Personnel management is an extension of general management. Top-Level Management is also referred to as the administrative level. The substance of management should be identified as a process. Browse more Topics under Nature Of Management And Its Process. Therefore, principles should be applied according to the prevailing conditions. It works towards reducing the cost of various activities through proper monitoring and setting up proper price policy. 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. 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. The finance manager measures the cost of capital and chooses cheap sources of capital by properly analyzing different sources available. According to this approach no single idea/ concept can yield the one best way of administration. International markets are homogeneous in nature and differ from each other. Frontline managers are more zoomed in, whereas executives are more zoomed out. Heterogeneous Markets. Contingency Approach of Management. 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. The best is one that is according to situation. This article throws light upon the ten main challenges faced by managers in an organisation. Top Level Management. Management is sometimes viewed through a hierarchical frame, dividing management groups by frontline, middle, and upper levels. They coordinate services and are keen on planning. (ii) Precise Definition of Management: Let us formulate a precise definition of management. It is know-how. The levels of Management and Their Functions are Discussed Below:. Different ideas or concepts help in different situations. It should be the basis of our study of the principles of management. The management theories which evolved in the early twentieth century were called the Second Industrial Revolution. 1. Government of different countries have different fiscal policies and therefore they accordingly prohibit the flow of capital in their countries. A particular management principle has different strengths in different conditions. Concept of Management; Objectives and Importance of Management 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: Science or Art: Management like other practices- whether medicine, music composition, or even accountancy- is an art. 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. The challenges are: 1. (5) Contingency approach emphasises dynamic nature of management process in an ever-changing business environment. So … In a global marketplace where the rate of change is rapidly increasing, flexibility and adaptability are crucial to the managerial process. Nature of Financial Management 4 Functions of management are planning, organizing, leading and controlling that managers perform to accomplish business goals efficiently. Separating management vertically allows different management groups to focus on different organizational scopes. and find homework help for other Business questions at eNotes Management is dynamic by nature and evolves to meet needs and constraints in the organization’s internal and external environments. Nature of Personnel Management.