MSG Team's other articles

13046 Cyclical Unemployment – Definition, Causes and Cure

In the previous two articles, we studied about frictional and structural unemployment. They can be considered to be the mild and moderate form of unemployment respectively that can be suffered by an economy. They are not usually the ones being referred to when common people talk about unemployment. The most dreaded form of unemployment is […]

13045 Cyber Risk in Reinsurance

The global business environment has turned increasingly digital in the pasts few years. It is very common for businesses across the world to conduct most of their business online. This includes transacting with customers, employees, suppliers, and even the government. It is for this reason that the role of computers has drastically increased within the […]

13044 Cutting Costs Strategically

The business environment today has become extremely competitive. Companies are not only facing competition from their local competitors but also from global ones. Different economic and geopolitical factors make global supply chains necessary. The problem with having global supply chains is that operations become broad and complex. It is much easier to manage operations located […]

13043 Customs Department – An Introduction

International Trade is facilitated and controlled by Countries with the help of Foreign Policy, Export Import Regulations, Schedule and Tariff of Import and Export Duties as well as Trade Laws and Regulations. Customs Department is the Federal Government Agency that is invested with Authority to conduct Customs Valuation and collect Import as well as Export […]

13042 Customs Clearance – Meaning, Scope and Documentation

Customs Departments are the government designated authority to implement the policies related to import and export, collect customs duties and facilitate movement of people, goods, and cargo into and out of the country. Area of Operations and Authority Customs departments have offices at all seaports, airports and border gateways that are essentially the exit and […]

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As a process, management refers to a series of inter-related functions. It is the process by which management creates, operates and directs purposive organization through systematic, coordinated and co-operated human efforts.

According to George R. Terry, “Management is a distinct process consisting of planning, organizing, actuating and controlling, performed to determine and accomplish stated objective by the use of human beings and other resources”. As a process, management consists of three aspects:

  1. Management is a social process - Since human factor is most important among the other factors, therefore management is concerned with developing relationship among people. It is the duty of management to make interaction between people - productive and useful for obtaining organizational goals.

  2. Management is an integrating process - Management undertakes the job of bringing together human physical and financial resources so as to achieve organizational purpose. Therefore, is an important function to bring harmony between various factors.

  3. Management is a continuous process - It is a never ending process. It is concerned with constantly identifying the problem and solving them by taking adequate steps. It is an on-going process.

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