Long Answer TypeDescribe any five reasons which clarify that management is gaining importance day-by-day.
Management is gaining importance day by day because:
(i) Management helps in achieving group goals: Management is required for achieving the goals of the organisation. The task of a manager is to unify all the elements in an organisation and give a common direction to the individual effort in order to achieve the overall goal of the organisation.
(ii) Management increases efficiency: The aim of a manager is to reduce costs and increase productivity through better planning, organising, directing, staffing and controlling the activities of the organisation.
(iii) Management creates a dynamic organisation: All organisations have to function in a dynamic environment. Management helps to create a dynamic organisation by working in par with the dynamic environment.
(iv) Management helps in achieving personal objectives: A manager motivates and leads his team in such a manner that individual members are able to achieve personal goals while contributing to the overall organisational objective. Through motivation and leadership the management helps individuals to develop team spirit, cooperation and commitment to group success.
(v) Management helps in the development of society: By providing good quality products and services, creating employment opportunities, adopting new technology and so on, management helps in the development of society.
Principles of Taylor and Fayol are mutually complementary. One believed that the management should not close its ears to constructive suggestions made by the employees while the other suggested that a good company should have an employee suggestion system whereby suggestions which result in substantial time or cost reduction should be rewarded.
Identify and explain the principles of Taylor and Fayol referred in the above para.
’Organising involves a series of steps in order to achieve the desired goals.” Explain these steps.
With the help of any four points, explain the crucial role that organising plays in an enterprise.
Short Answer TypeState any one consequence of a well performed 'allocative function' of financial market.
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