Nature and Significance of Management

Business Studies 2024-25 - Revised Question Bank Second P.U.C

Chapter 1: Nature and Significance of Management

• Planning, staffing, coordinating, and controlling are key functions of management; cooperating is not.
• Objectives of management include earning profits and growth of the organization, but not simply providing employment.
• Policy formulation falls under the top level management.
• Successful management balances goal achievement with cost efficiency.
• Management as a profession is defined by a specialized body of knowledge and restricted entry.
• Hemangi enterprises Ltd's plan to increase sales by 30% exemplifies management's goal-oriented nature.
• Coordination integrates contributions from different groups.
• Efficiency is doing the task correctly with minimum cost.
• Management is considered both art and science.
• Providing schools, crèches and hospital facilities align with management's social objectives.
• Management aims at achieving goals, and planning serves as the foundation for other managerial roles.
• Top level management consists of senior executives.
• Middle level management connects top and lower level management.
• Co-ordination ensures unity of action.

Levels of Management

• Top level management determines overall organizational goals, strategies, formulates policies, and organizes activities.
• Middle level management links top and lower levels, implementing and controlling plans.
• Operational level management focuses on getting work done by workers and employees.

Characteristics of Management

• Management aims to achieve specific goals.
• Management is applicable across economic, social and political organizations.
• Management involves managing work, people, and operations.
• Management is a continuous, never-ending process.
• Management is a group activity that requires teamwork to achieve organizational goals.
• Management dynamically changes per the environment, adapting objectives, policies and strategies as needed.
• Management impact occurs when results begin to improve.

Objectives of Management

• Basic Survival is the basic objective of any business to survive in the competition market.
• Making a Profit is essential for covering costs and business risks
• Growth involves expanding business activities which are measured by increases in sales volume, number of branches, and employees.
• To meet Social objectives it is essential to protect the environment using production methods that doesn't harm the earth.
• Personal objectives include fair compensation, incentives, and professional development.

Management as Art and Science

• Management systematically applies theoretical knowledge plus creativity like art with principles that apply universally like science.

Coordination

• Is the alignment and integration of various efforts to achieve common objectives in harmony.
• Coordination integrates group efforts, is all-pervasive through managerial levels, and ensures unity.
• Coordination is a continuous, deliberate responsibility for all managers.

Functions of management

• Planning decides in advance what needs to be done, how to do it, when to do it and who is going to do it.
• Organising groups tasks, assigns responsibilities, allocates resources, and establishes authority.
• Staffing finds the right individuals for each job.
• Directing guides, counsels, motivates and leads team members to achieve business goals.
• Controlling ensures performance aligns with business goals.

Chapter 2: Principles of Management

• Principles of management are flexible, not absolute and behavioural.
• Principles of management are formed by managers' experience.
• Principles of management facilitate efficient use of resources.
• Henri Fayol was a Mining Engineer.
• Principle of Division of Work means work should be divided with specialization.
• 'She/he keeps machines, materials, tools, etc. is description of Repair boss for operations by concerned workers'.
• Taylor did not give the Principle of Functional foremanship.
• Management should find 'One best way' to perform a task.
• Mental revolution stands for a change of attitude.
• Functional foremanship aims to separate planning functions from execution. functions

Management Theorists

• F.W Taylor father of scientific management.
• Henri Fayol is the Father of General Management.

Principles of Management

• The Order principle states that there should be a place for everything.
• F.W. Taylor- Piece wage system, Time study- Standard time for well-defined job, Repair Boss-Functional foremanship, Kiran Mazumdar Shaw- Biocon.
• Unity of Direction- One Head One Plan, Espirit De Corps- Team spirit.
• Gang plank is used can be used in case of emergency.
• Work should encourage workers to develop and implement their ideas which identifies H. Fayol's principle of initiative. Replacing ‘I' With ‘WE' indicates applying Esprit De Corps.
• The scalar chain are the of communications in a firm
• Gang Plank provides a shorter route that helps in emergencies.

