Nature And Significance Of Management- Complete Chapter in 30 Minutes | Class 12th Business Studies
Commerce Wallah by PW・2 minutes read
Management involves utilizing resources like raw materials, machinery, human resources, and money to achieve company goals through functions like planning, organizing, directing, and controlling, emphasizing efficiency and effectiveness. The dynamic nature of the business environment requires flexible organizations that adapt to changes, with management contributing to societal development by creating employment, offering quality products, and enhancing overall welfare.
Insights
- Management involves utilizing resources like raw materials, machinery, human resources, and money to achieve company goals, emphasizing efficiency in minimizing costs and effectiveness in completing tasks on time.
- Coordination, a critical function of management, ensures synchronized efforts across departments towards company objectives, highlighting the importance of integrated group work and unity of efforts at all management levels to prevent confusion and maintain alignment with company goals.
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Recent questions
What are the functions of management?
Planning, organizing, directing, and controlling to achieve objectives.
What are the characteristics of management?
Goal-oriented, pervasive, multi-dimensional, continuous, group activity, dynamic, intangible.
How does management contribute to societal development?
By creating employment, offering quality products, enhancing welfare.
What are the levels of management?
Top, middle, supervisory, each with distinct responsibilities.
Why is coordination essential in management?
Ensures synchronized efforts, integrated group work, unity of efforts.
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