The basic elements which are to be necessarily present in all forms of management are discussed below:
– There must be an organization, which gives institutional structure to the management. The human team and material inputs used are constituted in the organizational structure.
– There is a need for planning- planning a system, a Programme and a way of implementation and its monitoring. Planning a way of organizing and utilizing the resources to attain maximum benefit from the economic activity.
– The management should have better staffing both in terms of qualitative and quantitative aspects.
– Management needs leadership and direction as it involves teamwork. Without proper leadership and direction, goal of the organization cannot be reached.
– There is a need for co-ordination in the management process. Staff have to co-ordinated toward achieving the goal of the firm.
– There must be proper evaluation, monitoring and control. The execution of any project has to be evaluated with a very strict time frame and its performance has to be properly monitored and controlled.