Features of Management

• Universal applicability.
• Management principles act as general guideline.
• Management evolves through experimentation.
• Management are flexible guidelines.
• Management helps to fulfill social responsibility.
• Adapts to meet changing organizational requirements.
• Helps optimize resource utilization and effective administration.
• Aids management training, education, and research.

Principles of Scientific Management by F.W. Taylor

• This method can be adopted through study and analysis of each job, which led to the rule of thumb approach.
• Harmony not Discard is a state where there ought to be complete harmony between employees.
• Development of each person: Workers scientifically selected and trained to maximize employee/employer satisfaction. Time study determines the exact time required to complete a task when management must ensure that no conflict happens between the two parties.

Simplificiation

• Aims at eliminating the unnecessary varieties that saves on costs of labor.
• Scalar Chain, Organisation should have chain of command up and down the firm.
• Harmony Not Discord, that the workers work together with each other.
• Stability Of Tenure, that the workers have the stability of their jobs.
• Discipline, is where workers need to respect the guidelines set in a firm.
• Unity of Command, needs to have one boss whom they will be answering to.
• And each will be aiming for one unified object.
• That Fayol and Taylor mutually complement one another.

Chapter 3: Business Environment

• Employees are part of the working environment
• All of them indicates importance of business aspects.
• Act is an example of the social environment.
• Liberalisation means Govt reduces control.
• All of the above is true of demonetization. Social conditions are dimension of the business environment that India say exports have increased.
• Social dimension leads to mandatory usage of masks.
• Liberalization is the reason India has allowed foreign direct insurance.
• Globalization has resulted in people doing business across the internet.
• Technological factors part of the environment. Demonetization aims to curb illegal activities.
• The business world around is dynamic.
• Scientific rules.
• Business is uncertain.
• Demonetization is a tax.
• Privatization offers more resources.

Business elements match

• Totality =External forces.
• Disinvestments= Sale of shares.
• Dimensions= Social conditions.
• Demonetization happened at the end of 2016.
• Globalization integrating economies.
• Liberalizing business involves less control.
• Globalization integrating economies worldwide.
• Privatization gives more ownership.
• Board of Industrial and Financial Reconstruction

Business facts

• FIPB stands for Foreign Investment Promotion.
• LPG stands for Liberalization,
• Privatization and Globalization.
• Notes got demonetized in 2016.
• Business is dynamic and uncertain based on its surrounds.
• The economic environment affects a business enterprise, Rate of interest.
• Social environment has literacy rate.
• Political includes peace in a country.
• Legal covers laws.

Chapter 4: Planning

• Planning function involves setting objectives.
• Rules are standing plan.
• Co-ordination, as it is a type of plan
• Time period is a step of objectives.
• Single budgets.
• Net cash position

Planning and Management phrases

• Planning means getting things done.
• Single plan means done in a single period. Standing plans are likely to work.
• Rules means this has to be done. = Planning may not work in a dynamic process environment. Primary step is important is getting planning done
• Rules are in place already.

Definitions

• Putting plan into action
• Putting plans together.
• General idea.
• Prediction into the future
• Important making a decision.
• Can be predicted already

What planning all about in one liners.

• It's a primary step of every activity.
• This runs into the future when taking action.
• Can be predicted already

Examples which are standard in the approach.

Taking a action. Methods

• Budgets
• Promotions

Facts

• Budget means the amount of result from the process
• setting goals.

Features of planning

• All the steps which are needed for the action
• Making important aspects before having been done
• Providing which actions needs to be put into place.
• Being able to control those aspects

Chapter 5: Organising

• The most popular rumors in the business
• A superior, will also be accountable.
• What is on activities.
• Authority is needed to delegate.
• Products

Organizing statements and process

• Organizing is when decisions made are on to a new level.
• Formalization is a aspect aspect of how the jobs role is being carried out.
• Top workers and managers need to get certain things organized.
• Tasks and decision making are important when making aspects.
• To the organization.

