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Page 2 ?Management is a universal concept. ?Used in every type of organisation (for profit or not for profit). ?Management is required in all sectors (manufacturing or service) ?Success of an organisation depends on successful functioning of management. Page 3 ?Management is a universal concept. ?Used in every type of organisation (for profit or not for profit). ?Management is required in all sectors (manufacturing or service) ?Success of an organisation depends on successful functioning of management. ?Consider a GOVERNMENT without these: ?A prime minister ?Set of rules & regulation ?Legal boundaries Page 4 ?Management is a universal concept. ?Used in every type of organisation (for profit or not for profit). ?Management is required in all sectors (manufacturing or service) ?Success of an organisation depends on successful functioning of management. ?Consider a GOVERNMENT without these: ?A prime minister ?Set of rules & regulation ?Legal boundaries Management is a “PROCESS” of designing & maintaining an environment in which individuals work together with the aim of achieving goals EFFECTIVELY & EFFICIENTLY. Page 5 ?Management is a universal concept. ?Used in every type of organisation (for profit or not for profit). ?Management is required in all sectors (manufacturing or service) ?Success of an organisation depends on successful functioning of management. ?Consider a GOVERNMENT without these: ?A prime minister ?Set of rules & regulation ?Legal boundaries Management is a “PROCESS” of designing & maintaining an environment in which individuals work together with the aim of achieving goals EFFECTIVELY & EFFICIENTLY. ?Management is a process. ?Management requires effective performance. ?Management needs efficiency. ?Effectiveness = aims to achieve the goals within time. ?Efficiency = optimum utilisation of resources to achieve the goals.Read More
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FAQs on PPT - Nature and Significance of Management - Business Studies (BST) Class 12 - Commerce
| 1. What is the nature of management? |  |
Ans. The nature of management refers to the characteristics and features that define the discipline of management. It includes elements such as planning, organizing, leading, and controlling to achieve organizational goals and objectives. Management is a dynamic process that involves decision-making, coordination, and integration of resources to maximize efficiency and effectiveness.
| 2. Why is management significant in commerce? | |
Ans. Management plays a crucial role in commerce as it helps businesses achieve their objectives and maximize profits. It provides a framework for effective decision-making, resource allocation, and coordination of various activities within an organization. Effective management ensures efficient utilization of resources, motivates employees, and adapts to changing business environments, which are essential for success in commerce.
| 3. What are the key functions of management? | |
Ans. The key functions of management are planning, organizing, leading, and controlling. Planning involves setting goals, determining strategies, and developing action plans. Organizing involves arranging resources and activities to achieve objectives. Leading involves influencing and motivating employees to work towards organizational goals. Controlling involves monitoring performance, comparing it with standards, and taking corrective actions as necessary.
| 4. How does management contribute to organizational success? | |
Ans. Management contributes to organizational success by ensuring efficient and effective utilization of resources, coordinating activities, and making informed decisions. It provides direction and guidance to employees, fosters teamwork, and promotes a positive work environment. Effective management helps in adapting to changes, seizing opportunities, and overcoming challenges, which are crucial for achieving organizational goals and maintaining a competitive edge.
| 5. What are the challenges faced by modern managers in commerce? | |
Ans. Modern managers in commerce face various challenges, including globalization, rapid technological advancements, changing customer preferences, and intense competition. They need to adapt to diverse cultural environments, manage virtual teams, and embrace digital transformation. Additionally, they must navigate ethical dilemmas, handle complex supply chains, and address sustainability concerns. Successful managers in commerce need to be agile, innovative, and capable of managing change effectively.
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