt in the form of results.
12. Management is Both a Science and an Art:
Management is the combination of art and science. It is science as it contains a systematised body of knowledge consisting of generally applicable principles. It is art because it involves the application of knowledge and skills for the solution of managerial problems.
13. Management is Profession:
Today, management is recognized as a profession. It is a systematic and specialized body of knowledge consisting of principles, techniques and laws and can be taught as a separate discipline or subject.
Term Paper # 3. Scope of Management:
Although it is difficult to precisely define the scope of management yet the following may be included in it:
(a) Subject Matter of the Management:
The subject matter of management includes the entire process of management viz., planning, organising, staffing, directing and controlling.
(b) Functional Areas of Management:
Followings are the main functional areas of management:
i. Production Management:
It deals with plant site, plant layout work measurement, production planning and control etc.
ii. Financial Management:
It includes financial planning, management of earnings, capital formation, capitalisation, capital structure, management accounting, budgetary control, cost control etc.
iii. Personnel Management:
It basically deals with the manpower planning, job analysis, recruitment and selection, orientation, placement, training and development, compensation, promotion, transfer, social security and labour welfare, retirement, industrial relations, etc.
iv. Materials Management:
It includes inventory control, materials control, purchasing, materials handling, transportation, shipment etc.
v. Marketing Management:
It includes the marketing process, marketing planning, marketing mix, market segmentation, marketing information system, marketing research etc. Besides, the newly developed functional areas like maintenance management, transport management, office management, etc.
(c) Management is an Inter-Disciplinary Approach:
For the effective application of management principles, theories and techniques, a study of commerce, economics, psychology, sociology, mathematics etc. is also required.
(d) Universality of Management Principles:
The principles of management have universal application. It is because of the fact that of late, we have started separate courses on hospital management, hotel management, tourism management etc. All this widens the scope of management to a very great extent.
Term Paper # 4. Management—A Science or an Art:
The controversy with regard to the nature of management, i.e., whether it is an art or science is very old and has created a great deal of confusion. To determine whether management is an art or science, we will discuss these two terms—art and science.
Management as a Science:
Science is an organised body of knowledge based on proper findings and exact principles. It develops a relationship between cause and effect and its findings apply in all the situations. The basic difference between art and science is that art implies knowing how of the application whereas science is concerned with knowing why.
The essential features of science are as follows:
i. It is a systematised body of knowledge that uses scientific methods for observations.
ii. The principles of science establish a cause and effect relationship between various factors.
iii. The principles are exact and have universal applicability without any limitation.
iv. The validity of scientific principles can be verified and they provide a reliable basis for predicting future events.
v. The principles of science are evolved on the basis of continued observation.
Management as an Art:
Art is often regarded as the systematic application of skill or knowledge in effecting accomplishment of results. It represents the methods or ways of doing specific things and indicates how an objective is to be achieved.
The essential features of art are as follows:
i. It involves use of personal skill and knowledge in solving many problems to achieve the enterprise objectives.
ii. An art is a practical knowledge. It is concerned with application of knowledge. Management does not merely mean the knowledge of principles of management rather it is the application of this knowledge which makes it effective and useful.
iii. Management is a way to achieve desired results and by these ways and methods, efficiency and effectiveness is attained through regular practice. One cannot be a good manager unless he regularly practices the art of decision making.
iv. Every art has an element of creativity and in this sense; management also is one of the most creative art as it is concerned with getting work done through and with others by motivating them to work and coordinating their activities.
Management as a Profession:
Since the emergence of separation of management from ownership and increasing professionalisation of management, it is being taken as a profession also. However, while some feel that management is a profession, others are of the view that it is on its way to be a profession. Edgar H. Schein has compared key qualities of professionals with those of managers.
In particular, he stated the following three characteristics:
(a) Professionals base their decisions as general principles.
(b) Professionals achieve professional status through performance.
(c) Professionals must be governed by strict code of ethics that protects their clients.
McFarland has pointed out the following characteristics of management as a profession:
(a) Existence of an organised and systematic knowledge.
(b) Formalised methods of acquiring training and experience.
