What is the meaning and definition of management and describe its characteristics. How does management differ from administration and discuss the challenges faced by the management

Management is the process of planning, organizing, directing, and controlling resources to achieve specific goals effectively and efficiently.

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Characteristics of management include planning, organizing, leading, and controlling, with the aim of achieving organizational objectives.

Management differs from administration in that management involves executing the policies and plans set by the administration. Administration focuses on laying down the objectives and policies, while management implements and executes them.

Challenges faced by management include adapting to change, ensuring effective communication, motivating employees, and making strategic decisions amidst uncertainty. Balancing competing interests, fostering innovation, and maintaining ethical standards are also common challenges in the dynamic business environment.