Nature of Management
Management has the features of a Science, an Art and a Profession.
Management as a science
Management is a near-Science branch of knowledge because it is systematic and principles are being evolved on the basis of constant enquiry and experimentation. In the formulation of principles the science of management can be developed. A management principle distils & organizes knowledge that has been built up through experience & analysis. Management is not likely to become an exact science as personal judgment will always be needed to supplement available knowledge but, by understanding & applying accepted principles can be greatly improved.
Management as an art
Management is an Art because it deals with the ways of doing things in a perfect way with organized knowledge and skills. Therefore, as a practice, management will always be an art.
Management as a profession
The study of management is chiefly aimed at developing skills to manage a business or organization. It also brings social responsibilities and a fees for the service. Based on these qualities, we can call it a profession, but it is not a profession by all means. Three major specifications for a profession are:
- There must exist a body of principles, skills & techniques and specialized knowledge.
- There must be formal methods of acquiring training & experience.
- An organization should be established which forms ethical codes for the guidance & conduct of members.
When we consider the above standards, management cannot really be called a profession. Because, there are no licenses for managers, nor is there an accepted code of ethics, but there are movements towards professionalization and in many countries apex bodies for management have been established. Therefore, we can say, professionalization of management is in progress.