(c) Existence of an association with profession with professionalisation as its goal.
(d) The formation of ethical codes for guidance and conduct.
(e) Charging of fees for services rendered.
Kennith Andrews identified the following characteristics of management as a profession:
(b) Competent application.
(d) Social responsibility.
(e) Community sanction.
Term Paper # 5. Levels of Management:
In an organisation there exists a chain of superior subordinate relationship. Various managers are linked with one another through the vertical chain. Levels of management suggest the arranged managerial positions in an organisation. The levels of management determine the authority and status of managers. There is no fixed number of management levels.
However, the different levels may be broadly classified into three categories, as shown in Fig. 1.1:
1. Top management.
2. Middle or intermediate management.
3. Lower or operating management.
1. Top Management:
Top management of a company consists of Board of Directors, Chairman, and Chief Executive etc. Top management is the ultimate source of management authority and it is accountable for overall management to the shareholders of the company.
The main functions of top management are as follows:
i. Determining the objectives of the enterprise as a whole.
ii. Setting up an organisational framework.
iii. Framing policies and making plans to achieve the objectives laid.
iv. Work as a link between internal organisational environment and external environment by representing organisation.
v. Assembling the resources of men, machine, material and money.
vi. Providing overall leadership to organisation.
vii. Exercising effective overall control.
2. Middle Management:
Middle management consists of departmental heads which are generally classified under upper middle management and deputy heads of departments and sectional heads, area managers etc. It is basically concerned with the task of implementing the policies and plans laid down by the top management.
The important functions of middle management are as follows:
i. Interpreting the policies framed by the top management.
ii. Selecting suitable operative and supervisory personnel.
iii. Assigning duties and responsibilities for timely execution of the plans.
iv. Motivating personnel to achieve higher productivity.
v. Preparing the organisational set up in their respective departments.
vi. Compiling and issuing instructions to the supervisors under their control.
vii. Organisation with other departments so as to ensure a smooth running of the entire organisation.
viii. Reporting and feedback to top management.
ix. Collecting information and reports on performances.
x. Making recommendations to top management for the better implementation of plans and policies.
3. Lower Management:
Lower management or operating management or supervisory management is the lowest level of management. It includes plant superintendents, front line supervisors, sales officers etc. They are concerned with day-to-day planning and implement the policies of middle management. They pass on the instructions of middle management to the operatives (workers) and translate the plans of management into short range operating plans.
The various functions of lower management are as follows:
i. To issue orders and instructions to the workers and supervise and control their functioning.
ii. To plan the activities of his section, classifying and assigning jobs to the workers.
iii. To direct and guide the workers about work procedures.
iv. To provide on the job training.
v. To solve the problems of the subordinates.
vi. To communicate the problems upward in the hierarchy which cannot be solved at this level?
vii. To maintain discipline among the subordinates and develop in them the right approach for work.
viii. To build up a high group morale among the subordinates.
ix. To maintain good human relations.
x. To act as a liaison officer between the middle management and rank and file (operatives) employees.
Term Paper # 6. Management Process:
Every organisation has some predefined objectives and the process which is adopted to achieve these objectives is called management process. So management process is primarily concerned with the important task of goal achievement. No business organisation can achieve its objectives until and unless all the members of the organisation make an integrated and planned effort.
Management process in general, is defined as a series of actions or operations conducting to an end. The logic of the management process is that particular functions are performed in a sequence through time. In other words, whatever functions are performed is called as management process.
According to Stanly Vance, “Management is simply the process of decision making and control over the action of human beings for the express purpose of attaining predetermined goals”.
“Management is the process of utilising material and human resources to accomplish designated objectives. It involves the organisation, direction, co-ordination and evaluation of the people to achieve these goals.” – Dale S. Beach
“Management is a distinct process consisting of planning, organising, actuating and controlling, performed to determine and accomplish the objectives by the use of people and resources”. – George R. Terry
Elements of Management Process:
Management process includes the functions of management which are performed by managers to achieve the desired objectives.
