Curate an art collection with our guide on investing in art for value and growth. Discover tips on personal preferences, artist reputation, scarcity, market trends, and maintenance to ensure your artwork appreciates over time.
Curate Art Collection: A Guide to Investing in Art for Value and Growth
Curating an art collection can be an exciting journey, blending personal passion with the potential for financial growth. In this article, we’ll explore how to carefully curate a collection of collectible art that not only holds its value but also increases over time. Whether you’re a newbie collector or looking to expand your current selection, we’ll cover essential tips to make smart investments in art; https://www.robertlangestudios.com.
Understand Your Preferences
To begin curating your art collection, start by identifying what you love. Your tastes will shape your collection’s personality, making it uniquely yours.
It’s also important to balance your personal preferences with the potential for investment growth. Don’t just buy what looks nice on the wall; think about what might appreciate in value as well.
Consider the Artist’s Reputation
One of the key aspects of investing in art is the artist’s reputation. Established artists often have a track record of increasing value over the years.
According to a study by ArtMarket, more than 75% of high-value art comes from artists with a strong reputation. Keep an eye on trending artists, but remember that emerging talent can also yield significant returns if they gain acclaim.
Look for Scarcity and Exclusivity
When curating a collectible art investment, pay close attention to the scarcity of the pieces. Limited edition artworks often appreciate more than mass-produced pieces.
This is because collectors typically value exclusivity in art. The fewer pieces available, the more desirable each one becomes.
Research Historical Relevance
The historical significance of an artwork can drive its value significantly. Consider pieces that tell a story or represent important movements or eras in art history.
Artworks from specific periods, such as Impressionism or Modernism, can also hold increased interest among collectors. As you build your collection, ask yourself what narratives the pieces convey.
Work with Trusted Galleries and Experts
When it comes to high-value art investments, the best approach is often to seek guidance from experts. Art galleries and consultants can provide invaluable information and connections.
Develop a relationship with reputable dealers who understand collectible art investment. They can help you identify pieces that hold potential for growth based on current market trends.
Diligent due diligence
Before purchasing any art piece, conduct thorough research. Look up auction results, read reviews, and connect with fellow collectors.
Make sure to gain as much insight into the history and provenance of artworks as possible. This diligence could save you from making regrettable decisions.
Limited Editions Matter
As mentioned earlier, limited edition works can drastically impact the value of your collection. Check if the artist issues any limited runs or exclusive pieces—they often perform better on the resale market.
For example, Chuck Close, a prominent American painter, created limited editions of his work, making them highly coveted. This exclusivity can set your investment apart.
Build a Network
Networking can play a crucial role in your success as a collector. Attend art exhibitions, openings, and fairs to meet fellow buyers, galleries, and artists.
Developing this network exposes you to new opportunities and insider trends, essential for the best curating and investing in art.
Monitor Market Trends
As with any investment, the art market can fluctuate based on social and economic forces. Stay informed about market news, emerging artists, and collector preferences.
Many websites and publications track these trends. ArtNews and the Art Market Report are excellent starting points for staying updated.
Keep Your Artwork in Pristine Condition
To maintain the value of high-ticket items, proper care and preservation are crucial. Ensure that your art is kept in environments free from humidity and harsh sunlight.
Regular inspections and cleaning will help keep your pieces looking immaculate. Feelnaggingly preserving your collection will ensure it remains a worthy investment for years to come.
Conclusion
Curating an art collection can be both a thrilling and rewarding experience. By considering your tastes, researching the right artists, and seeking expert advice, you can successfully balance personal enjoyment with financial growth when investing in art. Remember, scarcity and historical relevance can play huge roles in the value of your collection.
So why wait? Start your journey of high-value art collectible investment today! With careful curation, your collection can become a source of pride and substantial returns.
Are you ready to embark on a transformative artistic journey? Look no further than the captivating world of Google Art Games. Gone are the days when gaming was solely reserved for entertainment. Now it can serve as a source of inspiration and creativity. A Google Art Game seamlessly blends the excitement of gaming with the beauty of art. Offering a unique and immersive experience for aspiring artists and art enthusiasts alike. Whether you’re a seasoned painter or just beginning to explore your artistic side. These games provide a platform to unleash your creativity and ignite your imagination. Join us as we explore how these innovative games can take your artistry to new heights, allowing you to transcend the boundaries of traditional art and create your very own masterpiece. Get ready to level up your artistic journey and unlock a world of endless possibilities with Google Art Games.
The Intersection of Gaming and Art
In recent years, the worlds of gaming and art have collided, giving rise to a new form of artistic expression. Traditionally, gaming and art were seen as separate entities. Gaming is associated purely with entertainment and art reserved for galleries and museums. However, with the advent of technology and the rise of digital art, the boundaries between these two realms have blurred. The result is a fusion of gaming and art, where interactive experiences and visual storytelling converge to create a truly immersive and captivating medium.
Google Art Games are at the forefront of this intersection. Offering a range of games that not only entertain but also inspire. These games combine elements of gameplay with iconic artworks, allowing players to engage with art in a whole new way. By merging the interactive nature of gaming with the aesthetic beauty of art. Google Art Games provide a unique platform for artists to explore their creativity and push the boundaries of their artistic practice.
How Google Art Games Can Inspire Your Artistic Journey; Image by WOKANDAPIX from Pixabay.
Benefits of Using Google Art Games for Artists
For artists, Google Art Games offer a multitude of benefits that can enhance their artistic journey. One of the key advantages is the ability to gain inspiration from renowned artworks. The games feature a vast collection of masterpieces from around the world, allowing artists to immerse themselves in the work of great artists and draw inspiration from their techniques, styles, and subject matter. This exposure to diverse artistic styles can be invaluable for artists looking to broaden their horizons and experiment with new techniques.
Another advantage of using Google Art Games is the opportunity to engage with art in a hands-on and interactive way. Traditional art forms often require specific materials and tools, making them less accessible for aspiring artists. However, with art games, all that is needed is a smartphone or computer, making art more accessible than ever before. These games provide a platform for artists to experiment, practice, and refine their skills, without the need for expensive art supplies or studio space.
Exploring Different Art Games Available on Google Arts and Culture
Google Arts and Culture offers a wide range of art games, each offering a unique and immersive experience. One such game is “Art Palette,” which allows users to create their color palettes by matching colors to famous artworks. This game not only allows artists to explore different color schemes. But also provides insight into the color choices made by master artists throughout history.
Another popular art game is “Art Selfie,” which uses facial recognition technology to match users’ selfies with portraits from art history. This game not only provides a fun and interactive experience. But also allows artists to see themselves in the context of art history. It can be a great tool for self-reflection and understanding one’s own artistic identity.
How Art Games Can Inspire Creativity and Artistic Growth
Art games have the power to inspire creativity and spark new ideas. By immersing yourself in the interactive world of art games, you can explore different artistic styles, experiment with techniques, and push the boundaries of your creativity. These games provide a safe and supportive environment for artists to take risks, try new things, and learn from their experiences.
One of the ways art games foster creativity is through their emphasis on playfulness and exploration. Unlike traditional art forms, which can sometimes feel rigid and structured, art games encourage players to think outside the box and approach art with a sense of curiosity and wonder. This freedom to explore and experiment can lead to breakthrough moments of inspiration and artistic growth.
