Management is universal to all organizations, be it a home or a public or private institution or a firm or a business. All members of the unit should work together to achieve common objectives of the organization in which they exist, along with pursuing their personal interests. Management is an essential component of any organization where two or more people work for a common objective with mutual cooperation. Thus management is universal to all organizations including family. Every family manages its resources to achieve common goals. Some families are better in resources utilization than others, which signifies their understanding of the management process. Thus management is essential to all families in every place, and there is greater need to understand and apply the art and science of management process
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