Nature and Significance of Management in One Shot | Class 12th Commerce

Commerce Wallah by PW・2 minutes read

Disha Maam's platoon provides Class 12 students with a detailed explanation of management concepts from Chapter 1, emphasizing the importance of understanding management principles and connecting them to Class 11 concepts for a smooth transition. The chapter covers various topics such as the meaning, features, and objectives of management, highlighting the levels of management, importance of coordination, efficiency, and effectiveness in achieving organizational goals.

Insights

Management principles are based on experimentation but may not always yield consistent results due to the variability in human behavior, unlike scientific principles.
Top-level management is responsible for making decisions for the company's welfare, liaising with the outside world, integrating diversity, and analyzing the business environment for effective strategizing and adaptation.

Get key ideas from YouTube videos. It’s free

Recent questions

What is the essence of management?
Coordination
What are the key functions of management?
Planning, organizing, staffing, directing, controlling
What are the levels of management?
Top, middle, lower
What is the primary aim of business?
Profit
What is the difference between management principles and scientific principles?
Dealing with people vs. experimentation

Related videos

Summary

00:00

Class 12 Management Concepts Explained Clearly

Disha Maam's platoon focuses on Chapter 1 of Class 12, Nature and Nature, with a one-shot video from YouTube1 providing clear explanations of management concepts.
The chapter covers basic management introductions, emphasizing the importance of understanding management for Class 12 students.
Class 11's business concepts are connected to Class 12, ensuring a smooth transition for students.
The first chapter delves into various topics, including the meaning of management, definitions by different authors, features, importance, and objectives of management.
Levels of management are discussed, highlighting the top, middle, and lower management levels.
Coordination is explained as the essence of management, focusing on its meaning, features, importance, and significance in achieving organizational goals.
Management is defined as the art of effectively and efficiently getting work done from others, emphasizing decision-making and goal achievement.
Efficiency in management is described as completing work at minimum possible cost to maximize profits and reduce resource wastage.
Effectiveness in management is ensuring work is completed within given timelines, illustrated through examples like shirt manufacturing and ice cream production.
The characteristics of management, including features like decision-making, goal achievement, and resource utilization, are crucial for effective and efficient management practices.

15:32

"Essence of Management in Business Operations"

Management is a goal-oriented process focused on achieving company goals efficiently and effectively.
Management is all-pervasive, present everywhere in businesses of all sizes and types.
Management is multi-dimensional, involving the management of work, people, and operations in different ways.
The management of work involves ensuring that business purposes are fulfilled, such as providing medical treatment in hospitals or education in schools.
The management of people focuses on managing employees effectively, including training, salaries, and performance appraisals.
The management of operations involves overseeing the production process from raw materials to finished products to ensure smooth operations.
Management is a continuous process that is required throughout the lifespan of a business, involving setting and achieving goals continuously.
Management is a group activity, requiring teamwork to achieve company goals effectively.
Management is dynamic, constantly changing to adapt to external factors like economic conditions or new competitors.
Management is intangible, not visible or touchable, but its impact on a company's performance is significant. The objectives of management include organizational, social, and human objectives, focusing on the company's growth, societal benefits, and employee welfare.

30:09

"Balancing Profit, Social, and Human Objectives"

Profit is the primary aim of business, with the focus on earning and expanding to grow the business.
Organizational objectives include ensuring survival income, covering expenses, and moving towards profit when income exceeds expenses.
Social objectives involve benefiting society by providing quality products at reasonable prices and participating in civic activities.
Contributing to economic growth by creating employment opportunities and financially supporting the community is crucial.
Organizing educational, health, and vocational training programs, as well as participating in social service projects, are essential for societal welfare.
Using environmentally friendly production methods and providing employment opportunities to weaker sections of society are key social responsibilities.
Human objectives include offering competitive salaries, promotions, training, and personal growth opportunities to fulfill employees' needs.
Recognizing and respecting employees, providing healthy working conditions, and offering benefits like education and perks are vital for employee satisfaction.
Management helps achieve organizational and personal objectives, guiding individuals in career growth and development.
Management contributes to societal development by providing quality goods, participating in civic activities, creating awareness programs, and offering employment opportunities.

44:06

"Management Principles: Science, Art, and Evolution"

Observations led to the development of principles in science, emphasizing the importance of asking the right questions.
Experimenters in science conduct experiments following principles to ensure accurate results consistently.
Management principles differ from scientific principles as they deal with people and human behavior.
Management principles are based on experimentation but may not always yield consistent results due to the variability in human behavior.
Unlike scientific principles, management principles are not universally applicable and must be adjusted according to different situations.
Management is considered a science but not an exact or pure science due to its focus on human behavior.
Management is also viewed as an art, characterized by systematic knowledge, personalized application, and creativity in practice.
The profession of management is distinguished by a defined body of knowledge, restricted entry, and the presence of professional associations.
Currently, management lacks certain features of a profession, such as restricted entry and ethical codes, but may evolve into a profession in the future.
Management is divided into three levels - top, middle, and lower - based on the authority to make decisions, with each level having distinct functions and responsibilities.

59:12

"Management: Coordination for Company Success"

Top-level management makes decisions for the company's welfare and survival, ensuring expenses are covered, profits are earned, and growth is achieved.
Liaising with the outside world, including government officials and media, is crucial for discussions and partnerships.
Integrating diversity and coordinating activities across different departments is a top-level management responsibility to ensure synchronization towards goals.
Analyzing the business environment and its impact is essential for strategizing and adapting to changes effectively.
Middle-level management focuses on policies, plans, organizing activities, and staffing for their specific departments.
Supervisory or operational level management represents workers, maintains good working conditions, ensures safety, and boosts worker morale.
Lower-level management focuses on minimizing material wastage, maintaining safety standards, and ensuring efficiency through training and supervision.
The five key functions of management are planning, organizing, staffing, directing, and controlling, all interconnected and essential for achieving company goals.
Coordination is the essence of management, integrating group efforts, ensuring unity of efforts, and being a continuous and pervasive function across all levels and departments.
Managers at all levels are responsible for coordinating activities to achieve company goals, emphasizing the deliberate and purposeful nature of coordination.

01:14:42

Essential Coordination and Specialization in Business

Coordination is essential in business, especially as companies grow in size, requiring synchronization of activities among departments and employees to achieve company goals.
Specialization is crucial, with each department focusing on its specific tasks like marketing or resource management, all working together to ensure the completion of activities towards company objectives.

Try it yourself — It’s free.