The functions broadly are classified into following categories:
Planning involves the formulation of what is to be done, how, when, where it is to be done, who is to do it and how results are to be evaluated. It is the first essential which is to be performed by a manager to determine what must be done by the members in order to accomplish the work. It is the most important step in the process of getting results. It enables the management to be a step ahead of each activity, retain initiative to make use of any opportunity and anticipate problems before they actually arise.
The process of planning involves:
i. Crystallisation of determination of the corporate objectives. It means that first of all the targets to be achieved should be well defined. The top management must lay down the objectives of the company as far as possible in quantified terms;
ii. Collection and classification of information. It means that relevant information relating to the objectives should be properly collected and classified;
iii. Development of the alternative courses of action;
iv. Comparison of the alternatives in terms of objectives, feasibility and consequences;
v. Selection of the optimum course of action. The manager is often faced with alternative courses of action. He must adopt the one which has the highest probability of yielding the maximum benefit or gain for himself and for the company. This selection from alternative courses of action is sometimes referred to as the principle of alternative planning;
vi. Establishment of policies, procedures, methods, schedules, programmes, systems, standards and budgets. It means that the plans must be detailed and flexible so that they are capable of being readjusted, in case there is a change in the working conditions and/or objectives.
Planning is intellectual in nature. It is looking ahead and preparing for the future.
After the objectives and course and make up of action have been determined, the next step is to distribute or allocate the necessary component activities among the members of the group. The work of task allocation, authority delegation and relationship established by the manager is known as organising.
The process of organising involves:
i. Division of the work into component activities;
ii. Assigning people to tasks;
iii. Defining responsibilities;
iv. Delegation of authority; and
v. Establishment of structural relationships to secure coordination.
Success of any organisation depends upon the ability, qualification and experience of its employees. So, in managing the affairs smoothly, the role of recruitment and selection is very important. For doing this work, the superior has to do manpower planning i.e., the planning for how many persons are required and what should be the qualities they possess. On this basis, persons are selected and after that they are trained.
Staffing function involves the following activities:
i. Forecasting of the number of personnel required.
ii. Decide their qualification which is required.
iii. Recruitment and selection.
iv. Training and Development of employees.
v. Performance evaluation of employees.
vi. Take the decision relating to the issues like promotion, transfer, demotion etc.
vii. Prepare a compensation package plan.
viii. Maintaining personnel accounts.
To carry out physically the activities resulting from the planning and organising steps, it is necessary for the manager to take measures that will start and continue action as long as they are needed in order to accomplish the task by the members of the group.
The process of directing involves:
i. Providing effective leadership.
ii. Integrating people and tasks and convincing them to assist in the achievement of the overall objectives.
iii. Effective communication, and
iv. Providing climate for subordinates’ development.
Controlling involves checking the performances by comparing it with the desired results to see how much have been achieved or whether we are going in right direction or not. Controlling is an exercise of intro-inspection.
Controlling involves the following activities:
i. Continuous observation and study of periodic results of performance in order to identify potential problems;
ii. Selection of the best mode of control;
iii. Comparison of the performance with the range of standards established beforehand;
iv. Pinpointing significant deviations;
v. Ascertain their exact causes; and
vi. Initiation and implementation of the corrective action.
Term Paper # 7. Significance, Role and Importance of Management:
Management is a way to achieve organisational objectives by optimum utilization of resources. Wherever, there is an organised group of people working towards a common goal, some type of management (organized and systematic activity) becomes essential. As the success of group, efforts depends upon mutual cooperation among the members of the group management creates teamwork and coordination among specialized efforts.
According to Peter Drucker, “Management is the dynamic life giving element in every business. Without it the resources of production remains resources and never become production.” Management is a catalyst without which no organisation can survive and grow.
The following points highlight the importance of management:
1. It is the management which makes the people realizes the objectives of the group and directs their efforts towards the achievement of these objectives.
2. Management is a way to utilize the resources optimally.
3. Through better planning, sound organisation and effective control, management enables a concern to reduce costs and enable an enterprise to face cut throat competition.
4. Management ensures efficient and smooth running of business through better planning, sound organisation, effective control and the various tools of management.
5. Management provides new ideas, imagination and vision to the organisation.
6. Management moulds the enterprise in changing environment.