class 12 1st chap notes
UNIT
1
NATURE AND SIGNIFICANCE OF
MANAGEMENT
Management is an art of getting things done through others. Management can be defined as, the process of getting things done with the aim of achieving goals effectively and efficiently.
Efficiency and Effectiveness
Efficiency means doing the task correctly at minimum cost while effectiveness means completing the task correctly. Although Efficiency and effectiveness are different but they are interrelated. It is important for management to be both
i.e. effective and efficient.
Example : A business produces targeted 1000 units but at a higher cost is effecitive but not efficient. Therefore if the business has to be effective and efficient then it has to produce 1000 units within cost.
Characteristics of Management
1.
Goal oriented Process : It is a goal oriented process, which is undertaken to achieve already specified and desired objectives.
2.
Pervasive : Management is pervasive in nature. It is used in all types of organizations whether economic, social or political and at every level.
3.
Multidimensional : It is multidimensional as it involves management of
Work, People and operations.
4.
Continuous : It is a continuous process i.e. its functions are being performed by all managers simultaneously. The process of management continue till an organisation exist for attaining its objectives.
5.
Group Activity : It is a group activity since it involves managing and coordinating activities of different people as a team to attain the desired objectives. 6.
Dynamic function : it is a dynamic function since it has to adapt to the
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XII – Business Studies
AK
changing environment.
7.
Intangible Force : It is an intagible force as it cannot be seen but its effect are felt in the form of results like whether the objectives are met and whether people are motivated or not.
Objectives of management
(A) Organizational objectives of Survival
1
NATURE AND SIGNIFICANCE OF
MANAGEMENT
Management is an art of getting things done through others. Management can be defined as, the process of getting things done with the aim of achieving goals effectively and efficiently.
Efficiency and Effectiveness
Efficiency means doing the task correctly at minimum cost while effectiveness means completing the task correctly. Although Efficiency and effectiveness are different but they are interrelated. It is important for management to be both
i.e. effective and efficient.
Example : A business produces targeted 1000 units but at a higher cost is effecitive but not efficient. Therefore if the business has to be effective and efficient then it has to produce 1000 units within cost.
Characteristics of Management
1.
Goal oriented Process : It is a goal oriented process, which is undertaken to achieve already specified and desired objectives.
2.
Pervasive : Management is pervasive in nature. It is used in all types of organizations whether economic, social or political and at every level.
3.
Multidimensional : It is multidimensional as it involves management of
Work, People and operations.
4.
Continuous : It is a continuous process i.e. its functions are being performed by all managers simultaneously. The process of management continue till an organisation exist for attaining its objectives.
5.
Group Activity : It is a group activity since it involves managing and coordinating activities of different people as a team to attain the desired objectives. 6.
Dynamic function : it is a dynamic function since it has to adapt to the
6
XII – Business Studies
AK
changing environment.
7.
Intangible Force : It is an intagible force as it cannot be seen but its effect are felt in the form of results like whether the objectives are met and whether people are motivated or not.
Objectives of management
(A) Organizational objectives of Survival