Commerce Exam > Commerce Notes > Business Studies (BST) Class 12 > Cheat Sheet: Nature and Significance of Management
Cheat Sheet: Nature and Significance of Management | Business Studies (BST) Class 12 - Commerce PDF Download
Management is the process of creating an environment where people work together to achieve specific organisational goals efficiently. It is vital for all types of organisations—big or small, profit or non-profit—and is both a science (structured knowledge) and an art (practical application). As a dynamic function, it adapts to changing situations.
Components of Management
Efficiency vs. Effectiveness
Characteristics of Management
Objectives of Management
Importance of Management
- Achieves Group Goals: Fosters teamwork, directs individual efforts toward organisational objectives.
- Increases Efficiency: Optimizes resource use to reduce costs, boost productivity.
- Creates Dynamic Organisation: Helps employees adapt to changes for survival/growth.
- Achieves Personal Objectives: Aligns individual goals with organisational ones.
- Develops Society: Produces quality products, creates jobs, adopts new technology.
Management as an Art
Management as a Science
Management is an inexact science due to situational adjustments required.
Management as a Profession
Management is not a full profession but has professional elements.
Levels of Management
Functions of Management
Coordination (The Essence of Management)
- Definition: Synchronises management functions and departmental activities to avoid overlap, duplication, delays, or chaos.
- Role: Integral across all management levels, not a separate function but the essence of management.
Characteristics of Coordination
Importance of Coordination
- Growth in Size: Integrates efforts as employee numbers increase.
- Functional Differentiation: Links activities of departments with different goals.
- Specialisation: Coordinates specialists with varied approaches.
The document Cheat Sheet: Nature and Significance of Management | Business Studies (BST) Class 12 - Commerce is a part of the Commerce Course Business Studies (BST) Class 12.
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FAQs on Cheat Sheet: Nature and Significance of Management - Business Studies (BST) Class 12 - Commerce
| 1. What are the key components of management? |  |
Ans. The key components of management include planning, organizing, leading, and controlling. Planning involves setting objectives and determining a course of action. Organizing entails arranging resources to implement the plan. Leading involves motivating and directing people to achieve organizational goals. Finally, controlling ensures that the organization's activities are aligned with the established objectives through monitoring and evaluation.
| 2. How do efficiency and effectiveness differ in management? | |
Ans. Efficiency refers to doing things in the most economical way, using the least amount of resources to achieve a goal. Effectiveness, on the other hand, is about achieving the desired outcome or goal, regardless of the resources used. A manager can be efficient but not effective if they produce results that do not meet organizational objectives. Conversely, a manager can be effective without being efficient if they achieve goals but at a high cost.
| 3. What are the main characteristics of management? | |
Ans. The main characteristics of management include goal-oriented, continuous process, multi-disciplinary, dynamic, and a group activity. Management is goal-oriented as it aims to achieve specific organizational objectives. It is a continuous process involving various functions and activities. Being multi-disciplinary, it draws knowledge from different fields such as economics, sociology, and psychology. Management is also dynamic, adapting to changes in the environment, and it involves coordinating the efforts of a group of people towards common goals.
| 4. Why is management considered important in organizations? | |
Ans. Management is important because it helps in achieving organizational goals efficiently and effectively. It provides direction and ensures that all resources are utilized optimally. Management also facilitates coordination among various departments, fosters innovation, and helps in adapting to changes in the environment. Moreover, effective management contributes to employee satisfaction and productivity, leading to overall organizational success.
| 5. In what ways can management be viewed as an art, science, and profession? | |
Ans. Management can be viewed as an art because it involves creativity, intuition, and personal skills in dealing with people and situations. It is considered a science as it is based on systematic knowledge, theories, and principles that can be studied and applied. Lastly, management is seen as a profession because it requires specialized knowledge, skills, and ethical standards, similar to fields like medicine or law. Each perspective highlights different aspects of management's nature and significance in organizations.
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