The Industrial Revolution
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Questions and Answers

What were the managerial changes brought about by the Industrial Revolution?

The Industrial Revolution introduced new management practices, such as division of labor, factory systems, and scientific management principles.

What were the economic consequences of the Industrial Revolution?

The Industrial Revolution led to significant economic growth, as it created new industries, increased productivity, and expanded trade and global markets.

What were the challenges faced during the Industrial Revolution?

The challenges included poor working conditions, low wages, child labor, urbanization issues, and social inequalities.

Define management and explain its significance in the context of business.

<p>Management is the process of planning, organizing, coordinating, and controlling resources to achieve organizational goals. It is important in business as it helps in achieving efficiency, effectiveness, and productivity, and ensures the smooth functioning of an organization.</p> Signup and view all the answers

Explain the importance of effective management in achieving business success.

<p>Effective management is essential for business success as it enables efficient utilization of resources, enhances employee performance, fosters innovation and adaptability, and ensures strategic alignment. It helps in achieving competitive advantage, meeting customer needs, and maximizing profitability.</p> Signup and view all the answers

Discuss the role of management in decision-making and problem-solving.

<p>Management plays a crucial role in decision-making and problem-solving by analyzing information, evaluating alternatives, and selecting the best course of action. It helps in identifying and resolving issues, improving processes, and achieving desired outcomes.</p> Signup and view all the answers

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