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CHAPTER-1 NATURE AND SIGNIFICANCE OF MANAGEMENT Meaning/concept of management: Management is the process of getting things done with the aim of achieving goals effectively and efficiently. Key terms in the definition of management: Process:Process refers to a series or sequence of steps.Management is a process because it involves a series of functions i.e.Planning,Organising,Staffing,Directing and controlling. Effectiveness:Completing the task within time to achieve the end result. Efficiency:Completing the task in a cost effective manner. Relation b/w Efficiency & Effectiveness: Efficiency and Effectiveness are like the two sides of a coin,one without other is of no use.Only being efficient and completing the task without wastage is not sufficient for achieving the goal unless the task is completed on time or effectively. Features/Characteristics/Nature of management : 1)Goal-oriented: Management aims at achieving the organisational objectives by utilising the physical,financial,and human resources.so it is a goal-oriented process. 2)Pervasive:Management is required in all types of organisations,in all departments and at all levels whether it is big or small,profit or non-profit making service or manufacturing.Hence,it is pervasive. 3)Multi-dimensonal:Management is multi-dimensional and consists of three main activities. i)Management of work ii)Management of people iii)Management of operations 4)Continuous:Management is a never ending process.The ongoing series of functions i.e.Planning,Organising,Staffing,Directing and controlling are continuously performed by the managers all the time. 5)Group-activity:Management functions cannot be performed in isolation.Each individual involved in management performs his/her role at his/her own level.Hence it is agroup activity. 6)Dynamic:Management is highly influenced by the social, economical, technical ,and political environment.It has to change its goals and policies to survive in this competitive world.Hence it is dynamic. 7)Intangible:Management cannot be seen but its presence can be felt by seeing the coordination b/w various departments.So,it is intangible. OBJECTIVES OF MANAGEMENT: 1)Organisational objectives: Survival:- Ensure that the organisation survives and exists in the future. Profitability:- Earning adequate profit in order to survive and grow. Growth:- Growth indicates how well it exploits the potential opportunities. 2)Social objectives: • Producing quality products at reasonable rates, • Generating employment opportunities • Environmental friendly methods of production. 3)Personal objectives: • Meeting the Financial needs like competitive salaries and perks • Social and safety needs of the employee like peer • Providing healthy working conditions • More opportunities for growth and development Importance of management 1. Achieving Group Goals:Management is required for achieving the goals of the organisation. Management directs the efforts of different individuals to achieve the overall objective of the organisation. 2. Creates a Dynamic organization:All organisations have to function in a dynamic environment. Management helps people to adapt themselves to these changes so that the organisation is able to maintain its competitive edge. 3. Achieving Personal objectives: A manager motivates and leads all the members in such a manner that all individuals are able to achieve their personal goals while contributing towards the organisational objective. 4. Increases efficiency: 5. Development of society facilitate changes:

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Reslut of activities of NPO is know as

Posted by Soniya Singh 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Nikhil Dwivedi 4 years, 7 months ago

Donors

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Anu Priya 4 years, 7 months ago

A nonprofit organization (NPO), also known as a non-business entity, not-for-profit organization, or nonprofit institution, is an organization dedicated to furthering a particular social cause or advocating for a shared point of view.

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when is an order passed by national commission appealable before the supreme court?

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CBSE > Class 12 > Business Studies

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decentralisation

Posted by Raju Pandey 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Shivam Maurya 4 years, 6 months ago

The authority is divided into different group Is called decentralization

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The overall compensation of employees should be fair to both the employees and the organization

Posted by Kamal Deep Singh 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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identify the different levels of management mr ajit srivastava act as a conduit

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Manish works in a marketing form the management of the company promotes teamwork in order to facilitate coordination on the sales staff during induction team training Manish was guided that as a manager you should always use the word we instead of I in all his conversation with workers to fast Team Spirit at the same time he was just in exhibit exemplary behaviour and not fall into temptation of misusing is power for satisfying person interest identify and explain the two principles of management being described in the case

Posted by Kamal Deep Singh 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Kartikey Bhardwaj 4 years, 7 months ago

Espirit de corps Subordination of individual interest to general interest

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What do you understand by the term management

Posted by Shispal Bhati 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Aman Gupta 4 years, 7 months ago

Management means doing things effectively and efficiently ?

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Inderjeet Dhillon 4 years, 7 months ago

Management means guidelines

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Write elements of technological environment?

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CBSE > Class 12 > Business Studies

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What is meant by efficiency

Posted by Aryan Gupta 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Sakshi Yadav 4 years, 7 months ago

Working with minimum cost and maximum profit

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Shahnawaz Akhtar 4 years, 7 months ago

Efficiency refers to optimum utilisation of resources or no wastage of resources. It means maximum output with minimum cost.

