MGMT Abbreviation

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Popular abbreviations of MGMT:

Searching for MGMT abbreviation / MGMT full form leads to different results in different categories. The below table illustrates the popular acronyms among them.

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What does MGMT mean?

MGMT is the short form of Management. It is the method of planning, controlling, leading & organizing the human resources, informational resources & physical resources of an institution for teaching its goals productively & beneficially. 

Management’s Threefold Concept Includes:

Economic Factor:

MGMT, for an economist, is one among various factors of production, along with land, capital & labor. With the advancement of a nation’s industrialization, the management’s need becomes greater. 

A firm’s managerial resources, largely determine its productivity & profitability. So, a dynamic industry’s firms, whose progresses are rapid, consider executive development as significant. 

System Of Authority:

Management, according to a manager, was 1st developed as an authoritarian philosophy & is basically an authoritarian strategy. After some time, it turned paternalistic. 

And, still, later, everyone saw the emergence of constitutional management, which is characterized by an interest in uniform policies & procedures that deals with the working faction. 

Finally, the management trend whirled towards an approach that is equally democratic & participatory. Contemporary or modern management is the output of these 4 authoritarian approaches. 

System Of Class & Status:

According to sociologists, MGMT is a system that is based on class & status where the managers are the elites of the brain & education.

Characteristics Features Of Management:

• It is connected with group efforts
• It is purposeful
• It is fulfilled with the help of several persons’ efforts
• It is goal-oriented
• It is indispensable 
• It is intangible
• It can assure a better life

Is MGMT An Art Or A Science?

MGMT is both an art as well as Science. It is an art of art. This is because MGMT organizes & utilizes the talent of humans. It is also because MGMT depends on practical knowledge, personal skill, creativity & practice through perfection. 

And, MGMT is a Science since it depends on concepts, methods & principles, theories, organized knowledge & practice & pursues a systematic method for finding a feasible antidote for a problem.

Levels Of Management:

There are basically 3 levels of management. They are:

Top-Level Management:

Its function is to make decisions that affect the firm’s entirety

Middle-Level Management:

Its function is to carry out the goals that are set up by the top management

Lower-Level Management:

Its function is to do the customary management of the line workers or the employees who elicit the commodity or offer assistance .