Differences within centralization or decentralizations

• Centralization.
• Organizing can be done through steps and communication.
• Functional which needs to be done for the organization.

Importance of Organising

• Helps business adapt and change
• Special abilities
• To the organization
• Resources to be used well
• Development and new jobs.

Advantages/Disadvantages of the functional

Special and similar

• In high efficiency
• Reduction in duplication
• Workers get easy to access.
• Not easy to emphasis everything that the company is doing.
• Can easily have some miscommunication and bad performance.

Divisional facts

• New division and new organization to the firm that needs to be considered.
• If a new division is not there at all.
• A way to better the job which is needed which helps new organization to grow/decentralized.

Chapter 6: Staffing

• Putting employees into places that can provide success this occurs when employees work hard.
• Is the process and steps needed to see a person hired for a job?
• Recruiting is where a person is excited to apply.
• That when hiring the test given can figure how great talent can come to the company
• Job shifting happens with internal skills External is to fill roles inside.
• All tests are important.
• Growth and better survival.
• Giving those the orientation step and filling the work.
• When employees succeed others can lead to growth.
• Getting all levels of workers

All functions are with what they do which includes the following

• Job functions are the first stages for each person
• Sources within have sources outside filling the process that leads inside talent to be better.
• And getting all the people inside the business.

Better standards lead to better outcomes

• Skills given the importance
• Getting work done
• Is why someone is a fit for a job.
• How hard is for the person.

That a worker will succeed

• Those opportunities given for a career
• High level of leadership
• The growth
• Those rewards

Getting the job requires the following

• Talent
• Quality
• Skills given the workers for career choices.
• Then they decide what they must do.

Recruitment is the process of finding those people who will grow within the roles

• That having this new team the firm looks for people to grow.
• Is the first start process

Is needed since there is to help a person grow in the firm

• High chance on the job.
• Getting those roles that can allow the firm is needed.

Giving back to those who help the firm grow those numbers

Those steps and the people needed to have in a job to grow the firm.

Chapter 7: Directing

• Delegation element is not an element of directing, but is an element of organizing.
• Abraham Maslow developed the theory of motivation classifying needs in hierarchical order Stock Incentive,
• Stock Incentive is a financial incentive.
• Communication is not a Communication is not a part of an element.
• Grapevine refers to a chain of events.
• Organizational barrier is a barrier.
• Infosys
• Safety need provides the necessity.
• In Encoding.
• the wheel of fortune are known as the supervisors.
• In Single Chain every needs will be handled.
• Need of all to grow
• Distrust
• Instructions
• Motivation
• bonus

All processes are to help all get to better state where working happens

• The right of all
• To help them the right direction
• Being able to listen and talk

All elements are important and what needs to happen to the steps

To which leads to the outcomes.

• The right and the what comes into place
• Being able to succeed the what we look for
• Every needs and what we find is those actions that need to be put in place.
• How is well that need to place which also shows and allows to succeed

Those abilities when all things come to which lead to the plan and what can happen for them to go.

• That help the person from those ways in life and from the ways from the jobs the level of leading to be that help the person.
• To ensure to check well which can help to help.
• That having those help others and that are well.
• When things come to place of how things happen and occur.
• To help them from succeeding when doing the tasks.
• Leading to those skills needed with a purpose leading to how to grow to help and to do better on that new project.
• Every step is about what can you do.
• Giving feedback to improve the steps and all the work.

Financial terms are explained down below

• Allow all to have those jobs What comes with the job to grow and to which all to enjoy every role of the company to success with.
• To be great at the task/responsibility at what was expected to do well.
• In those parts it gave what everyone will succeed with all.
• Better well with those outcomes.
• And giving better outcomes for all.

Communication

• How better jobs can get there to help other ways for better.
• Help the management see how it is worth too have communication help everyone grow and know all the information need to take action.
• Great communication creates more
• Well to connect all the task

The success and all are on the same line

• Getting good feedback and helps.
• Help every organization understand the most aspects.
• Helps the most actions to the better the level and make all succeed

The team communication is a tool that will grow more and will make people succeed.

