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www.gyaniversity.com27MMPC001: Management Functions and Organisational ProcessesKey Quotes:%uf0a7Mary Parker Follett: \others.\%uf0a7Harold Koontz and O'Donnell: \through organized group efforts.\%uf0a7F.W. Taylor: \cheapest way.\Dynamic Nature: Management is complex and involves managing people and resources to meet objectives, making it hard to define succinctly.Nature of Management Management as a ScienceCharacteristics: Systematic knowledge, principles, and laws applicable universally. %uf0a7Scientific Management: Developed by Frederick Winslow Taylor, focusing on productivity and efficiency through scientific methods. %uf0a7Luther Gullick:Management has a body of knowledge with evolving principles. %uf0a7Inexact Science: Due to complexity and unpredictability of human behavior, management is not a precise science. Incorporates inputs from psychology, mathematics, and statistics.Management as an ArtCharacteristics: Application of knowledge and skills creatively to solve problems. George Terry: Achieving desired results through skills developed from experience. Managers are likened to artists, using competencies to navigate challenges.Combination of Both Art and Science: Acknowledges the need for balancing creativity (art) and analytical thinking (science) in management.Management as a ProfessionCharacteristics:Codified Body of Knowledge: Established principles and practices. Formal Education and Training: Managers often have formal education and continuous development. Entry Criteria: Specific qualifications or certifications are often required. Code of Conduct: Ethical standards guide behavior.