Nature and Significance of Management | Class 12 | Chapter 1 | Business Studies
Rajat Arora・2 minutes read
Business studies syllabus delves into finance and management, with a focus on the Nature and Significance of Management as a universal, goal-oriented process involving key functions such as planning, organizing, directing, staffing, and controlling. Objectives of management encompass survival, profitability, growth, social responsibility, and employee welfare, viewed as a continuous, evolving group activity crucial for success.
Insights
- Management encompasses various functions such as planning, organizing, directing, staffing, and controlling, all aimed at achieving goals effectively and efficiently.
- The objectives of management range from survival and profitability to social responsibility and employee welfare, emphasizing the multifaceted nature of the managerial process and its impact on individuals, organizations, and society at large.
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Recent questions
What does the term "management" entail?
Management involves overseeing people, resources, and ideas to achieve business success through effective and efficient goal attainment.
What are the key functions of management?
The key functions of management include planning, organizing, staffing, directing, and controlling to ensure tasks are completed effectively and efficiently.
How does management evolve over time?
Management is a continuous, group activity that adapts to changing technologies and environments, ensuring businesses remain competitive and successful.
What are the objectives of management?
The objectives of management encompass survival, profitability, growth, social responsibility, and employee welfare, aiming to balance business success with societal and employee well-being.
Why is efficiency important in management?
Efficiency in management involves completing tasks with minimal cost and wastage, ensuring resources are utilized effectively to achieve business goals and maximize profitability.
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