Tips for Incorporating Art Games into Your Artistic Journey
If you’re ready to incorporate art games into your artistic journey, here are some tips to get started:
Set aside dedicated time for art gaming: Treat art gaming as a valuable part of your artistic practice and allocate specific time for it in your schedule. This will help you prioritize and make the most of your gaming experience.
Experiment with different games: Try out different art games to find the ones that resonate with you the most. Each game offers a unique experience, so don’t be afraid to explore and discover new favorites.
Reflect on your gaming experiences: Take the time to reflect on your art gaming experiences. What did you learn? What inspired you? Reflecting on your experiences will help you integrate the lessons and inspiration into your artistic practice.
Share your creations: Many art games offer the option to share your creations with others. Embrace this opportunity and share your artwork with the gaming community. Not only will this help you gain feedback and support, but it can also inspire others on their artistic journeys.
The Future of Art Gaming and Its Impact on the Art World
As technology continues to advance, the future of art gaming looks promising. With virtual reality (VR) and augmented reality (AR) becoming more accessible, the possibilities for immersive art gaming experiences are endless. Artists can already create virtual galleries and exhibitions, allowing viewers to explore art in a whole new way. As these technologies continue to evolve, we can expect to see even more innovative and interactive art games that push the boundaries of traditional art and challenge our perception of what art can be.
The impact of art gaming on the art world is already evident. It has opened up new avenues for artistic expression, democratized art by making it more accessible, and fostered creativity and collaboration among artists. Art gaming has the power to engage new audiences, inspire future generations of artists, and reshape the way we experience and appreciate art.
Conclusion: Embracing the Power of Art Games in Your Artistic Journey
In conclusion, Google Art Games offer a transformative and inspiring experience for artists of all levels. By merging gaming and art, these games provide a unique platform for artists to explore their creativity, gain inspiration from iconic artworks, and push the boundaries of their artistic practice. Whether you’re a seasoned artist or just beginning your artistic journey, incorporating art games into your practice can help unlock your full creative potential and propel you toward creating your very own masterpiece. So, embrace the power of art games, level up your artistic journey, and let your imagination soar. The world of art gaming awaits you.
Do you thought are these true? Management is the art of Working through People. Management defines by According to Harold Koontz,“Management is the art of getting things done through and with people in formally organized groups.” As well as management also defines by According to Henri Fayol,“To manage is to forecast and to plan, to organize, to command, to coordinate and to control.”So, what we discussing is – Important Characteristics of Management is the art of Working through People.
It is here that, Important Characteristics of Management:
Management is a science because it has developed certain principles which are of universal application. But the results of management depend upon the personal skill of managers and in this sense management is an art. The art of the manager is essential to make the best use of management science. Management is both a science and an art.
It has elements of art and has characteristics of science. It is considered to be science as it has developed certain principles, laws, generalizations which are more or less universal in nature and are applicable wherever the efforts of a group are to be coordinated. It is regarded as art because managing requires certain skills which are the personal possession of the managers.
Thus, management is both science and art. It should, however, be noted that the science of management is not as exact as the physical science. It is still in the evolutionary stage, may be called as an inexact science or social science.
#A Profession:
In the present days, management is recognized as a profession. It has a systematic and specialized body of knowledge consisting of principles, a technique, and laws and can be taught as a separate discipline or subject. Management is now recognized as a profession as it possesses all the attributes of the profession.
It has a specialized body of knowledge, principles, and techniques and that can be taught and transferred. It follows a scientific approach, involves special skills and tools and adheres to a code of ethics. This has also divorced ownership from management. Now with the advent of large-scale business, the management is entrusted in the hands of professional managers.
#A System of Authority:
Since management is a process of directing men to perform a task, authority to accomplish the work from others is implied in the very concept of management. Authority is the power to get the work done from others and to compel them to work in a certain manner. Management cannot perform in the absence of authority. Decision-making and organizing functions cannot be performed unless management is considered as a system of authority which implies a hierarchy of command and control.
Since management is a process of directing men, to perform a task, authority to accomplish the work from others is implied in the very concept of management. In every enterprise, there are built-up levels of authority to decide, direct and control the business operations. Authority is considered to be the basis of performance of managerial functions. Authority pre-supposes a right to give orders and power to get them executed.
In a very real sense, management is a rule-making and rule-enforcing body, and within itself, it is bound together by a web of relationship between superiors and subordinates. In the real sense, management is a rule-making and rule-enforcing body. There is a chain of authority and responsibility among people working at different levels of the organization. There cannot be effective management without well-defined lines of command or superior-subordinate relationships at the various levels of decision-making.
#A Dynamic Function:
Management is a dynamic function and it has to be performed continuously. It is constantly engaged in the molding of the enterprise in an ever-changing business environment. It is concerned not only with the molding of the enterprise but also the alteration of the environment itself so as to ensure the success of the enterprise. In a real sense, it is a never-ending function.
#A Process:
As process management involves those techniques by which the managers coordinate the activities of other people. Stanley Vance has stated five basic ingredients in the management process:
The decision on the course of action.
Obtaining the necessary physical means.
Enlisting others to assist in the performance of the requisite task.
Seeing that the job is properly accomplished, and.
Apportioning the product of the joint venture.
In studying management as a process, various managerial activities are taken as a basis for defining management. Management is the planning, organizing, staffing, directing and controlling the activities of people working in a group in order to achieve the objectives of the group.
#A Social Process:
Management consists of getting things done through others. This involves dealing with people. The efforts of human beings have to be directed, coordinated and regulated by management in order to achieve the desired results. Management is a social process because management functions are basically concerned with relations among the people. It is called a social process since the efforts of human beings have to be directed, coordinated and regulated by management.
Moreover, management has a social obligation to make optimum utilization of scarce resources for the benefit of the community at large. The human factor is inseparable from management. According to Brech “It is the pervasiveness of this human element that gives management its special character as a social process.” It is in this sense that management is regarded as a social process.
Management has a social obligation to make optimum use of scarce resources for the benefit of the community as a whole.
In the words of Brech,
“Management is a social process entailing responsibility for the effective and economic planning and the regulation of the operation of an enterprise, in fulfillment of a given purpose or task.”
#An Integrative Process:
The essence of management is the integration of human and other resources in such a manner that it leads to effective performance. All these resources are made available to those who manage. Managers apply knowledge, experience, and principles for getting the results. In other words, it seeks to harmonize individual goals with organizational goals.
#The Universal in Character:
Management is applicable to all types of organizations. Wherever there is human activity, there is management. The basic principles of management are of universal application and can be applied in all organizations whether they are business, social, religious, cultural, sports, educational, politics or military.
As Socrates has put it,
“Over whatever a man may preside, he will be a good president if he knows what he needs and is able to provide it whether he has the direction of a chorus, a family, a city or an army.”
In the words of Henry Fayol.
“Be it a case of commerce, politics religion, war…. in every concern there is management function to be performed.”
Perhaps there is the no more important area of human activity than managing which is of universal application. Fayol was the man who contributed fourteen principles of management which apply more or less in every situation.
He observed,
“Be it a case of Commerce, Politics, Religion, and War in every concern there is a management function to be performed.”
Thus, management is universal in character.
#A Factor of Production:
Management is not an end in itself but a means to achieve the group objectives. Just as land, labor, and capital are factors of production and are essential for the production of goods and services, management is a factor of production that is required to coordinate the other factors of production for the accomplishment of pre-determined goals.
#Goal-Oriented:
Management aims to achieve economic and social objectives. It exists to achieve some definite goals or objectives. Group efforts in management are always directed toward the achievement of some pre-determined goals. It is concerned with the establishment and accomplishment of these objectives.
