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FAQs on Mind Map: Nature & Significance of Management - Mindmaps for CUET UG Preparation
| 1. What is the nature of management? |  |
Ans. The nature of management refers to the characteristics and features of the management process. It involves planning, organizing, staffing, directing, and controlling resources to achieve organizational goals effectively and efficiently.
| 2. Why is management significant in commerce? | |
Ans. Management is significant in commerce because it helps organizations to achieve their objectives, maximize productivity, and minimize costs. It ensures that resources are utilized efficiently and effectively to meet customer demands, increase profitability, and maintain a competitive edge in the market.
| 3. How does management contribute to the success of an organization? | |
Ans. Management contributes to the success of an organization by providing direction and guidance to employees, coordinating activities to achieve goals, making effective decisions, and resolving conflicts. It also ensures that resources are allocated properly, risks are managed, and performance is monitored to drive organizational growth and profitability.
| 4. What are the key functions of management? | |
Ans. The key functions of management are planning, organizing, staffing, directing, and controlling. Planning involves setting goals, developing strategies, and formulating action plans. Organizing involves establishing a structure, allocating resources, and assigning tasks. Staffing involves recruiting, selecting, training, and developing employees. Directing involves leading, motivating, and communicating with employees. Controlling involves monitoring performance, measuring results, and taking corrective actions.
| 5. How does management impact organizational performance? | |
Ans. Management impacts organizational performance by ensuring that resources are efficiently allocated, tasks are effectively executed, and goals are achieved. It improves productivity by optimizing processes, managing risks, and enhancing employee performance through motivation and training. Effective management also helps in adapting to changes, fostering innovation, and maintaining a competitive advantage, thereby positively influencing organizational performance.
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