Mind Map: Nature & Significance of Management | Business Studies (BST) Class 12 - Commerce PDF Download

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Nature and Significance of Management
Efficiency and Effectiveness
Doing the right things; achieving goals
Maximizing output with minimum resources
Balancing between efficiency & effectiveness
Characteristics of Management
Pursuit of organizational goals
Universal application (present everywhere)
Involves planning, organizing, staffing, directing, controlling
Never-ending process
Collaboration for common goals
Adaptable to changes in environment
Invisible force indicating presence through results
Objectives of Management
Organisational Objectives
Ensuring business continuity
Generating adequate returns on investment
Expanding the business scale
Social Objectives
Contributing to societal welfare and ethics
Corporate social responsibility
Personal Objectives
Employee growth and satisfaction
Balancing individual and organizational objectives
Importance of Management
Unifying force aiming at group objectives
Optimizing resource usage and reducing costs
Encouraging innovation and adaptation
Aligning individual goals with organizational goals
Contributing to economic development and prosperity
Management as Art, Science, and Profession
Involves skills and creativity
Systematic body of knowledge
Ethical code of conduct and pre-set standards
Levels of Management
Strategic decision-making level
Execution and operational planning level
Supervision and coordination of operational activities
Functions of Management
Setting goals, defining the roadmap
Structuring resources and activities
Recruiting, training, and developing staff
Leading, motivating, and communicating
Monitoring, comparing, and correcting
Coordination
Ensuring departmental efforts are in sync
Achieving harmony in action
Ongoing activity at every management level
Fundamental across all departments
Integral managerial task
Conscious and deliberate efforts to maintain harmony