Previous Year Short Questions With Answers - Nature and Significance of Management Notes | EduRev

Business Studies (BST) Class 12

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Q.1. State any three points of importance of Management.
Ans. Importance of Management:
(i) It helps in achieving group goals by giving a common direction to individual efforts.
(ii) It increases efficiency by reducing costs and increasing productivity.
(iii) It creates a dynamic organisation by making the organisation adapt itself to the changing environment.
(iv) It helps in achieving personal objectives by motivating and leading in such a way that both personal goals and organisational objectives are accomplished.
(v) Management helps in the development of society by providing good quality products and services, creating employment and adopting new technology, etc.

Q.2. Briefly describe the organisational objectives of Management.

OR

State any three organisational objectives of Management. 
Ans. The organisational objectives of management are:
(i) Survival
(ii) Profit
(iii) Growth.
Detailed Answer:
(i) Survival: Management must strive to ensure the survival of the organisation by earning adequate revenues to cover its costs, produce or sell standardised goods or services, keeping the motivation level of the employees high.
(ii) Profit: Management should make every effort to minimise the cost and maximize profits and production. Profit provides a vital incentive for the continuous successful operations of the enterprise.
(iii) Growth: To grow in the industry, the management of an organisation must optimally utilise its all scarce resources.

Q.3. Is it important for Management to achieve its objectives effectively and efficiently?

OR

"Management should achieve its objectives effectively and efficiently." Are you agree with this statement? If yes, present a comment is favor of your answer.
Ans. 
Yes, it is important for the management to achieve its objectives effectively and efficiently. Effectiveness and Efficiency are two sides of the same coin.
(i) Efficiency: It means performing the tasks correctly with the minimum cost. It involves an input-output relationship.
(ii) Effectiveness: It means finishing the tasks on time. It involves doing the required tasks, completing activities and achieving goals on time. A management has to balance these two aspects. It has to achieve goals effectively on time with optimum utilisation of scarce resources.

Q.4. What is meant by ‘Management’? State any three objectives of Management.
Ans.
Management is the process of getting things done through and with people in an effective and efficient manner.
Objectives:
(i) Organisational Objectives: An organisation has to achieve its different objectives like—
(a) Survival
(b) Profit
(c) Growth.
(ii) Social Objectives: An organisation has social objectives towards different groups of society like providing quality products at fair prices, generating employment opportunities, etc.
(iii) Personal Objectives: An organisation strives to fulfill personal objectives of its employees and also to reconcile their objectives with the organisational objectives. E.g., competitive salaries, personal growth etc.

Q.5. Explain any four points of importance of Management.

OR

State any four points of importance of Management.

OR

State any four points which highlight the importance of Management.
Ans.
Importance of Management:
(i) Helps in achieving group goals.
(ii) Increases efficiency.
(iii) Creates a dynamic organisation.
(iv) Helps in achieving personal objectives.
(v) Helps in the development of society.
Detailed Answer:
(i) Management helps in achieving group goals: Management is required not for itself but for achieving the goals of an organisation. The task of a manager is to give a common direction to the individual effort in achieving the overall goal of an organisation.
(ii) Management increases efficiency: The aim of a manager is to reduce costs and increase productivity through better planning, organising, staffing, directing and controlling the activities of an organisation.
(iii) Management creates a dynamic organisation: All organisations have to function in an environment which is constantly changing. It is generally seen that individuals in an organisation resist change. Management helps people adapt to these changes so that the organisation is able to maintain its competitive edge.
(iv) Management helps in achieving personal objectives: A manager motivates and leads his team in such a manner that individual members are able to achieve personal goals while contributing to the overall organisational objective. Through motivation and leadership, management helps individuals to develop team spirit, co-operation and commitment to the group success.
(v) Management helps in the development of society: An organisation has multiple objectives to serve the purpose of the different groups that constitute it. In the process of fulfilling all these, management helps in the development of the organisation and through that it helps in the development of a society. It helps to provide good quality products and services, creates employment opportunities, adopts new technology and leads the path towards growth and development.

Q.6. ‘Science is a systematised body of knowledge that explains certain general truths or the operation of general laws’. Based on the statement, identify and state the characteristics of management that establish it as a science.
Ans.
The characteristics of management that establish it as a science are:
(i) Systematised body of knowledge: Like science, management is a systematic body of knowledge with its own theories and principles that have developed over a period of time. So, this feature of science is present in management.
(ii) Principles based on experiments: Like science, Management principles are derived through observation and repeated experimentation. So, this feature of science is present in management. However, since management deals with human beings the outcome of these experiments are not capable of being accurately predicted.
(iii) Universal Validity: Principles of management like principles of pure science provide managers with certain standardised techniques that can be used in different situations. Since they have to be modified according to a given situation, their application and use is not universal. So, this feature of science is not fully present in management.

