The study and use of management approaches in handling the affairs of the organization have transformed its nature. Numerous contributions in the field of management have altered its nature, for instance, from just a practice to science also. The nature of management can be explained as follows:
Multidisciplinary: Management is basically multidisciplinary. What this means is that, even though management has actually been developed as a standalone discipline, it pulls knowledge and ideas from a variety of disciplines like anthropology, economics, ecology, psychology, sociology, statistics, operations research, etc. Management combines the concepts and ideas obtained from these disciplines and provides modern concepts that may be applied for managing the firms. Actually, the combination of knowledge of a variety of disciplines is the significant contribution of management and this integrated discipline is called management.
Dynamic: In accordance with integration and based on practical evidences, management has framed certain principles. These principles are flexible in nature adjust with changes in the environment in which a business exists. Management is dynamic in nature i.e. approaches to mange business change over a duration of time.
Universality of Management: Management is a universal phenomenon. Managers carry out pretty much the same functions regardless of their position or nature of the organization. Basic fundamentals of management can be employed any where and in all managerial situations.
Management as Profession: Management has been viewed as a profession by many while many have indicated that it hasn’t achieved the status of a profession.
Goal oriented: Management is a goal focused activity. Management is always aimed at achieving some predetermined objectives or goals that may be economic or social.
Coordinating force: Management harmonizes the endeavours of organization members by means of organised arrangement of inter-related activities in order to prevent replication and overlapping. Management reconciles the individual goals with the corporate goals and brings together human and physical resources.
Group activity: Management is a crucial element of group activity. As no man or women can satisfy all his requirements himself, he unites with his colleagues and work together as an organized group to attain what he can not accomplish independently.
Management Science or Art: There exists a controversy whether management is science or art. However, management is both a science and an art.
The following video is about Nature and significance of management: