Management:
Management is the process of reaching organizational goals by working with and through people and other organizational resources.

Following characteristics of management are to be kept in mind in order to understand the concept and nature of management: 

1. Universal process: Management is a universal process i.e. it is required everywhere and anywhere.

• Whenever people work in group to accomplish a desired objective it needs proper management.
• Although management is a commercial term its use is not limited to industries or companies. It is also used in various social and religious fields and activities like agriculture, army, education, etc.
• Each field and unit or department of that field makes use of management in its own ways.

2. Goal-oriented activity: Management is a tool to attain a goal and not a goal itself. Every business unit is formed to achieve certain business and profit objectives. Proper management is extremely important to achieve these objectives in a competent and economical way.

3. Group activity:

• Management is required when two or more people are working together to accomplish pre-determined objectives.
• In this sense, management is a group or say collective activity.

4. Continuous process:

• Management is a continuous process which keeps on going till the organization lasts.
• It is quite difficult or even impossible to stop management of things, processes and people as long as the organization exists.
• Although management aims at attaining certain pre-defined goals, it cannot be stopped on attainment of goals unlike other goal based activities.
• Once the previously set goals are attained, new objectives and targets are set by the business unit. This keeps the management process on and on. Thus, the cycle of defining objectives, achieving them and re-defining them goes on continuously.

5. Human process: Although management is a universal activity, it cannot be done without humans. The human element is the most significant and central element of management. ‘Without man’ there is no ‘management’. All other means of production are useless without man. Management is done by the human being and for the human being.

6. Decision process:

• Management has to continuously take decisions while managing business. Each and every work needs decision making.
• The organization cannot proceed without taking any decision. Moreover, after taking the decision, the organization has to put it into implementation. Thus, the process of decision is a function of management.

7. Science, Art and Profession: The way science works on its own set of rules and principles, so does management. Hence many experts consider management as a science. On the other hand, management focuses heavily on managing man i.e. people. Managing people is an art and so management is also considered as an art. Getting work done from man requires proficiency, intelligence, cleverness and insight. So, management is the art of getting the work done.

Today’s business management is also handled by people who are trained and are expert in the field. In other words they are thorough professionals. For example, professionals like lawyers, doctors, chartered accountants, etc. manage their works quite professionally. Similarly, people who have
acquired knowledge in fields of BBA and MBA are considered management professionals.