Nature and Significance of management Business Studies Chapter 1 CBSE Class 12 Commerce Solved Questions
You will learn the basics and the foundation of this chapter in English medium from an expert teacher this module has been organised in four segments
- In the first segment you are going to learn the foundation and basics of this chapter
- In the second module you are going to learn the multiple choice questions that is MCQ or high order thinking skills question of 1 marks
- In the third segment you are going to learn the short answers and questions which is typically asked from the chapter in your examination which is explained in very easy and simple method
- The fourth segment comprises of long answers and questions which is typically of 5 to 6 marks which will help you prepare well for your examination you also get sample questions and sample paper for better preparation
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important terms and definition from nature and significance of management
Characteristics of Management
- Goal oriented Process:
It is a goal oriented process, which is undertaken to achieve already specified and desired objectives by proper utilization of available resources.
Management is universal in nature. It is used in all types of organisations whether economic, social or political irrespective of its size, nature and location and at every level.
It is multidimensional as it involves management of work, people and operations. Every organisation is established for doing some work like school provides education, a factory produces etc. The management has to ensure the participation of its people in the realisation of the organisation goal. Also management needs to conduct the various operations such as production, sale, purchase etc.
Management is not a process which can be performed once and for all, but it is a continuous process. Functions of management like planning, organising, staffing, directing and controlling continuously need to be done.
- Group Activity:
It is a group activity since it involves managing and coordinating activities of different people as a team to attain the desired objectives.
- Dynamic function:
It is a dynamic function since it has to adapt according to need, time and situation of the changing environment in order to be successful, an organisation must change itself and its goals. For example, McDonalds made major changes in its ‘Menu’ to survive in the Indian market.
- Intangible Force:
Management is such a force that cannot be seen, only its presence can be felt. When the goals of an organisation are being realised in accordance with its plans, we can say that the management of the organisation is good.
Chapter Name: Nature and Significance of Management
Coming together is a beginning, Keeping together is a progress; Working together is a success – Henry Ford
DIFFERENT SECTIONS OF THE CHAPTER
- Meaning. Definitions, Characteristics/Nature, Objectives and Importance of Management
2.Management as an Art, Science and as a Profession
3.Levels of Management-Top, Middle and Supervisory or Operational Level.
Functions of Management.