Nature and Significance of Management

What is the nature of management?

Goal-oriented and efficient

What does efficiency in management refer to?

Completing tasks with minimum cost and optimum resource utilization

What does effectiveness in management refer to?

Completing tasks correctly within stipulated time

Why is it important for management to maintain a balance between efficiency and effectiveness?

To ensure completion of tasks both correctly and within stipulated time Signup and view all the answers

What is the significance of the goal-oriented nature of management?

It ensures proper utilization of available resources Signup and view all the answers

What is the main characteristic of management described in the text?

Multidimensional Signup and view all the answers

Which of the following is NOT an organizational objective of management as per the text?

Employee Satisfaction Signup and view all the answers

What does management focus on, according to the text?

Organizational Objectives Signup and view all the answers

How does management increase efficiency, as per the text?

By reducing costs and increasing productivity Signup and view all the answers

Why is management considered a dynamic function?

It has to adapt according to need, time, and situation of the changing business environment Signup and view all the answers

Which of the following statements is true about management as a profession?

Management is based on a well-defined body of knowledge Signup and view all the answers

What distinguishes management from full-fledged professions like doctor and lawyer?

Management does not have restricted entry through examinations or minimum educational qualification Signup and view all the answers

What is the significance of the human factor in management as a social science?

It makes management principles inexact like pure science Signup and view all the answers

What is the main aim of a profession according to the text?

To have an ethical code of conduct Signup and view all the answers

Why might management soon be recognized as a full-fledged profession?

Due to its well-defined body of knowledge Signup and view all the answers

Which of the following is a characteristic of art as described in the text?

Personalized application and unique style Signup and view all the answers

What distinguishes science from art, based on the text?

Systematized body of knowledge based on general truths Signup and view all the answers

How does a manager's use of creativity relate to management as described in the text?

It makes management a personalized concept Signup and view all the answers

What is a key aspect that makes management an art, according to the text?

Consistent and creative practice of existing theoretical knowledge Signup and view all the answers

How is management similar to art, as mentioned in the text?

Uses creativity in applying techniques and skills improve with regular application Signup and view all the answers