Philosophy Of Management

Lesson 01 : Introduction To Family Resource Management

Philosophy Of Management

Management is a combination of fundamental philosophical thinking with simple techniques. It is essential to understand the depth and challenges of any home activity along with finding out the technique of performing it.

Let us take managing the family income. Here budgeting technique is very important, where one plans the expenditure essential to be made well in advance. If there is lack of awareness about the philosophical background for the budget planned, then it becomes impractical and questionable. The way a family uses its income whether blindly or consciously, is an expression of its philosophy of living.

For example if the family gives importance to day to day presentability of its living according to the changing trends, may decide to spend more on day to day living than saving for the future security.

But families which give philosophical thinking to the future financial security, may sacrifice some of their present needs to save for the future. These families may use other resources instead of money, to meet their present needs. Hence it is necessary for the families to formulate its philosophy clearly so that it becomes easy for the family members to channelise the major resources for productive purposes.

In order to succeed in utilization of resources, it is necessary to understand the fundamental values carefully. Once the philosophical choices are made and values are accepted, the technique of management falls in line readily.

Last modified: Saturday, 24 March 2012, 8:55 AM