To quote Theo Haimann,
“Effective management is always management by objectives.”
Haynes and Massie are of the opinion that without objectives management would be difficult, if not impossible.
#Group Activity:
Management is an essential part of a group activity. As no individual can satisfy all his desires himself, he unites with his fellow-beings and works in an organized group to achieve what he cannot achieve individually. Wherever there is an organized group of people working towards a common goal, some type of management becomes essential. Management makes the people realize the objective of the group and directs their efforts towards the achievement of these objectives. Massie has rightly called management as “The cooperative group”.
#Group Effort:
Management always refers to group efforts and does not apply to an individual. Apply calls it “efforts of other people,” Massie says it “co-operative group.” Management is used in reference to the efforts of the group because the goals and objectives of an enterprise can be easily and effectively attained by a group rather than an individual.
#Pre-determined Objectives:
Group efforts in management are always directed toward the achievement of some pre-determined objectives. These objectives are the final goals of an enterprise towards which all management activities have to be oriented.
According to Theo Haimann:
“Effective management is always management by objectives.”
In the words of Terry,
“Effective management is extremely difficult to attain without definite objectives.”
Hynes and Massie state,
“Management must be set objectives. Without objectives, management would be difficult, if not possible.”
#Discipline:
Management today has its organized body of knowledge, principles, and techniques. It is taught in colleges and universities like other disciplines such as Economics, Sociology, Psychology, Political science, etc. Thus, the term management is also used to describe as a field of learning. Management is fast developing as a discipline and its scope and status are bound to increase in the times to come.
#Needed at all levels:
An important feature of management is that it applies to all levels of an organization. The lowest level supervisor has also to perform the function of decision-making just like the top-level executives. The only difference is of the nature of the task and scope of authority.
#Distinct Activity:
A manager is expected to be a generalist and not a specialist. Thus, the entity of the management is quite distinct from its various functional activities.
“Management is a separate and distinct entity. It is quite different from the various functional activities and the techniques and procedures which are generally considered as belonging to the field of management.”
The chief function of the manager is not “to do” but to get things done through others. For performing his functions effectively a manager requires knowledge, skill, and practice. It is necessary to make a distinction between managerial skill and skill required for specialized jobs. Specialized knowledge and technical skill are essential for the successful solution of any problem but basically, such knowledge is not considered necessary for efficient management.
Important Characteristics of Management is the art of Working through People. Image credit from #Pixabay.
These Indian’s have gone places and brought great glory to the country they were born in. The Motivated Personality born in India They inspire Always – From science to arts, business to literature here is a list of best 20+ exceptionally talented Non-Resident Indians (NRIs) who have given us several more reasons to be proud of them. Are Entrepreneurs Made or Born! Explanation Why?
The Motivated Personality born in India They inspire Always. Best 20+ Non-Resident Indians (NRI) across The World, Who have Made to proud India.
Personality born in India; This current CEO of Microsoft was born in Hyderabad and earlier worked with Sun Microsystems as a member of its technology staff before joining Microsoft in 1992. He was Executive Vice President of Cloud & Enterprise Group and President of Server & Tools at Microsoft Corporation before becoming the CEO in February this year. They played an important role in the transformation to the cloud infrastructure and services business which occupied the market. He has also been a key person in taking various internal decisions at Microsoft.
#Narinder Singh Kapany
Personality born in India; This Punjab-born genius is known for his contribution to the field of fiber optics. He was included in the list of seven ‘Unsung Heroes’ by Fortune magazine in their ‘Businessmen of the Century’ issue. He is considered as one of the founders of fiber optics and revolutionized the way information is transmitted today. Kapany has played many roles in his life including that of an entrepreneur, philanthropist, and scholar, which won him major international acclaim.
#Salman Rushdie
Personality born in India; Born in Mumbai, this 67-year-old Kashmiri Indian author is best known for his contribution to English Literature. His second novel, Midnight’s Children, won the Booker Prize in 1981. He also won the ‘Booker of Bookers’ prize in 1993 for the same novel. In 2008, The Times ranked him 13th on its list of the 50 greatest British writers since 1945. He started his career as a copywriter with the advertising agency Ogilvy & Mather.
He is also known for the controversy due to his book Satanic Verses. They have authored eleven novels so far and written several short stories. His books have been translating in over 40 languages. He was appointed Commandeur de l’Ordre des Arts et des Lettres of France in January 1999 and was also knighted by Queen Elizabeth II for his services to literature. More than one reason to be proud of this amazing scholar, right?
#S. Chandrasekhar
Personality born in India; Born in Lahore, British India, he is famous for his mathematical theory of black holes for which he won a Nobel Prize in 1983. The Chandrasekhar limit is named after him. His most celebrated work concerns the radiation of energy from stars, particularly white dwarf stars, which are the dying fragments of stars. R. J. Tayler in the Biographical Memoirs of the Fellows of the Royal Society of London wrote, “Chandrasekhar was a classical applied mathematician whose research was primarily applied in astronomy and whose like will probably never see again.”
#Amartya Sen
Personality born in India; Born in Santiniketan, West Bengal, this Indian economist, and philosopher is best known for his amazing contributions to welfare economics, social choice theory, economic and social justice, economic theories of famines, and indices of the measure of well-being of citizens of developing countries. His extraordinary work in welfare economics won him the Nobel Memorial Prize in Economic Sciences in 1998. He is the chancellor at Nalanda University and also a Fellow at the Harvard Society of Fellows. He is also internationally acclaimed for his writing. The Argumentative Indian: Writings on Indian History, Culture and Identity is one of his best works.
#Har Gobind Khorana
Personality born in India; This Indian American biochemist won a Nobel prize in 1968 for Physiology or Medicine for cracking the genetic code along with Robert Holley and Marshall Nirenberg. Born in Raipur, Punjab, Khorana was the first scientist to chemically synthesize oligonucleotides. His contribution to science is tremendous and has won him immense international acclaim.
#Rohinton Mistry
Personality born in India; This internationally acclaimed writer was born in Mumbai and did his BA from St. Xavier’s College, Mumbai. He, later on, shifted to Canada in 1975 with his wife. He published his first book, 11 connected short stories titled Swimming Lessons and Other Stories from the Firozsha Bag in 1987. His second book Such a Long Journey, was published in 1991 and achieved huge national and international acclaim. And, other works received similar popularity. His third book A Fine Balance is considered to be one of his finest works and was a finalist for the Booker Prize.
#Pan Nalin
Personality born in India; This award-winning film director, screenwriter, and documentary maker was born in Gujarat and is best known for his amazing and award-winning films like Samsara, Valley of Flowers and Ayurveda: Art of Being. He received international acclaim just after the release of his first film Samsara which made him win over 30 international awards.
His other feature film Valley of Flowers was pre-sold in 35 countries and is considered a major underground hit. He was invited to be on the panel for the France-India Co-production forum at Salon du Cinema in Paris along with the delegation headed by Mr. Amitabh Bachchan. Nalin says that Indians are “hungry for good documentaries”. And we think his amazing work is satiating that hunger.
#Vinod Khosla
Personality born in India; Listed as a billionaire by Forbes Magazine, Khosla is one of the co-founders of Sun Microsystems, a company which created the Java programming language and Network File System. He later formed his own company, Khosla Ventures. He was born in Delhi and attended Indian Institute of Technology, Delhi.
