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Nature and Significance of Management

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Business Studies I

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Business Studies

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CBSE Gujarat Board Haryana Board

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Class 10 Class 12
Explain any four characteristics of management.

Following are the main characteristics of management:
  1. Management is a Goal Oriented Process: We need management when we have some goals to be achieved. A manager on the basis of his knowledge and experience tries to achieve the goals which are already decided. 
  2. Management is all Pervasive: All types of activities-business and non-business require management for successful completion. If we remove management from these activities, the result will be a failure. Hence, management is necessary to conduct any type of activities. Hence, it is pervasive or universal.
  3. Management is a Group Activity: This means that it is not a single person who completes all the activities of an organisation but it is always a group of persons (Managers).Hence, management is a group effort.
  4. Management is an Intangible Force: Management cannot be seen. It can only be felt. If any organisation is heading toward higher levels of achievement, it signifies an existence of good management and vice-versa.
559 Views

Clarify the following equation: Anything - Management = Zero.

Here, by anything we mean all types of activities: business and non-business. If we deductmanagement out of these activities, the result will be zero/failure. In other words, if we are notgoing to manage any type of activity, we can't achieve desired result or failure is inevitable.
142 Views

Explain the phrase 'Management is Multi-dimensional.'

The main dimensions of management are as follows:
  1. Management of Work: Every organisation is established for doing some work, like a school provides education, a hospital treats patients and a factory produces goods. Of these no work can be completed satisfactorily without management.
  2. Management of People: Each organisation is established for doing some work and the same is conducted by people. Hence, it is necessary to manage the people so that the work can be accomplished in a better way.
  3. Management of Operations: To achieve the goals of an organisation many operations or activities are needed to be conducted, such as production, sale, purchase, finance, accounting, R&D, etc. Again, management is needed to make sure that operations are accomplished efficiently and effectively.

 

544 Views

What is meant by Management? Explain any four characteristics.


Management is the process of conducting a set of functions
like planning, organising, staffing, directing and controlling, in order to get work done in an efficient and effective manner.

Characteristics of Management

Following are the main characteristics of management:-
  1. Management is a Goal Oriented Process: We need management when we have some goals to be achieved. On the basis of his knowledge and experience, a manager tries to achieve the goals that  are pre-decided. 
  2. Management is all Pervasive: All types of activities -business or non-business, need to be managed. If we remove management from these activities, the result will be either a complete failure or having inadequate results. This means that management is necessary to conduct all type of activities. Hence, it is pervasive or universal.
  3. Management is a Group Activity: Management cannot refer to a single person who completes all activities of an organisation but it is always a group of people who execute the management activities (Managers). Hence, management is therefore a group effort.
  4. Management is an Intangible Force: Management is that power which cannot be seen. It can only be felt. If any organisation is heading toward higher levels of achievement, it exeplifies good management.
927 Views

Clarify the meaning of ‘Group Efforts’ in management.

Group Effort refers to the fact that it is not a single person who completes the whole process of management but it is a collective effort of a group of poeple.

Hence, whenever we talk about management, every person who is holding a managerial position falls under its domain. All managers are affected by each and every decision taken in the organisation.

A task can be successfully accomplished only with the collective effort (group effort). For example, a company wants expansion of its business. For the fulfilment of this objective, participation of all, i.e., marketing manager, production manager, sales manager, finance manager etc., is required.

Therefore, management is essentially a group effort.
1089 Views