Nature And Significance Of Management- Complete Chapter in 30 Minutes | Class 12th Business Studies
Commerce Wallah by PW・31 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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Summary
00:00
Essence of Management: Definition, Functions, Objectives
- The session covers the Nature and Significance of Management, focusing on the definition of management by Nan and Dat F and Taylor.
- Management involves utilizing various resources like raw materials, machinery, human resources, and money to achieve company goals.
- Functions of management include planning, organizing, directing, and controlling to achieve company objectives.
- Efficiency in management refers to minimizing costs, while effectiveness involves completing tasks on time.
- Management characteristics include being goal-oriented, pervasive, multi-dimensional, continuous, a group activity, dynamic, and intangible.
- Organizational objectives include survival, profit, growth, and social responsibilities like providing quality products and employment opportunities.
- Personal objectives for employees involve adequate salary, good working conditions, recognition, training, and social recognition.
- Management is crucial for achieving company goals, improving efficiency, and ensuring coordination through functions like planning, organizing, directing, and controlling.
16:45
Essential Functions and Levels of Management
- Management emphasizes paying attention to workers, ensuring work is done correctly without increasing costs or depleting resources, and completing tasks promptly.
- The dynamic nature of the business environment necessitates flexible organizations that adapt to changes.
- Technology-driven changes can pose challenges for employees, requiring management to explain the importance of technology and guide employees through adjustments.
- A good manager balances company benefits with employee growth, recognition, and respect, aiding employees in achieving personal objectives.
- Management contributes to societal development by creating employment, offering quality products at reasonable prices, and enhancing overall societal welfare.
- Management is compared to science, art, and profession, with characteristics of science, such as systematic knowledge and experimentation, partially present in management.
- Management aligns more closely with art due to its creative and experiential nature, while it is on the path to becoming a profession in the future.
- Management is categorized into three levels: top, middle, and supervisory, each with distinct responsibilities and authority levels.
- Authority in management flows downwards, with accountability moving upwards, ensuring responsibility and answerability within the organizational hierarchy.
- The five key functions of management are planning, organizing, staffing, directing, and controlling, essential for effective organizational operations.
34:38
"Managing Work: Planning, Control, Coordination"
- Directing work involves planning, initiating action, and ensuring employees follow instructions from the general manager.
- Control is essential to verify work progress aligns with the plan, correcting deviations to enhance goal achievement.
- Coordination, integral to management, ensures synchronized efforts across departments towards company objectives, emphasizing integrated group work and unity of efforts.
- Continuous coordination is crucial at all management levels, departments, and functions, requiring deliberate effort from all managers to maintain alignment with company goals and prevent confusion.
