Banking financial institution, depository institution: Financial institution that accept deposit and channel the money into lending activities is called depository institution. Bank: Central Bank Commercial Bank Development Bank Finance Company Microfinance Cooperatives Non banking financial institution, Contractual institution Employee Provident Fund Citizen investment trust Insurance companies Investment institution Brokers Investment bank underwriters
Management is an Art
Art consists different components like knowledge and skill that are applied to achieve some specific goals. The skills should be practiced regularly by the artist. Management also consists different components that are reflected top art. Therefore it is also regarded as an artMarry Porker Follet has defined, "Management as an art of getting things done through other people,”
Management consists following things components of art.
- Knowledge, skills and creativity of person.
- Applied in practices.
- Regularity
- Result oriented.
- Improvement through continuous practice.
Management as a science
Science is a systematic body of knowledge developed by research, experiences, experiments, observation etc. science is valued and verifiable.According to J.M. Keynes,” Science can be defined as a systematized body of knowledge which established the relationship between cause and effect.”
Management can also be considered as a science because it neocolonialists fundamental characters or feature of science. Followings are a major components of management, such component prove management as a science.
- Systematized body of knowledge.
- Continuous application and observation.
- Universal application.
- Cause and effect relationship.
- Validity and verifiable.
Management as a profession
Management is also regarded as a profession because the concept and component of the activities behaviour and nature of professionals.According to A.S. Hornby,” Profession can be defined as an occupation specially required advance education and special training.”
Followings components are included in profession.
- Formal and advance education.
- Body of Systematized knowledge.
- Formation of professional association.
- Service oriented or priority to service.
- Code of conduct or ethics.
- Discipline
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