They were a key player in the founding of Daisy Systems and TiE. They have also played an important role as an investor in environmental startups. Khosla has committed around $450 million of his personal wealth to various “green” initiatives like ethanol factories, solar-power parks, etc. His green investing has made him immensely popular in the media globally.
Personality born in India; Who forget this lady needs no introduction. Born in Karnal, India, she was the first Indian-American astronaut and also the first Indian woman in space. She began working at NASA’s Ames Research Center in 1988. In her career span and two space missions, she spent 30 days, 14 hours, and 54 minutes in space. She was killed in the Space Shuttle Columbia disaster along with six other crew members in 2003. India’s first weather satellite was renamed ‘Kalpana-1’ in her honor. She was a role model for many young women internationally and inspired many people to pursue a career in Aerospace Engineering.
#Mira Nair
Personality born in India; This amazing filmmaker was born in Rourkela, Orissa and started her career as an independent short-film maker, going on to win the Best Documentary prize at the American Film Festival for India Cabaret, an investigative documentary of Bombay’s strippers. She runs a production company called Mirabai. Her debut feature film Salaam Bombay! (1988), won the Golden Camera award at the Cannes Film Festival and was also a nominee for the Academy Award for Best Foreign Language Film.
Her most popular works include The Namesake and Monsoon Wedding. She was also awarded India’s third highest civilian award, the Padma Bhushan, in 2012. Her work is globally acclaimed and she even got an offer to direct Harry Potter and the Order of Phoenix, which she rejected.
#Anita Desai and Kiran Desai
Personality born in India; This mother-daughter duo is famous for exceptional writing skills. Kiran Desai’s novel The Inheritance of Loss won the Man Booker Prize in 2006 and the National Book Critics Circle Fiction Award. The exceptional writing comes as an inheritance, as Kiran’s mother Anita Desai has also been short-listed for the Booker Prize thrice. Kiran has been winning accolades from various notable figures ever since she published her first book.
Anita won the Sahitya Academy Award in 1978 for her novel Fire on the Mountain and has also won the British Guardian Prize for The Village by the Sea. Anita is a Fellow of the Royal Society of Literature, the American Academy of Arts and Letters and also writes for the New York Review of Books. Her novel In Custody is one of her finest works.
#Venkatraman Ramakrishnan
Personality born in India; Born in Chidambaram, Tamil Nadu, this structural biologist won the 2009 Nobel Prize in Chemistry with Thomas A. Steitz and Ada E. Yonath, “for studies of the structure and function of the ribosome”. He is an elite member of the U.S. National Academy of Sciences. He was awarded the Louis-Jeantet Prize for his contribution to Medicine in 2007. His great contribution to science also won him India’s second highest civilian award, the Padma Vibhushan, in 2010.
#C.K.Prahlad
Personality born in India; Renowned as one of the most influential business thinkers in the world, he was the distinguished professor of Corporate Strategy at the University of Michigan. Born in Coimbatore, Tamil Nadu, he became established as a business guru when he helped Philips in reconstruction as it was on the verge of collapse.
He was also a prominent writer until his death in 2010 and had authored many books like The Future of Competition (with Venkat Ramaswamy, 2004), and The Fortune at the Bottom of the Pyramid: Eradicating Poverty through Profits. They were a member of the Blue Ribbon Commission of the United Nations on Private Sector and Development. He was also the first recipient of the Lal Bahadur Shastri Award for contributions to Management and Public Administration in India in 1999.
#Manu Prakash
Manu was born in Meerut, Uttar Pradesh and completed his BTech in computer science and engineering from the Indian Institute of Technology in Kanpur before moving to the United States for his masters and Ph.D. Currently, An assistant professor of bioengineering at Stanford University, Manu is famous for his super cool inventions. The inventors include the foldable microscope, The Foldscope, that is easy to use and fold from a single sheet of A4 size paper! The cost of this microscope is 50 cents (or Rs. 30) only. He also recently invented the computer that runs on water. They used the unique Physics of moving water droplets to design a clock that is required in a computer.
#Lakshmi Mittal
Personality born in India; This business tycoon is the chairman and CEO of ArcelorMittal, the world’s largest steel-making company. Born in Sadulpur, Rajasthan, he completed his B.com from St. Xavier’s College, Kolkata. He was the richest man of Asian descent in the United Kingdom in 2007 and was ranked as the sixth richest person in the world by Forbes in 2011. He is also 47th “most powerful person” in the Forbes list of 2012 and one of the “100 most influential persons in the world” by TIME in 2007. They hold a 34 percent share in Queens Park Rangers F.C. He has set up the Mittal Champions Trust with $9 million to support 10 promising Indian athletes.
#Lakshmi Pratury
Personality born in India; This strong lady was the co-host of TEDIndia 2009, host and curator of The INK Conference and founder of Ixoraa Media. She aims at strengthening the relations between India and America through sponsored corporate, cultural, and media events. She was part of the “100 Most Powerful Women” list by Forbes Asia in 2010. They also played a key role in the American India Foundation, an organization that raised over 30 million dollars in five years towards development activities in India.
#Pranav Mistry
Personality born in India; Hailing from Palanpur, Gujarat, this 33-year-old computer scientist, and inventor is currently Vice President of Research at Samsung and is the head of Think Tank Team. He has contributed to Wearable Computing, Augmented reality, Ubiquitous computing, Gestural interaction, AI, Machine vision, Collective intelligence, and Robotics. He was also honored as the Young Global Leader 2013 by World Economic Forum. His groundbreaking technology ‘SixthSense’ won him international acclaim. SixthSense is a device that interprets human gestures and has both a data projector and a camera.
#Indra Nooyi
Personality born in India; She is the Chairperson and CEO of PepsiCo, the second largest food and beverage business in the world by net revenue. This Chennai born girl has been included in the list of “World’s 100 Most Powerful Women” on a regular basis. In spite of this, Nooyi is still fighting to “have it all” and maintain work and personal life balance. As per Bussiness Week, the company’s annual revenues have risen 72 percent and net profit has doubled since she became CFO in 2000. She was also included in the Wall Street Journal’s list of 50 women to watch in 2007 and 2008.
#Sabeer Bhatia
Personality born in India; This Indian-American entrepreneur born in Chandigarh founded the Hotmail email services and Jaxtr. He grew up in Bangalore and went to BITS Pilani for his bachelor’s degree. Later on, he was transferred to California Institute of Technology from BITS where he completed his graduation. Hotmail was the world’s second-largest e-mail provider with over 369 million registered users in 2011.
He sold Hotmail to Microsoft in 1997 for $400 million and it was then called MSN Hotmail. He also started a free messaging service called JaxtrSMS. The venture capital firm Draper Fisher Jurvetson named him ‘Entrepreneur of the Year 1997’, MIT chose him as one of 100 young innovators who is expected to have the greatest impact on technology and awarded him the ‘TR100’.
#Zubin Mehta
Personality born in India; Born in Mumbai, he is one of the world’s leading conductors. This amazing orchestral conductor and musical director are best known for his expressiveness on the stage. He is Music Director for Life of the Israel Philharmonic Orchestra and the Main Conductor for Valencia’s opera house. His conducting is considered as flamboyant, vigorous and forceful.
His name has been mentioned in the song “Billy the Mountain” on the 1972 album Just Another Band from L.A. by Frank Zappa and The Mothers of Invention. Also, received a special prize in Israel for his extraordinary contribution to the Israel Philharmonic Orchestra. He also received the 2,434th star on the Hollywood Walk of Fame, putting India on the international map.
