Business Studies Class 12 Chapter 1 Nature and Significance of Management Revision notes and free Download PDF

Business Studies Class 12 Chapter 1 Notes With Free PDF For Revision (Mid Term And Final Term) Download PDF for Free on Nature and Significance of Management

Management :

Management is a process of getting things done with an aim of achieving goals efficiently and effectively 

Effectiveness – Work on Time

Efficiency – Optimum utilization of resources

Features of Management :

1. Goal Oriented Process
2. Management is  pervasive 
3. Management is Multi-dimension
   1. Management of work 
   2. Management of people
   3. Management of operation
4. Management is a continuous process
5. Management is a group activity 
6. Management is a dynamic function
7. Management is Intangible in nature

The objective of Management :

1. Organisational Objective
2. Social Objective 
3. Personal Objective

1. Orginasastional Objective

Organizational objectives are objectives that aim for the prosperity and growth of the organization. Generally, it helps in profit maximization 

2. Social Objective

Social Objective is where the organization deals 

The objective of the organization deals with the commitment of the organisation toward society. The business organisation at the part of society they can earn by using the resources of the society so they must be doing something for the society

The major social objective of organisation are

• supply of quality products at reasonable prices
• Contribution towards desirable Civic activities
• Generation of economic wealth
• Generation of employment opportunities
• Financial support to community

Personal objective

Individual objective are related to the employment of the organisation as employees are the most important resources of every company and satisfied and motivated employees contributes towards maximization of organisation goals

The main in the visible objective of Management:

• Competitive salary
• Personal growth and development (promotion, training, etc.)
• Recognition (self-respect and respect for the employees)
• Social recognition
• Good and healthy work condition
• Minimum working hours

Importance of Management or Features of Management

1. Helps in achieving the objective
2. Provide effectiveness to human efforts
3. A critical ingredient in nation growth
4. Act as in balancing force accomplishment of group goals
5. Generation of employment opportunities
6. maximizing the production at minimum cost
7. Proper utilisation of resources

Nature of management

1. Management is both Art and Science (Business Studies Class 12 Chapter 1)

Management as a science

Science may be defined as a systematic body of knowledge in a particular field consisting of universally accepted principles which are based on observations and experiments

Testing management as a science/ features of science as management

1.  existence of a systematic body of knowledge
2. Use of scientific methods of observation
3. Principle placed on experiments
4. Establish cause and effect relationship
5. Universal validity of principles

Management as an art:

Eight can be defined as a systematic body of knowledge which requires skills creativity and practice to get perfection

The main features of art as a management are

1. Systematic body of knowledge existence of theoretical knowledge
2. Personalized applications
3. Based on practice and creativity

Management both as science and art

Management both as Science and art like science it is systematic and well organised body of knowledge and like Art it requires personal skill and creativity and practice to apply such knowledge in the best possible way. science and art are not in contrast to each other but both exist together in the same function of management.

Management as a profession

A profession can be defined as an occupation based on specialized knowledge and training in which countries are restricted

Main features of profession

1. Well defined body of knowledge
2. Restricted entry
3. Presence of professional Association
4. Existence of ethics code
5. Service motive

Level of management

There are three levels of Management No.1 top-level No.2 to middle level no.3 e load lower level

Functions of top level management

1. Determining the objective of the Enterprise
2. Framing of plans and policies
3. Organising activities to be performed by personnel working at the middle level
4. Assembling of all resources such as finances and fixed assets
5. Responsible for the Welfare and survival of the company

Functions of middle level management

1. Interpretation of policies framed by top level
2. Organising the activities of the department
3. Finding out and recruiting, selecting and appointing the required employees
4. Motivating the personnel to perform to the best of the ability
5. Controlling and instructing the employees
6. Co-operate with the other department for smooth functioning of the organisation
7. Implementation of plants friend by the top level

Function of lower level management

1. Representing the problems and grievances of employees and workers
2. Maintaining good working conditions and developing a healthy relationship between superior and subordinate
3. Looking for the safety of the workers
4. Helping the middle-level management in recruiting selecting and appointing the workers or employees
5. Communicating with workers and welcoming their suggestion
6. They are responsible for boosting the Worker morale of the organisation

Function of management

1. Planning
2. Organising
3. Staffing
4. Directing
5. Controlling

Coordination

Apart from these five functions, there is one more important function that every manager has to perform this is called coordination

Coordination means bringing together the activities and resources of the organisation and bringing harmony into them

Nature and features of coordination

1. Coordination integrates Groupe effort
2. Coordination ensures unity of effort
3. Coordination is a continuous process
4. It is a pervasive function
5. Coordination is responsible for all managers
6. Coordination is deliberate function

Management Principle

Principles of management Refers to the statement which reflects the fundamental truth about some observations based on cause and effect relationship

Management principles are the statement of the fundamental truth that act as guidance for taking managerial actions 

· The study of management deals with the processes by which an organization achieves its goals. It involves planning, organizing, directing, coordinating, controlling, and evaluating the performance of people in order to achieve organizational objectives.

The term ‘management’ refers to the process by which an organization directs its resources toward achieving its goals. In other words, it is the process through which an organization achieves its objectives. This process involves planning, organizing, directing, coordinating, and controlling the activities of people within the organization.

Management is the process by which an organisation directs its resources towards achieving organisational objectives. It involves planning, organising, directing, coordinating, and controlling the activities of individuals within the organisation.

Nature And Significance Of Management – The term ‘management system’ refers to the set of rules or procedures followed

A management system is a set of rules or procedures used by an organisation to direct the activities of its employees towards achieving organisational goals. These rules or procedures are called policies. Policies are usually written down as part of the organisation’s formal structure. They are also referred to as guidelines.

The first thing we need to understand about management is that it is an activity that has been defined as “the art or science of directing human effort towards achieving goals”. This definition is very broad and covers many different aspects of management. In fact, the term management itself is also quite broad and includes activities such as planning, organizing, leading, controlling, coordinating, staffing, budgeting, etc.

It is important to note that management is not just about organising people and getting them to work together. It is also about ensuring that the organisation achieves its objectives. To do this, managers must ensure that the organisation operates efficiently and effectively. Managers should also make sure that the organisation meets its legal obligations and complies with relevant regulations.

Nature

In order to achieve these goals, managers need to understand how organisations operate. This involves understanding the structure of an organisation, as well as the roles played by different members of staff. Managers also need to understand the relationships between employees and customers. They must also understand the relationship between the organisation and other stakeholders such as suppliers, shareholders, regulators, and the media.

The term ‘management’ refers to the process by which an organization directs its resources toward achieving its goals. A manager is responsible for directing the activities of his or her subordinates. In this context, the word ‘manager’ means someone who has been delegated responsibility for managing the affairs of others.

An organisation is made up of people, processes, and technology. People make up the workforce of an organisation. These individuals work together to produce goods and services for sale to customers. Processes refer to the ways in which workers carry out tasks. Technology refers to any tools used to help organise and control the flow of materials and information within an organisation.

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