 Hello everybody, I am Dr. Keshav Valasey from Valgen Institute of Technology, so Lapur. In today's session, we will talk about introductory aspects of management, that is, basics of industrial management. At the end of this session, students are expected to understand what are the limitations of traditional management, the definitions of management and nature, purpose and significance of management. So, these basic things we will discuss in today's session. If you see in the past, that is, before the evolution of scientific management, how the management was seen, the management had main focus on profit making, how to increase their goods or the manufactured items, how to sell to maximum extent and ultimately how to have maximum profit irrespective of workers or the employees, workers were treated as almost like machines and this gave gross impression like probably the management might be manipulative at certain points ultimately to please the shareholders and finally make money only. So, that was the focus of profit making and that stood as the major limitations. Over the period, many people have lots of developments in the management field. Now, let's talk about the definitions, let us say take the first case by a scientist George. Now, he has given the keywords like it is the art of getting things done by others, by catering to the objectives, so he earlier people just used to say like just get the things done, but now this fellow added get things done by others, but yeah, looking to the objectives. Now, next to this, Harold Koen's again had some comprehensive considerations towards the definition of management and he highlighted like yes, it is the art of getting things done through and one more word he had with the people. So, he had the sense of wholesomeness, inclusiveness, considerations towards the employees, the workers and that too in a formal organized group style. So, group concept has been added here and yes again it is an art of creating environment, the conducive environment to be created was taken as the major aspect towards the management which was missing in earlier old styles and that is how as per his definitions he focuses on catering to the objectives and people should work in group as well as while they work at individual level ultimately in achieving the goals with optimization towards effectiveness and efficiency. So, this is how some major keywords are added by Mr. Koen's and this is quite famous definition. Now, coming to the next point, nature of management. Now, management as such they do lots of things and here I am just referring few major points as such you can have many more considerations beyond the ones listed here also. So, very first is as we have discussed management is all about you know getting things done, result oriented by who say that the things are done. Second point management is about you know taking employees to work to make them work at individual level as well as in group as a team work what we normally say and at the same time they must be sustainable at global level, universal level and into today's world as you know with advanced technologies and digitization moving to other nations for the employees of any organization is a very common need and that is how management looks to it as a individual group as well as you know it is a lot of global aspect of people or activities. Next point is management has to be with some purpose or some goal naturally no organization stands without any objective of the goal. So, they do have certain purpose and certain goal. Next to this management is a process and major it is an integrated state of a process. So, many processes, many activities need to be integrated and they are interdependent as an example if I tell you if you take any ERP software then many more things are interdependent and at software level they are integrated so that then we get the intended results while we operate with ERP software. Same you can take with the CADCAM field also design and manufacturing things as well as analysis aspect they are all integrated together. So, same is about the management it is about integrating such functions such processes together. Next aspect is management is interdisciplinary if you see the robotic aspect and one more thing mechatronics if you see you need mechanical knowledge, you need computer knowledge, you need electronics knowledge and in still today's digitized world artificial intelligence, machine learning, internet of things so many aspects which come in under industry 4.0 they indicate very clearly that today it is a interdisciplinary state of existence in all aspects of a business so with the management also. Management people all the time are using some mathematical tools or techniques to execute their functions and while using these scientific tools naturally the management is a science it is a scientific approach additionally it is said to be an art as well. Management basically is dealing with the human beings and no two humans are alike and of course the style of handling two different persons may be different at times. Hence as management is concerned with handling human beings you need specific skills of handling people and hence in that sense management stands as an art also. So, it is science as well as an art and next point side here is a decision making or a dynamic years. Management basically it is a definition basically starts with the decision making authorities. So, at different levels these managerial people they take decisions maybe sometimes with experience, sometimes with judgment, sometimes subjective aspect, sometimes maybe some mathematical tools are also there some statistical analysis tools may be there but all the time it is a decision making process and dynamic time dependent and very sensitive to time. At this point I expect you all readers to think of some examples of industries and the organizations with the correlation of these points discussed here. So, think of some examples when you can correlate these points of management just now we have discussed. Purpose of management basically all functions we need to consolidate together with certain purpose. So, planning, directing, organizing these are the functions wherein management people are supposed to ensure that they achieve their goals they get success towards their business goals and while doing that as I said in new aspect two things have been added and that is customer satisfaction as well as employee training and their satisfaction also. So, people are now supposed to be considered as human beings that is a very vital aspect. Now, coming to the significance of management. Management basically has to have some objective they have to set the objectives and all their efforts must be directed towards achieving these objectives. Secondly, what are the resources are there right from man machine material man power whatever you have the machinery equipment all these resources management is expected to have optimal materialization of all these resources that is what is the main aspect of the significance of successful management to execute the things. Again, talking about competition as you all know today there is a heavy competition and every day new challenges come up and management people have to face the challenges there is no way out they have to face the challenges increasing demand changing demand sometime market goes down what are the things come up people want new models of their products and management is supposed to meet all the challenges coming to innovation. Yeah, earlier there was a time when it was said like it is a knowledge driven world today knowledge is required but beyond that your R&D activities must be very powerful market wants newer products every now and then and hence in addition to the requirement of a knowledge innovation has been very vital nowadays then smooth running of the business is definitely the prime aim and management looks into that and further to it management its role is it is a direct contribution what they do what they stand for is a direct contribution to the national economy what GDP we call so they contribute directly to the national economy. Now these are some five reference books I recommend here and beyond this of course you can refer many more books. Thank you everybody.