#Raghava KK
Personality born in India; This Bangalore born contemporary artist was named by CNN as one of the 10 most fascinating people the world is yet to know of. The genres he dabbles in vary from painting, film, installation, multimedia, performance, and even his own wedding. He began as a cartoonist in Indian publications. And, he has lectured at New York University and several other art institutions across the globe. Also, he was invited as a guest of the French city of Nîmes to exhibit his work at the Carre d’Art Musee d’Art Contemporain.
#Ajit Jain
Personality born in India; Having started his career as an employee with IBM who knew nothing about insurance, Orissa-born Ajit Jain is now the President of Berkshire Hathaway Insurance group. Warren Buffet had once said that Jain’s mind is an “idea factory”. Having worked with Buffet for around three decades, Jain is being speculated as to the successor to this renowned American business magnate. The IIT Kharagpur graduate is currently leading Berkshire’s Indian insurance market venture.
#Dipak C. Jain
Personality born in India; Born in a small town Tezpur in Assam, he is the current Dean of Sasin Graduate Institute of Business Administration of Chulalongkorn University in Bangkok. Earlier he was Dean of INSEAD and currently holds a position of Chaired Professor of Marketing there. Also, held the position of Dean at the Kellogg School of Management.
He holds another important position of Independent Director on the Board of Indian Conglomerate Reliance Industries Limited. He has received several awards and honors for his contribution as a teacher, including The Sidney Levy Award for Excellence in Teaching in 1995 and The John D.C. Little Best Paper Award in 1991.
#Amar Bose
Personality born in India; Born in a Bengali Hindu family, this amazing electrical engineer and sound engineer served as a professor at Massachusetts Institute of Technology (MIT) for over 45 years. Also, the founder and chairman of Bose Corporation which he later donated to MIT. He was also listed as the 271st richest man in the world by Forbes in 2007. And, He has received various teaching awards during his lifetime. The Bose Award for Excellence in Teaching and the Junior Bose Award were established in his honor for his services at MIT. He was also an honorary member at Audio Engineering Society.
Learn and Study, Management as, What? As an Activity…as a Profession!
Before You Start Studying, let’s want to know, what you going to learn it. Management can be defined in detail in following categories: Management as an Art, as a Science, as a Process, as an Activity, as a Discipline, as a Group, and as a Profession. Is Management an as Profession? Also learned, the Subsidiary Functions of Management!Continuously Studying – After, Management as, What? As an Art…As a Process! Management as, What? Now, Learning next part of Management as, What? As an Activity…as a Profession!
First, define, Management is a universal phenomenon. It is a very popular and widely used term. All organizations – business, political, cultural or social are involved in management because it is the management which helps and directs the various efforts towards a definite purpose. According to Harold Koontz, “Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards the attainment of group goals”. According to F.W. Taylor, “Management is an art of knowing what to do when to do and see that it is done in the best and cheapest way”.
Management is a purposive activity. It is something that directs group efforts towards the attainment of certain predetermined goals. It is the process of working with and through others to effectively achieve the goals of the organization, by efficiently using limited resources in the changing world. Of course, these goals may vary from one enterprise to another. E.g.: For one enterprise it may be launching new products by conducting market surveys and for other, it may be profit maximization by minimizing cost.
Management involves creating an internal environment: – It is the management which puts to use the various factors of production. Therefore, it is the responsibility of management to create such conditions which are conducive to maximum efforts so that people are able to perform their task efficiently and effectively. It includes ensuring availability of raw materials, determination of wages and salaries, formulation of rules & regulations etc.
Management can be defined in detail in following categories :
Management as an Art!
Management as a Science!
Management as a Process!
Management as an Activity!
Management as a Discipline!
Management as a Group, and!
Management as a Profession!
Now Explain it:
Continuously Studying – After, Management as, What? As an Art…As a Process! Management as, What? Now, Learning next part of Management as, What? As an Activity…as a Profession!
#Management as an Activity!
Like various other activities performed by human beings such as writing, playing, eating, cooking etc, management is also an activity because a manager is one who accomplishes the objectives by directing the efforts of others. According to Koontz, “Management is what a manager does”.
Management as an activity includes:
Informational activities: In the functioning of the business enterprise, the manager constantly has to receive and give information orally or in writing. A communication link has to be maintained with subordinates as well as superiors for the effective functioning of an enterprise.
Decisional activities: Practically all types of managerial activities are based on one or the other types of decisions. Therefore, managers are continuously involved in decisions of different kinds since the decision made by one manager becomes the basis of action to be taken by other managers. (E.g. Sales Manager is deciding the media & content of advertising).
Inter-personal activities: Management involves achieving goals through people. Therefore, managers have to interact with superiors as well as the subordinates. They must maintain good relations with them. The inter-personal activities include the subordinates and taking care of the problem.
#Management as a Discipline!
Management as a discipline refers to that branch of knowledge which is connected to study of principles & practices of basic administration. It specifies the certain code of conduct to be followed by the manager & also various methods for managing resources efficiently.
Management as a discipline specifies the certain code of conduct for managers & indicates various methods of managing an enterprise. Management is a course of study which is now formally being taught in the institutes and universities after completing a prescribed course or by obtaining degree or diploma in management, a person can get employment as a manager.
Any branch of knowledge that fulfills following two requirements is known as the discipline:
There must be scholars & thinkers who communicate relevant knowledge through research and publications.
The knowledge should be formally imparted by education and training programmes.
Since management satisfies both these problems, therefore it qualifies to be a discipline. Though it is comparatively a new discipline it is growing at a faster pace.
#Management as a Group!
Management as a group refers to all those persons who perform the task of managing an enterprise. When we say that management of ABC & Co. is good, we are referring to a group of people those who are managing. Thus as a group technically speaking, management will include all managers from chief executive to the first – line managers (lower-level managers). But in common practice management includes only top management i.e. Chief Executive, Chairman, General Manager, Board of Directors etc. In other words, those who are concerned with making important decisions, these persons enjoy the authorities to use resources to accomplish organizational objectives & also the responsibility to for their efficient utilization.
Management as a group may be looked upon in two different ways:
All managers have taken together.
Only the top management
The interpretation depends upon the context in which these terms are used. Broadly speaking, there are three types of managers:
Patrimonial / Family Manager: Those who have become managers by virtue of their being owners or relatives of the owners of the company.
Professional Managers: Those who have been appointed on account of their specialized knowledge and degree.
Political Managers / Civil Servants: Those who manage public sector undertakings.
Managers have become a part of elite group of society as they enjoy the higher standard of living in the society.
#Management as a Profession!
Over a large few decades, factors such as growing size of the business unit, separation of ownership from management, growing competition etc have led to an increased demand for professionally qualified managers. The task of manager has been quite specialized. As a result of these developments, the management has reached a stage where everything is to be managed professionally.
A profession may be defined as an occupation that requires specialized knowledge and intensive academic preparations to which entry is regulated by a representative body.
The essentials of a profession are:
Specialized Knowledge – A profession must have a systematic body of knowledge that can be used for development of professionals. Every professional must make deliberate efforts to acquire expertise in the principles and techniques. Similarly, a manager must have devotion and involvement to acquire expertise in the science of management.
Formal Education & Training – There are no. of institutes and universities to impart education & training for a profession. No one can practice a profession without going through a prescribed course. Many institutes of management have been set up for imparting education and training. For example, a CA cannot audit the A/C’s unless he has acquired a degree or diploma for the same but no minimum qualifications and a course of study has been prescribed for managers by law. For example, MBA may be preferred but not necessary.
