According to this approach no single idea/ concept can yield the one best way of administration. Globalisation 2.Quality and Productivity 3.Ownership 4.Environment 5.Strategy Formulation 6.Ethics and Social Responsibility 7.Workforce Diversity 8.Change 9.Empowerment 10.Information Technology. Management is dynamic by nature and evolves to meet needs and constraints in the organization’s internal and external environments. Management: Science or Art: Management like other practices- whether medicine, music composition, or even accountancy- is an art. Separating management vertically allows different management groups to focus on different organizational scopes. Concept of Management; Objectives and Importance of Management Top Level Management. and find homework help for other Business questions at eNotes The substance of management should be identified as a process. Government of different countries have different fiscal policies and therefore they accordingly prohibit the flow of capital in their countries. It is know-how. In a global marketplace where the rate of change is rapidly increasing, flexibility and adaptability are crucial to the managerial process. Therefore, principles should be applied according to the prevailing conditions. A particular management principle has different strengths in different conditions. They coordinate services and are keen on planning. Frontline managers are more zoomed in, whereas executives are more zoomed out. Get an answer for 'Explain the nature of management functions and their importance at different levels of management.' Further, there was a lot of criticism and opposition to similar management theories from other contributors. It should be the basis of our study of the principles of management. Nature of Personnel management includes the function of employment, development, and compensation- These functions are performed primarily by the personnel management in consultation with other departments. This article throws light upon the ten main challenges faced by managers in an organisation. First; managers must set a plan, then organize resources according to the plan, lead employees to work towards the plan, and finally, control everything by monitoring and measuring the effectiveness of the plan. 4 Functions of management are planning, organizing, leading and controlling that managers perform to accomplish business goals efficiently. The finance manager measures the cost of capital and chooses cheap sources of capital by properly analyzing different sources available. International markets are homogeneous in nature and differ from each other. Browse more Topics under Nature Of Management And Its Process. It works towards reducing the cost of various activities through proper monitoring and setting up proper price policy. The levels of Management and Their Functions are Discussed Below:. Heterogeneous Markets. So … (5) Contingency approach emphasises dynamic nature of management process in an ever-changing business environment. The best is one that is according to situation. The management theories which evolved in the early twentieth century were called the Second Industrial Revolution. Management is sometimes viewed through a hierarchical frame, dividing management groups by frontline, middle, and upper levels. Different ideas or concepts help in different situations. Top-Level Management is also referred to as the administrative level. The challenges are: 1. (ii) Precise Definition of Management: Let us formulate a precise definition of management. Nature of Personnel Management. Personnel management is an extension of general management. Nature of Financial Management 1. Nature of Management and its Process Management Skills And to be a good manager it is important to have skills like Planning and creating an effective strategy , good communication skills, decision making, leadership skills, problem-solving skills, time management , conceptual-skills, controlling, motivating, and leading the team, etc.