Management: Is like holding a dove in your hand you squeeze too tight it will die you open hands it will fly

Management: Is like climbing a mountain with the tools like people and resources and the top is like goals of organization

Assets: The all possessions of a company either short term or long term are called assets

Retained earning: the amount of profit that is reinvested into the business

Profit: COST+BENEFIT

Tactical planning: Relatively short term

Operational planning: day to day basis planning

Financial public: Banks, micro-finance banks, state bank, etc

Contract: A term of agreement among two parties

Rule: Different areas of business have their own established code of conducts called rules.

Policy: Is framework/norms to work in setup within established limits.

it means how much a corporate is doing social work or caring for the environment

Every company has a CSR statement

Henry Mintzberg, a prominent management researcher, says that what managers do can best be described by looking at the roles they play at work.6 From his study of actual managers at work, Mintzberg developed a categorization scheme for defining what managers do. He concluded that managers perform 10 different but highly interrelated roles. The term management roles refers to specific categories of managerial behavior. (Think of the different roles you play and the different behaviors you're expected to exhibit and play in these roles as a student, a sibling, an employee, a volunteer, and so forth.)

Management Skills:

a manager's job is varied and complex. Managers need certain skills to perform the duties and activities associated with being a manager. What types of skills does a manager need? Research by Robert L. Katz found that managers need three essential skills or competencies.

1) Technical skills include knowledge of and proficiency in a certain specialized field, such as engineering, computers, accounting, or manufacturing. These skills are more important at lower levels of management since these managers are dealing directly with employees doing the organization's work.

2)Human skills involve the ability to work well with other people both individually and in a group. Because managers deal directly with people, this skill is crucial! Managers with good human skills are able to get the best out of their people. They know how to communicate, motivate, lead, and inspire enthusiasm and trust. These skills are equally important at all levels of management.

3) conceptual skills are the skills managers must have to think and to conceptualize about abstract and complex situations. Using these skills, managers must be able to see the organization as a whole, understand the relationships among various subunits, and visualize how the organization fits into its broader environment. These skills are most important at the top management levels

there are scientific, bureaucratic and few other approaches that will be discussed here
first Scientific

and its pioneer

Frederick W. Taylor:

Taylor did most of his work at the Midvale and Bethlehem Steel Companies in Pennsylvania. As a mechanical engineer with a Quaker and Puritan background, he was continually appalled by workers' inefficiencies. Employees used vastly different techniques to do the same job. They were inclined to "take it easy" on the job, and Taylor believed that worker output was only about one-third of what was possible. Virtually no work standards existed. Workers were placed in jobs with little or no concern for matching their abilities and aptitudes with the tasks they were required to do. Managers and workers were in continual conflict. He set out to correct the situation by applying the scientific method to shop floor jobs. He spent more than two decades passionately pursuing the "one best way" for each job to be done.
here are the principles
1.
Develop a science for each element of an individual's work, which will replace the old rule-of-thumb method.
2.
Scientifically select and then train, teach, and develop the worker. (Previously, workers chose their own work and trained themselves as best they could.)
3.
Heartily cooperate with the workers so as to ensure that all work is done in accordance with the principles of the science that has been developed.
4.
Divide work and responsibility almost equally between management and workers. Management takes over all work for which it is better fitted than the workers.

A construction contractor by trade, Frank Gilbreth gave up his contracting career in 1912 to study scientific management after hearing Taylor speak at a professional meeting. Frank and his wife Lillian, a psychologist, studied work to eliminate wasteful hand-and-body motions. The Gilbreths also experimented with the design and use of the proper tools and equipment for optimizing work performance.

Frank is probably best known for his experiments in bricklaying. By carefully analyzing the bricklayer's job, he reduced the number of motions in laying exterior brick from 18 to about 5, and on laying interior brick the motions were reduced from 18 to 2. Using Gilbreth's techniques, the bricklayer could be more productive and less fatigued at the end of the day.
The Gilbreths were among the first researchers to use motion pictures to study hand-and-body motions. They invented a device called a microchronometer that recorded a worker's motions and the amount of time spent doing each motion. Wasted motions missed by the naked eye could be identified and eliminated. The Gilbreths also devised a classification scheme to label 17 basic hand motions (such as search, grasp, hold), which they called therbligs (Gilbreth spelled backward with the th transposed). This scheme allowed the Gilbreths a more precise way of analyzing a worker's exact hand movements.