Social Obligations – Profession is a source of livelihood but professionals are primarily motivated by the desire to serve the society. Their actions are influenced by social norms and values. Similarly, a manager is responsible not only to its owners but also to the society and therefore he is expected to provide quality goods at reasonable prices to the society.
Code of Conduct: Members of a profession have to abide by a code of conduct which contains certain rules and regulations, norms of honesty, integrity and special ethics. A code of conduct is enforced by a representative association to ensure itself-discipline among its members. Any member violating the code of conduct can be punished and his membership can be withdrawn. The AIMA has prescribed a code of conduct for managers but it has no right to take legal action against any manager who violates it.
Representative Association: For the regulation of the profession, the existence of a representative body is a must. For example, an institute of Charted Accountants of India establishes and administers standards of competence for the auditors but the AIMA, however, does not have any statuary powers to regulate the activities of managers.
From above discussion, it is quite clear that management fulfills several essentials of a profession, even then it is not a full-fledged profession because: –
It does not restrict the entry in managerial jobs for the account of one standard or other.
No minimum qualifications have been prescribed for managers.
No management association has the authority to grant a certificate of practice to various managers.
All managers are supposed to abide by the code formulated by AIMA,
Competent education and training facilities do not exist.
Managers are responsible for many groups such as shareholders, employees, and society. A regulatory code may curtail their freedom.
Managers are known for their performance and not mere degrees.
The ultimate goal of business is to maximize profit and not social welfare. That is why Haymes has rightly remarked, “The slogan for management is becoming – ’He who serves best, also profits most’.”
Is Management an as Profession?
The corporate form of organization with separation of ownership from management, growing complexities in managing the activities of the organization, and development of an organized body of systematic knowledge of management are essential factors responsible for raising management to the status of a distinct profession.
A field is normally characterized as a profession when it exhibits the following special features:
The systematic body of knowledge.
Need for learning and proper organization.
Entry restricted on the basis of examination or education, and.
The dominance of service motive over the profit motive.
Except for restricted entry, management qualifies all the other tests of a profession. It is now backed by a systematic body of knowledge. A number of management principles have been developed, which need proper learning and education. Besides, in a number of countries, management institutes, associations, and universities are now imparting knowledge related to management.
Moreover, the present-day social and moral climate has created new challenges for management. The present-day management must be creative rather than adaptive and must be conscious of their ethical and social responsibilities to the society. Another important development in the field of management has been the rapid increase in the number of professional management consultants, whose quality is also improving by the day. But management fails to qualify the test of professionalism relating to restricted entry.
Though there is a growing awareness in the society to prefer properly educated and trained people for managing business enterprises, yet self-made managers cannot altogether be eliminated. Thus, management may not be a profession strictly similar to the legal or medical professions, yet professional overtones are very much present in management.
Learn and Study, Management as, What? As an Art…As a Process!
Before You Start Studying, let’s want to know, what you going to learn it. Management can be defined in detail in following categories: Management as an Art, as a Science, as a Process, as an Activity, as a Discipline, as a Group, and as a Profession. Is Management an as Profession? Also learned, the Subsidiary Functions of Management! Management as, What? As an Art…As a Process! Continuously Studying – Management as, What? Now, Learning next part of Management as, What? As an Activity…as a Profession!
First, define, Management is a universal phenomenon. It is a very popular and widely used term. All organizations – business, political, cultural or social are involved in management because it is the management which helps and directs the various efforts towards a definite purpose. According to Harold Koontz, “Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards the attainment of group goals”. According to F.W. Taylor, “Management is an art of knowing what to do when to do and see that it is done in the best and cheapest way”.
Management is a purposive activity. It is something that directs group efforts towards the attainment of certain predetermined goals. It is the process of working with and through others to effectively achieve the goals of the organization, by efficiently using limited resources in the changing world. Of course, these goals may vary from one enterprise to another. E.g.: For one enterprise it may be launching new products by conducting market surveys and for other, it may be profit maximization by minimizing cost.
Management involves creating an internal environment: – It is the management which puts to use the various factors of production. Therefore, it is the responsibility of management to create such conditions which are conducive to maximum efforts so that people are able to perform their task efficiently and effectively. It includes ensuring availability of raw materials, determination of wages and salaries, formulation of rules & regulations etc.
Management can be defined in detail in following categories :
Management as an Art!
Management as a Science!
Management as a Process!
Management as an Activity!
Management as a Discipline!
Management as a Group, and!
Management as a Profession!
Now Explain it:
#Management as an Art!
Art implies the application of knowledge & skill to trying about desired results. An art may be defined as the personalized application of general theoretical principles for achieving best possible results. Art has the following characters –
Practical Knowledge: Every art requires practical knowledge, therefore, learning of theory is not sufficient. It is very important to know practical application of theoretical principles. E.g. to become a good painter, the person may not only be knowing different color and brushes but different designs, dimensions, situations etc to use them appropriately. A manager can never be successful just by obtaining degree or diploma in management; he must have also know how to apply various principles in real situations by functioning in the capacity of manager.
Personal Skill: Although theoretical base may be same for every artist, each one has his own style and approach towards his job. That is why the level of success and quality of performance differs from one person to another. E.g. there are several qualified painters but M.F. Hussain is recognized for his style. Similarly, management as an art is also personalized. Every manager has his own way of managing things based on his knowledge, experience, and personality, that is why some managers are known as good managers (like Aditya Birla, Rahul Bajaj) whereas others as bad.
Creativity: Every artist has an element of creativity in line. That is why he aims at producing something that has never existed before which requires the combination of intelligence & imagination. Management is also creative in nature like any other art. It combines human and non-human resources in a useful way so as to achieve desired results. It tries to produce sweet music by combining chords in an efficient manner.
Perfection through practice: Practice makes a man perfect. Every artist becomes more and more proficient through constant practice. Similarly, managers learn through an art of trial and error initially but an application of management principles over the years makes them perfect for the job of managing.
Goal-Oriented: Every art is result oriented as it seeks to achieve concrete results. In the same manner, management is also directed towards the accomplishment of pre-determined goals. Managers use various resources like men, money, material, machinery & methods to promote the growth of an organization.
Thus, we can say that management is an art, therefore, it requires an application of certain principles rather it is an art of highest order because it deals with molding the attitude and behavior of people at work towards desired goals.
#Management as a Science!
Science is a systematic body of knowledge pertaining to a specific field of study that contains general facts which explain a phenomenon. It establishes cause and effect relationship between two or more variables and underlines the principles governing their relationship. These principles are developed through the scientific method of observation and verification through testing.
Science is characterized by following main features:
Universally acceptance principles:
Scientific principles represent the basic truth about a particular field of inquiry. These principles may be applied in all situations, at all time & at all places. E.g. – law of gravitation which can be applied in all countries irrespective of the time. Management also contains some fundamental principles which can be applied universally like the Principle of Unity of Command i.e. one man, one boss. This principle is applicable to all type of organization – business or non-business.
Experimentation & Observation:
Scientific principles are derived from scientific investigation & researching i.e. they are based on logic. E.g. the principle that earth goes around the sun has been scientifically proved.
Management principles are also based on scientific inquiry & observation and not only on the opinion of Henry Fayol. They have been developed through experiments & practical experiences of large no. of managers. E.g. it is observed that fair remuneration to personal helps in creating a satisfied workforce.