Q.7. ‘Art is the skillful and personalized applications of existing knowledge to achieve desired results and some kind of ingenuity and creativity is required to practice its basic principles learnt.’ Pick up points from the statements and explain the same to prove that management is an art.
Ans.
Management is an art as it has the following features:
(i) Existence of theoretical knowledge: As in art, in management too, there is a lot of literature available in various areas of management which the manager has to specialise in.
(ii) Personalised application: Like in any art, in management too, a manager applies his acquired knowledge in a personalised and unique manner. This gives rise to different styles of management.
(iii) Based on practice and creativity: Management satisfies this criteria as a manager gains experience through regular practice and becomes more effective.

Q.8. What is meant by ‘Management’? Explain its any three features that establish it as an art.
Ans.
Management is the process of getting things done with the aim of achieving goals effectively and efficiently.
Three features that establish it as an art are:
(i) Existence of theoretical knowledge: As in art, in management too, there is a lot of literature available in various areas of management which the manager has to specialise in.
(ii) Personalised application: Like in any art, in management too, a manager applies his acquired knowledge in a personalised and unique manner. This gives rise to different styles of management.
(iii) Based on practice and creativity: Management satisfies this criteria as a manager gains experience through regular practice and becomes more effective.

Q.9. Define Management. Explain the features that establish it as a Social Science.
Ans. Management is the process of getting things done with the aim of achieving goals effectively and efficiently. The features that establish management as a social science are:
(i) Principles based on observation and experimentation: Like science, management principles are derived through observations and repeated experimentations. However, since management deals with human beings, the outcome of these experiments are not capable of being accurately predicted.
(ii) Universal validity: Principles of management like principles of pure science, provide managers with certain standardised techniques that can be used in different situations. Since they have to be modified according to a given situation, their application and use is not universal. So, this feature of science is not fully present in management. Therefore, management is considered a social science.

Q.10. Explain the features of management that do not establish it as a profession.
Ans. The features of management that do not establish it as a profession are:
(i) Restricted entry: The entry to a profession is restricted through a prescribed qualification. But there is no restriction on anyone being appointed as a manager in any business enterprise.
(ii) Professional association: All professions are affiliated to a professional association which regulates entry, grants certificate of practice. There is no compulsion for managers to be members of such an association.
(iii) Ethical code of conduct: All professions are bound by a code of conduct which guides the behavior of its members. AIIMA has devised a code of conduct for Indian managers but there is no statutory backing for this code.
(iv) Service motive: The motive of a profession is to serve their client’s interests by rendering dedicated and committed service. The basic purpose of management is to help the organisation to achieve its stated goal which may be profit maximisation. However, profit maximisation as the objective of management does not hold true and is fast changing. So, presently this feature of profession is not fully present in management.

Q.11. State any four characteristics of Profession.
Ans.
Four characteristics of profession are given below:
(i) Restricted entry: The entry to a profession is restricted through a prescribed qualification. But there is no restriction on anyone being appointed as a manager in any business enterprise.
(ii) Professional association: All professions are affiliated to a professional association which regulates entry, grants certificate of practice and formulates and enforces a code of conduct.
(iii) Ethical code of conduct: All professions are bound by a code of conduct which guides the behavior of its members.
(iv) Service motive: The motive of a profession is to serve their client's interests by rendering dedicated and committed services.
(v) Specialised knowledge: Profession requires specialised knowledge of a particular field, which must be well defined in a formal way and can be acquired through books in institutions.

Q.12. Is ‘Management a Science’? Give any three reasons in support of your answer.
Ans.
Yes, Management is a Science. Here, it is important to apply the characteristics of science to the management in order to find out the validity of the answer.
Following are the main points:
(i) Systematised Body of Knowledge: It is necessary for science to be a systematised body of knowledge. Management is also a systematised body of knowledge because it has its own theories and principles.
(ii) Principles based on observation and experimentation: Like science, management principles are derived through observation and repeated experiments. However, since management deals with human beings, the outcome of these experiments is not capable of being accurately predicted. So, this feature of science is not fully present in management.
(iii) Universal validity: Principles of management like principles of pure science provide managers with certain standardised techniques that can be applied in different situations. However, since the principles of management have to be modified according to a given situation, their application and use is not universal. So, this feature of science is not fully present in management. Thus management is a science but an inexact science.

Q.13. State any four functions of Operational Management.
Ans.
Four functions of operational management are as follows:
(i) To oversee the efforts of the workforce.
(ii) To interact with the actual workforce and pass on the instructions of the middle management to the workers.
(iii) To ensure that the quality of output is maintained and wastage of material is minimised.
(iv) To ensure safety standards are maintained.

Q.14. Chandrika Bhattacharya is working in Olax Ltd., a company manufacturing room heaters. She is responsible for all the activities of the business and for its impact on the society. Her job demands long hours and commitment to the organisation.
(i) Identify the level at which Chandrika Bhattacharya is working.
(ii) State three more functions required to be performed by Chandrika Bhattacharya at this level.
Ans. 
(a) Top level.
(b) Functions of the top level of management:
(i) To co-ordinate the activities of different departments.
(ii) To be responsible for welfare and survival of the organisation.
(iii) To formulate overall organisational goals and strategies for their achievement.
(iv) To be responsible for all the activities of the business and for its impact on the society.

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