Management is the art and science of coordinating resources and utilising them to the best advantage in achieving set objectives. Management, in this sense, is an inevitable component of all human activities, irrespective of profit objective and is not confined to profit oriented industries and businesses, as popularly perceived and understood.

The essential principles guiding management of resources and delivering on objectives have not changed in the basic sense, over the years. However, management’s perspectives, methodologies, and tools have undergone much transformation, under the pressure of evolving global trends.