Cause & Effect Relationship:
Principles of science lay down cause and effect relationship between various variables. E.g. when metals are heated, they are expanded. The cause is heating & result is expansion.
The same is true for management, therefore it also establishes cause and effect relationship. E.g. lack of parity (balance) between authority & responsibility will lead to ineffectiveness. If you know the cause i.e. lack of balance, the effect can be ascertained easily i.e. ineffectiveness. Similarly, if workers are given bonuses, fair wages they will work hard but when not treated in fair and just manner, reduces the productivity of the organization.
Test of Validity & Predictability:
The validity of scientific principles can be tested at any time or any number of times i.e. they stand the test of time. Each time these tests will give the same result. Moreover, future events can be predicted with reasonable accuracy by using scientific principles. E.g. H2 & O2 will always give H2O.
Principles of management can also be tested for validity. E.g. principle of unity of command can be tested by comparing two persons – one having the single boss and one having 2 bosses. The performance of 1st person will be better than 2nd.
It cannot be denied that management has a systematic body of knowledge but it is not as exact as that of other physical sciences like biology, physics, and chemistry etc. The main reason for the inexactness of science management is that it deals with human beings and it is very difficult to predict their behavior accurately. Since it is a social process, therefore it falls in the area of social sciences. It is a flexible science & that is why its theories and principles may produce different results at different times and therefore it is a behavioral science. Ernest Dale has called it a Soft Science.
#Management as both Science and Art!
Management is both an art and a science. The above-mentioned points clearly reveal that management combines features of both sciences as well as art. It is considered as a science because it has an organized body of knowledge which contains certain universal truth. It is called an art because managing requires certain skills which are personal possessions of managers. Science provides the knowledge & art deals with the application of knowledge and skills. A manager to be successful in his profession must acquire the knowledge of science & the art of applying it.
Therefore management is a judicious blend of science as well as an art because it proves the principles and the way these principles are applied is a matter of art. Science teaches to ’know’ and art teaches to ’do’. E.g. a person cannot become a good singer unless he has knowledge about various ragas & he also applies his personal skill in the art of singing. Same way it is not sufficient for the manager to first know the principles but he must also apply them in solving various managerial problems that is why, science and art are not mutually exclusive but they are complementary to each other (like tea and biscuit, bread and butter etc.). The old saying that “Manager is Born” has been rejected in favor of “Managers are Made”. It has been aptly remarked that management is the oldest of art and youngest of science. To conclude, we can say that science is the root and art is the fruit.
#Management as a Process!
As a process, management refers to a series of inter-related functions. It is the process by which management creates, operates and directs purposive organization through systematic, coordinated and co-operated human efforts, according to George R. Terry, “Management is a distinct process consisting of planning, organizing, actuating and controlling, performed to determine and accomplish stated objective by the use of human beings and other resources”.
As a process, management consists of three aspects:
Management is a social process: Since human factor is most important among the other factors, therefore management is concerned with developing the relationship among people. It is the duty of management to make the interaction between people – productive and useful for obtaining organizational goals.
Management is an integrating process: Management undertakes the job of bringing together human physical and financial resources so as to achieve an organizational purpose. Therefore, is an important function to bring harmony between various factors.
Management is a continuous process: It is a never-ending process. It is concerned with constantly identifying the problem and solving them by taking adequate steps. It is an on-going process.
What is Science? Science is a systematized body of knowledge ascertainable by observation and experiment. It is a body of generalizations, principles, theories or laws which traces out a casual relationship between causes and results. Also learn, Explain is What is Economics? Meaning and Definition of Criticisms! Economics is a Science and Art!
There is a great controversy among the economists regarding the nature of economics, whether the subject ‘economics’ is considered as science or an art.
Before we start discussing whether economics is science or not, it becomes necessary to have a clear idea about science. Science is a systematic study of knowledge and fact which develops the correlation-ship between cause and effect. Science is not only the collection of facts, according to Prof. Poincare, in reality, all the facts must be systematically collected, classified and analyzed.
There are following characteristics of any science subject, such as;
(i) It is based on systematic study of knowledge or facts;
(ii) It develops correlation-ship between cause and effect;
(iii) All the laws are universally accepting
(iv) All the laws are tested and based on experiments;
(v) It can make future predictions;
(vi) It has a scale of measurement.
On the basis of all these characteristics, Prof. Robbins, Prof Jordon, Prof. Robertson etc. claim economics as one of the subjects of science like physics, chemistry etc.
According to all these economists, ‘economics’ has also several characteristics similar to other science subjects.
(i) Economics is also a systematic study of knowledge and facts. All the theories and facts related to both micro and macroeconomics are systematically collected, classified and analyzed.
(ii) Economics deals with the correlation-ship between cause and effect. For example, supply is a positive function of price, i.e., change in price is the cause but change in supply is the effect.
(iii) All the laws in economics are also universally accepted, like, the law of demand, supply, diminishing marginal utility etc.
(iv) Theories and laws of economics are based on experiments, like, the mixed economy to is an experimental outcome between capitalist and socialist economies.
(v) Economics has a scale of measurement. According to Prof. Marshall, ‘money’ is used as the measuring rod in economics. However, according to Prof. A.K. Sen, Human Development Index (HDI) is used to measure the economic development of a country.
However, the most important question is whether economics is a positive science or a normative science? Positive science deals with all the real things or activities. It gives the solution what is? What was? What will be? It deals with all the practical things. For example, poverty and unemployment are the biggest problems in India. The life expectancy of birth in India is gradually rising. All these above statements are known as positive statements. These statements are all concerned with real facts and information.
On the contrary, normative science deals with what ought to be? What ought to have happened? Normative science offers suggestions to the problems. The statements dealing with these suggestions are coming under normative statements. These statements give the ideas about both good and bad effects of any particular problem or policy. For example, illiteracy is a curse for the Indian economy. The backwardness of Indian economy is due to ‘population explosion’.
Now an important question arises whether economics is a positive science or a normative science? The economists like Prof. Senior (classical economist) and Prof. Robbins, Prof. Freight-men (modern economists) claimed that economics is a positive science. However, Prof. Pigou (classical economist). Prof. Marshall (neoclassical economist) etc. are of opinion that economics is a normative science.
#Economics and Positive Science:
The following statements can ensure economics as a positive science, such as;
(i) Logically based:
The ideas of economics are based on absolute logical clarifications and moreover, it develops the relationship between cause and effect.
(ii) Labour Specialisation:
Labour law is an important topic of economics. It is based on the law of specialization of labor Economists must concern with the causes and effects of labor-division.
(iii) Not Neutral:
Economics is not a neutral between positive and normative sciences. According to most economists, economics is merely positive science rather than normative science.
#Economics and Normative Science:
The following statements can ensure economics as a normative science, such as,
(i) Emotional View:
A rational human being has not only logical view but also has sentimental attachments and emotional views regarding any activity. These emotional attachments are all coming under normative statements. Hence, economics is a normative science.
(ii) Welfare Activity:
Economics is a science of human welfare, All the economic forwarded their theories for the development of a human standard of living Hence, all the economic statements have their respective normative views.
(iii) Economic Planning:
Economic planning is one of the main instruments of economic development. Several economists have given their personal views on the successful implementation of the economic plan. Hence, economics is coming under normative science.
All these lead us to the conclusion that ‘Economics’ is both positive and normative science. It does not only tell us why certain things happen however, it also gives an idea whether it is the right thing to happen.
