Management is the process of planning, organizing, staffing, directing and controlling in such a manner that the goals of the organization are met with minimum cost and time. The two important characteristics of management are:

• Management is pervasive to all the organizations across all sizes, regions, and characteristics. All the types of organizations- large or small, focused on economic, political or social interest, and in area field, management is a must. Management exists in all the firms and is differed only on the basis of the type of practice of management.

• The process of management is continuous. All the function of management planning, organizing, staffing, directing and controlling are performed simultaneously. The focus of the manager may differ. At times, planning may be a priority, while on another day controlling is important.