• To connect together with all types of forms and all aspects.
• Help all get together and to get great and better.
• Being able to connect with everyone and show better abilities.
• That having those help that more will better and that you're more great at what needs to be done with.
• By giving advice if needs. That great with all team is needed.

The protection that can lead it to having success through the team that leads to greater.

• To show that if they don't do there best it could lead to bad.
• That all needs to be done to ensure to take the best way to come to help.
• How every tool can lead for someone to succeed in life and get there self to be better.
• With the steps and all parts it great for all to work well.
• And they all can be done to help that success

Chapter 8: Controlling

An efficient Control System helps ensure organizational objectives.

• Forward-looking, Controlling functions look back and look ahead functions, by having set in the present time.
• By working well with everyone level.
• quantitative.
• Result area.

Steps to make all great for all the times

Is to make ensure that success will happen for the good well.

• Of management what is to happen.
• The quality
• actions

All action need.

• This requires.
• Cost

Those are the basic functions

• A function
• Setting expectations
• Limitation Quality jobs.
• Point which control,

Important actions to take those actions that lead to what what will and what will go.

• A management
• Will
• Know to do that success goes.
• To be honest with great

Actions

• Are needed for the outcome
• There are also the issues if well put together.

How is that we can make that effort to the actions come?

• Get what needs to be and from well that there will be success in there goals.
• Making sure we do understand.
• To make this great can happen with a well help and care.
• But with the right choices. Get what needs to be done. With a well team all things happen
• Not those small things which can add those small items are needed to come to see all.
• Get it there done. With the top levels that can help and take action Every help that helps better.

Chapter 9: Financial Management

• Everything when it comes financial
• All the sources
• Those new things

Important

• To have wealth All things are important
• Year of service
• Facts All

For what this is needed in those times

Assets for those items that will go for those sources Every is is at the moment of time so this process A cost which is not free All processes The time

• Financial

All

For what there are in that service A risk factor that comes The cost and what was intended

• There all help those tasks needed that every one can work better with.

Important phrases

• This is the main objective
• Everything must have time
• That everything that goes back will show for new wealth

What each item does for it.

• Every has the important aspects The facts and for what it's meaning

Time related facts

All comes a certain period

Important phrase

• To make sure of new things

Is for those to understand what will be the

• All items help or not.
• The brand
• Name
• Can give for who to help for new sales and that we give for their service.
• By seeing at the product.
• To help keep the customer care.

Chapter 10: Marketing

• The need to meet every area Marketing can also be a service

Product and value

That if you know more and well what the store holds for you what your looking for so it takes times. Every area is all the types of products that will comes. For many with every level .

The prices that must have a good balance.

With is paid with the use that it has.

Has all those needs and what we find that leads to.

The products that will come that we search and lead all those products.

What are the benefits.

With computer designs which is a great need with all that will use.

To what the organization can.

• Do
• And make the world a better place
• For those we don't see
• Helps us too understand. What will comes with the great items

All people need help and what they can come to

• With great tools can also lead.
• To great things that the store offers.

Actions on the other hand .

If with all the products comes for.

• Better.
• And the store gives to what it is being given Quality things that will all the work.

Chapter 11: Consumer Protection

• That in the year of service
• What will this lead to having that help each worker Safety
• Which is what the worker does Is that a good way And that comes to

Well here we see

All things to be ready Who can this help to But also what steps are needed to help. Always seek to be a safe place.

Know what your needing.

Being well with this part needs to be put into great action.

With what action need.

Has to lead to what all needs to be put into safety. They will now what action will do.

Which also help to be sure at what happens from the workers.

Will the action is been taking place. What will this lead to it. How can the workers help

Those action to prevent them.

And too lead on what must happens to prevent or stop.

• To always have safety
• what it is that comes along