#Economics as an Art:
According to Т.К. Mehta, ‘Knowledge is science, the action is art.’ According to Pigou, Marshall etc., economics is also considered as an art. In another way, art is the practical application of knowledge for achieving particular goals. Science gives us principles of any discipline however, art turns all these principles into reality. Therefore, considering the activities in economics, it can claim as an art also, because it gives guidance to the solutions of all the economic problems.
Therefore, from all the above discussions we can conclude that economics is neither a science nor an art only. However, it is a golden combination of both. According to Cossa, science and art are complementary to each other. Hence, economics is considered as both a science as well as an art.
For Example: When an economy faces the problem of overpopulation, the economists explain its causes like illiteracy, sociological and cultural set-up, early marriages, the desire of having a good number of children, lack of access to birth control centers, reduced deaths rate, religious considerations, etc. This analysis is said to be positive economics or science.
When economists suggest controlling birthrate by late marriages, education, changing social and cultural set-up, the higher standard of living by less number of children, providing door to door birth control facilities, etc. this is said to be normative economics or science.
When government implements all this suggestions and people act upon and take care by different means and actions it becomes art. Thus, economics is a science as well as an art.
Reference
1. Science and Art – //www.economicsdiscussion.net/economics-2/nature-of-economics-economics-as-a-science-and-an-art/1982 2. Example – //okionomia.blogspot.in/2010/11/is-economics-science-or-art-economics.html 3. Photo Credit URL – //www.sciencefriday.com/wp-content/uploads/2016/03/Glacier_updated.jpg
What is the nature of Management? Management has been conceptualized earlier in this lesson, as the social process by which managers of an enterprise integrate and coordinate its resources for the achievement of common, explicit goals. It has developed into a body of knowledge and a separately identifiable discipline during the past six decades. The practice of management as an art is, of course, as old as the organized human effort for the achievement of common goals.
Here is the article that explains the Nature of Management defined as Science, Art, and Profession.
Management has also acquired several characteristics of the profession during recent times. Large and medium-sized enterprises in India and elsewhere manage by professional managers; managers who have little or no share in the ownership of the enterprise and look upon management as a career. The nature of management as a science, as art and as a profession discuss below:
Nature of Management defined as Science, Art, and Profession; Image from Pixabay.
Nature of Management as a Science:
Development of management as a science is of recent origin, even though its practice is age-old. Fredrick W. Taylor was the first manager-theorist who made significant contributions to the development of management as a science. He used the scientific methods of analysis, observation, and experimentation in the management of production function. A perceptive manager, as he was, he distilled certain fundamental principles and propounded the theory and principles of scientific management.
His work was followed by many others including Gantt, Emerson, Fayol, Barnard, etc. During the last few decades, great strides have been made in the development of management as a systematized body of knowledge that can learn, taught, and researched. It has also provided powerful tools for analysis, prediction, and control to practicing managers. The scientific character of management has been particularly strengthened by management scientists who have to develop mathematical models of decision making [Hindi].
Other Words:
Another characteristic of science in management is that it uses the scientific methods of observation, experimentation, and laboratory research. Management principles are firmly based on observed phenomena and systematic classification and analysis of data. These analyses and studies of observed phenomena use for inferring cause-effect relationships between two or more variables. Generalizations about these relationships result in hypotheses. The hypotheses when test and find to be true call principles.
These principles, when applied to practical situations, help the practitioner in describing and analyzing problems, solving problems, and predicting the results. Even though management is science so far as to possess a systematized body of knowledge and uses scientific methods of research; it is not an exact science like natural sciences. This is simply because management is a social science, and deals with the behavior of people in the organization. The behavior of people is much more complex and variable than the behavior of inanimate things such as light or heat. This makes controlled experiments very difficult. As a result, management principles lack the rigor and exactitude; which find in physics and chemistry.
Many natural sciences which deal with living phenomena such as botany and medicine are also not exact. Management is a social science like economics or psychology and has the same limitations which these and other social sciences have. But this does not in any way diminish the value of management as knowledge and discipline. It has provided powerful tools for analysis, prediction, and control to practicing managers and helped them in performing their material tasks more efficiently and effectively.
Nature of Management as an Art:
Just as an engineer uses the science of engineering while building a bridge, a manager uses the knowledge of management theory while performing his managerial functions. Engineering is a science; its application to the solution of practical problems is an art. Similarly, management as a body of knowledge and a discipline is a science; its application to the solution of organizational problems is an art.
The practice of management, like the practice of medicine, is firmly ground in an identifiable body of concepts, theories, and principles. A medical practitioner, who does not base his diagnosis and prescription on the science of medicine, endangers the life of his patient. Similarly, a manager who manages without possessing the knowledge of management creates chaos and jeopardizes the well-being of his organization.
Principles of management like the principles of medicine used by the practitioner not as rules of thumb but as guides in solving practical problems. It often says that managerial decision making involves a large element of judgment. This is true too. The raging controversy whether management is a science or an art is fruitless. It is a science as well as an art. Developments in the field of the knowledge of management help in the improvement of its practice; and improvements in the practice of management spur further research and study resulting in the further development of management science.
Nature of Management as a Profession:
We often hear of the professionalization of management in our country. By a professional manager, we generally mean a manager who undertakes management as a career and does not interest in acquiring ownership share in the enterprise which he manages. But, is management a profession in the true sense of the word? or, is management a profession like the professions of law and medicine?
Characteristics:
According to McFarland, a profession possesses the following characteristics:
A body of principles, techniques, skills, and specialized knowledge;
Formalized methods of acquiring training and experience;
The establishment of a representative organization with professionalization as its goal;
The formation of ethical codes for the guidance of conduct; and.
The charging fees based on the nature of services.
Management is a profession to the extent it fulfills the above conditions. It is a profession in the sense that there a systematized body of management, and it is a distinct, identifiable discipline. It has also developed a vast number of tools and techniques. But unlike medicine or law, a management degree is not a prerequisite to becoming a manager. Most managers in India as elsewhere do not have a formal management education. It seems reasonable to assume that at no time shortly, the possession of a management degree will be a requirement for employment as a career manager.
Management is also a profession in the sense that formalized methods of training are available to those who desire to be managers. We have several institutes of management and university departments of management that provide formal education in this field. Training facilities provide in most companies by their training divisions. Several organizations such as the Administrative Staff College of India, the Indian Institutes of Management, Management Development Institute, the All India Management Association, and the university departments of management offer a variety of short-term management training programs.
More things:
By the Nature of Management defined as a Profession is the third thing. Management partially fulfills the third characteristic of the profession. There are several representative organizations of management practitioners almost in all countries such as the All India Management Association in India, the American Management Association in the U.S.A., etc. However, none of them have professionalization of management as its goal.
Management does not fulfill the last two requirements of a profession. There is no ethical code of conduct for managers as doctors and lawyers. Some individual business organizations, however, try to develop a code of conduct for their managers but there is no general and uniform code of conduct for all managers. Bribing public officials to gain favors, sabotaging trade unions, manipulating prices, and markets are by no means uncommon management practices. Furthermore, managers, in general, do not seem to adhere to the principle of “service above self”.
However little regard pay to the elevation of service over the desire for monetary compensation evidence by switching jobs by managers. Indeed, such mobile managers regard as more progressive and modern than others. It may conclude from the above discussion that management is a science, art as well as a profession. As a social science, management is not as exact as natural sciences, and it is not as fully a profession like medicine and law.