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What is meant by coordination in management?

Posted by Aryan Gupta 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Nikhil Dwivedi 4 years, 7 months ago

Coordination is a force that bind all the function of management.

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Prerna Sharma 4 years, 7 months ago

Process of establishing harmony among the members of organisation

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"management is both art as well as science."Explain.

Posted by Jass Brar 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Yogita Ingle 4 years, 7 months ago

Management is both an Art and a Science.
(i) Management is an art as well as a science though an inexact science.
(ii) Art is the skillful and personal application of existing knowledge to achieve desired results. Management is an art because like any other art, it is a systematized body of knowledge and personalised application based on continuous practice.
(iii) Science is a systematised body of knowledge that explains certain general truths.
Like science, management principles are derived through observation and repeated experiments.
Since management deals with human beings the outcome of these experiments cannot be accurately predicted.
Moreover they have to be modified according to the given situation. Hence, it is an inexact science.

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Explain in your own words the importance of management

Posted by Kamal Kumar 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Meghna Thapar 4 years, 7 months ago

Unification is the act of unifying the different laws valid for different phenomena in to a single theory that explains all the different phenomenon. Reduction is the effort to solve a complex problem by breaking it into simpler parts.

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Is management an art? Give any 3 reason in support of your answer.

Posted by Shilu Kr 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Sakshi Yadav 4 years, 7 months ago

It is so becuz it Is based on theoretical knowledge Personalised application Based on practice and experience

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Explain management as a process

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CBSE > Class 12 > Business Studies

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In order to become a lawyer one has to register himself as a member of bar council of India.which feature of profession is being revealed?

Posted by Jyoti Attri 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Sharma Chanda 4 years, 7 months ago

Professional association is the feature

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Prerna Sharma 4 years, 7 months ago

Restricted entry

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I need a career counseling .someone can tell me that how should I choose best for me???

Posted by Srishti ? 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Praneet Kaur 4 years, 7 months ago

We have career counselling meeting in morning at 11am from AMITY university u can search on Google u can also join this meeting

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Choose the correct option In order to become a lawyer one has to register himself as a member of bar council if india.Which feature of profession is being reaveled? A)Ethical code B)Restricted entry C)service motive D)Proffesional association

Posted by Komalpreet Kaur 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Rekha Devi 4 years, 7 months ago

Restricted entry

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Prerna Sharma 4 years, 7 months ago

Restricted entry

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What is wto

Posted by Rajni Kushwaha 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Harsh Vardhan 4 years, 7 months ago

World trade organization Esta. 1995 Old name gatt

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Give two examples each of positions of different levels of management.

Posted by Vyakhya Srivastava 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Meghna Thapar 4 years ago

The term Levels of Management refers to the line of division that exists between various managerial positions in an organization. As the size of the company and workforce increases, the number of levels in management increases along with it, and vice versa. The different Levels of Management can determine the chain of command within an organization, as well as the amount of authority and typically decision-making influence accrued by all managerial positions.

Levels of Management can be generally classified into three principal categories, all of which direct managers to perform different functions.

The 3 Different Levels of Management

Administrative, Managerial, or Top Level of Management. This level of management consists of an organization's board of directors and the chief executive or managing director. ...
Executive or Middle Level of Management. ...
Supervisory, Operative, or Lower Level of Management.

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Which is not function of management-1-planning2-coorperating3-staffing4-controlling

Posted by Himanshu Shukla 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Shivam Maurya 4 years, 6 months ago

Cooperative

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Priya Singla 4 years, 7 months ago

Coperating

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Himanshu Shukla 4 years, 7 months ago

Staffing

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Who are operating manager in an organisation

Posted by Vinay Raman 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Khushi Pathak 4 years, 7 months ago

An operations manager is key part of a management team and oversees high-level HR duties, such as attracting talent and setting training standards and hiring procedures. They also analyze and improve organizational processes, and work to improve quality, productivity and efficiency.

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Is chlorophll found in algie and fungi both??

Posted by Chaitali Soni 4 years, 7 months ago

CBSE > Class 12 > Business Studies

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Meghna Thapar 4 years ago

Algae contain a pigment called chlorophyll, which induces green color to the plants. Fungi do not contain chlorophyll and hence are not green in color. The word algae take its origin from the Latin word "alga," which translates into "seaweed." fungi do not contain the green pigment chlorophyll and therefore are incapable of photosynthesis. That is, they cannot generate their own food — carbohydrates — by using energy from light.

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Is staffing a line activity or a staff activity. Support your ans with reason

Posted by Khushi Pathak 4 years, 7 months ago

CBSE > Class 12 > Business Studies