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Function of Management Video Lecture | Business Studies (BST) Class 12 - Commerce

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FAQs on Function of Management Video Lecture - Business Studies (BST) Class 12 - Commerce

1. What are the five functions of management in commerce?
Ans. The five functions of management in commerce are planning, organizing, staffing, directing, and controlling. Planning involves setting goals and determining the best course of action to achieve them. Organizing refers to the arrangement of resources and tasks to achieve the goals. Staffing involves selecting and hiring employees for various positions. Directing involves guiding and motivating employees towards the achievement of goals. Controlling involves monitoring and evaluating progress towards goals and taking corrective actions if necessary.
2. How does planning contribute to effective management in commerce?
Ans. Planning is a crucial function of management in commerce as it sets the foundation for achieving organizational goals. It involves setting objectives, identifying the actions required to achieve them, and creating a roadmap for success. Effective planning helps managers make informed decisions, allocate resources efficiently, and anticipate potential challenges. It also provides clarity and direction to employees, improves coordination among different departments, and ensures that everyone is working towards the same objectives.
3. What is the significance of organizing in the management process in commerce?
Ans. Organizing plays a vital role in the management process in commerce. It involves arranging resources, tasks, and people in a structured manner to achieve organizational goals. Effective organizing helps in optimizing the utilization of resources, improving efficiency, and promoting coordination among different departments. It ensures that each employee knows their roles and responsibilities, encourages teamwork, and facilitates effective communication. Organizing also helps in identifying any gaps or overlaps in the organizational structure and making necessary adjustments.
4. How does staffing contribute to the success of management in commerce?
Ans. Staffing is a critical function of management in commerce as it involves selecting and hiring the right individuals for various positions within an organization. Effective staffing ensures that the organization has a competent and skilled workforce. It involves identifying job requirements, recruiting suitable candidates, conducting interviews, and making hiring decisions. Proper staffing helps in creating a capable and motivated team, which leads to increased productivity, improved performance, and ultimately contributes to the overall success of the management process in commerce.
5. What is the role of controlling in the management process in commerce?
Ans. Controlling is an essential function of management in commerce as it involves monitoring and evaluating progress towards goals and taking corrective actions if necessary. It helps in ensuring that the planned activities are being carried out as intended and that the desired outcomes are being achieved. Controlling involves setting performance standards, measuring actual performance, comparing the two, and taking corrective actions if there are any deviations. Effective controlling helps in identifying and rectifying any issues or inefficiencies, improving organizational performance, and ensuring the successful implementation of the management process in commerce.
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