 Welcome learners. So this is the third video lecture on Introduction to Management. Let's start. In my earlier presentation, I have discussed about definition of management, basic characteristics, scope of management and level of management. In this video lecture, we will discuss about management and administration in brief and we will also discuss about whether management is considered as science or an art. First, let's discuss management is considered as science or an art. Science is a systematized body of knowledge acquired by mankind through observation and experimentation based on certain principles capable of general application. On the other hand, art is concerned with the application of skill or knowledge so accurate. The term management involves providing a body of principles or laws for the solution of specific management problems and the objective evaluation of results. Further, the analysis of the function of management has led to the development of certain principles. Which are useful for complete business problems in future. On the other hand, the art of management is concerned with applying of skills and knowledge for accomplishing an end troll deliberate efforts. Because of this, we consider management as both science and an art. So from this diagram, you can see the management requires both science as well as arts. See the component of science like concepts we require methods and principles and theories, organized knowledge and practices. All these things we require in management. That's why we consider management as science. On the other hand, practical knowledge, then personal skills, creativity, then perfection through practice, goal orientation. These factors are also very essential for management and these factors are considered as arts because of that we consider management as both blending of science as well as arts. Then we'll discuss whether management and administration are same or different thing. Different writers use the term administration and management in different senses. Broadly, there are three different types of views expressed by different schools of thoughts. So let's discuss them. According to some writers like Drucker, Foyle or Newman, there is no distinction between the term administration and management. And both of them are synonymous and used interchangeably. According to these writers, running over business or social institution or a government office requires specialized skills. And this specialized skill is called management in business and administration in government or other social institutions. So in other words, executive functions in business are referred to as management, whereas the executive functions of other institutions like government or public bodies are termed as administration. Then according to another school of thought, like Henry Foyle said, there is only one administration or management science, which can be applied equally well to both public and private organizations. He stated, all undertakings require planning, organizing, command, coordination and control and in order to function properly, all must observe the same general principles. We are no longer confronted with several administrative sciences, but with one which can be applied equally well to public and private affairs. So according to him, these words are synonymous management and administration. Then in another school of thought, they said administration and management have different functions. According to this school, administration is a top level function which centers around the determination of major policies and objectives of a business enterprise, like they were more concerned with thinking functions. Well management is a lower level function involving the execution of policies and directing the operations to attain the objectives laid down by the administration. That is the doing function were performed by management and the administrative functions were performed by the administration, that is thinking functions. So based on that school of thought, we have found out the differences between management and administration. So first difference is administration is concerned with policy making, while management is concerned with implementation of the policy. Then the second difference is functions of administration are legislative and largely determinative, whereas functions of management are executive and largely governing. Then third difference is administration is a thinking function and management is a doing function. Fourthly, administration relates to the apex and top level management, whereas management relates to middle and lower level management. Then fifth difference is administration needs administrative rather than technical ability, but management requires more technical ability than administrative ability. So I think so far you have understood the difference between administration and management and whether management is considered as science or an art. So now let's check your progress. My first question is give two justifications why management is considered as both science and art. Then my second question is state any two differences between administration and management. Hope you have understood this video lecture. I'll see you again with another video lecture. Thank you.