If you actually want to know the definition of any term, the concept of this thing is a gateway for you.
So, to know the essential of management, Harbison and Myers offered a classic threefold concept. They noticed management as
- An economic resource
- A system of authority
- A class or elite system
Here we are going to each concept separately and understand them.
Let’s dive in.
Threefold Concept of Management
1. An economic resource:
According to the eyewitness of an economist, management is that the one among primary factors of production of a corporation alongside land, labor, and capital.
Nowadays, globalization and industrialization are a trending topic, management helps to get to it alongside capital and labor. For instance, India is an economically growing nation, so youth wants to enter in management sector for this reason the enrollment of MBA and Management course increase year by year.
An organization’s managerial resources catch during a great deal with productivity and profitability. If any industries have innovations, management is that the only thanks for catching on. The dynamic industry which grows rapidly has executive development.
2. A system of authority:
According to the eyewitness of a specialist in administration and organization, management is one among the simplest functions of authority making.
In accent times, management first developed by an authoritarian philosophy with a couple of number of top individuals who determined all action of rank and file.
Later, some management discovered by paternalistic approaches for humanitarian concepts.
And then later, constitutional management came into the image. To affect working groups, constitutional management characterized by definite and consistent policies and procedures.
To educate workers, the trend of management was toward a democratic and participative.
These four approaches to authority making are viewed by modern management.
3. As class and elite system:
According to the sociologists, management may be a class and elite system.
Managers become elite of brains and education to extend within the complexity of relationships in modern society.
The entrance of management sector is predicated on more and more experience and knowledge for family and political connections.
Some students view this technique as a ‘Managerial Revolution’.
Some people view this development with alarm while others mean that because the power of manager’s increases; their number expands in order that there’s no used to stress this tendency towards a managerial autocracy.
But anyhow the most purpose of management is to accomplish organizational goals and objectives timely and smoothly.
These are the concepts of management.
What did you think of this? Do I miss something? Come on! Let us know if you want to add something to the list.