What is Management?

The planning, monitoring and controlling the three main elements of an organization called Man, Money and Machine. Management deals with coordination of these vital elements with minimum utilization of available resources towards maximization of profits. Thus, management is a word roughly used for controlling everything and anything within the organization. Management is referred as the Human Idea being developed by the Humans for the Human benefit.
The basic concept behind Management is to understand the nature and behavior of the people and the nature of the organization, the money and the capital involved and how they both are interconnected, so that the capital is managed efficiently. The people concept of the Management has the highest priority as it is the basic element in every organization and only focused and committed work force can meet the organizational goals and objectives. Management does not only have reference to organizations or business performance, but also has concern with the personal life like the time management, money management and material management. Management teaches the effective utilization of minimum available resources.