What is management? What is importance of management? Management in all business and organizational activities is the act of coordinating the efforts of people to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning‚ organizing‚ staffing‚ leading or directing‚ and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and
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Importance of Management What is Management ? Management is a universal phenomenon. It is a very popular and widely used term. All organizations - business‚ political‚ cultural or social are involved in management because it is the management which helps and directs the various efforts towards a definite purpose. According to Harold Koontz‚ “Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people
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Introduction: The Scottsville Textile Mill produces five different fabrics. Each fabric can be woven on one or more of the mill’s 38 looms. The sales department’s forecast of demand for the next month is shown below‚ along with data on the selling price per yard‚ variable cost per yard and the purchase price per yard. The mill operates 24 hours a day and is scheduled to work 30 days during the coming month. Monthly Demand‚ Selling Price‚ Variable Cost‚ and Purchase Price Data for the Scottsville
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I. Evolution of Management Science DATE CONTRIBUTION CONTRIBUTOR Unknown Year BC Credited with a treatise on organization principles in Chapter 18 of the Book of Exodus. Jethro 212 BC Devised means on how to break the naval siege of Syracuse which was attacked then by the Romans. Known to be one of the earliest operations research evident on history. Archimedes Unknown Invention of work/operations specification (first evidence). Venice Skilled Ship Workers Unknown Institution of Hellenistic
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in schools. The criteria for promotion in schools are marks in sciences and social sciences‚ but not moral science. But childhood is a very impressionable age. The mind is like soft wax‚ so whatever one is taught at a tender age it leaves a deep impression. Therefore Moral science must be made a compulsory in school curriculum. Isn’t it? It is also a science of human soul; it’s a mirror of one’s inward mind‚ one’s ethics. Moral science inculcates values in mankind and value education is very vital
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What is Management? Management is the organization and coordination of the activities of a business in order to achieve definite objectives. Management is often included as a factor of production along with machines‚ materials‚ and money. According to the management guru Peter Drucker (1909-2005)‚ the basic task of management includes both marketing and innovation. Practice of modern management originates from the 16th century study of low-efficiency and failures of certain enterprises‚ conducted
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Q-1 STATISTICS PLAYS A VITTAL ROLE IN ALMOST EVERY FACET OF HUMAN LIFE.DECRIBE THE FUNCTIONS OF STATISTIC.EXPLAIN THE APPLICATION OF STATISTICS. ANS- MEANING OF STATISTICS- ACCORDING TO SELIGMAN “STATISTIC IS A SCIENCE WHICH DEALS WITH THE METHOD OF COLLECTING‚ CLASSIFYING‚ PRESENTING‚ COMPARING & INTERPRETING THE NUMERICAL DATA TO THROW LIGHT ON ENQUIRY.” ACCORDING TO CROXTON & COWDEN- “STATISTICS IS THE SCIENCE OF COLLECTION‚ PRESENTATION‚ ANALYSIS & INTERPRETATION OF NUMERICAL DATA FROM LOGICAL
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SEMISTER 1 Statistics for Management: 1.Statistics plays a vital role in almost every facet of human life. Describe the functions of Statistics. Explain the applications of statistics. Ans:Branch of mathematics concerned with collection‚ classification‚ analysis‚ and interpretation of numerical facts‚ for drawing inferences on the basis of their quantifiable likelihood (probability). Statistics can interpret aggregates of data too large to be intelligible by ordinary observation because such data
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Nature of Management Science * ------------------------------------------------- Models * ------------------------------------------------- The Management Science Approach * ------------------------------------------------- The Importance and Impact of Management Science * ------------------------------------------------- Models of Cost‚ Revenue‚ and Profit * ------------------------------------------------- Management Science Techniques Management science‚ an approach
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Management is a set of activities (including planning and decision making‚ organizing‚ leading‚ and controlling) directed at an organization’s resources (human‚ financial‚ physical‚ and information) with the aim of achieving organizational goals in an efficient and effective manner. A manager is someone whose primary responsibility is to carry out the management process within an organization. The effective practice of management requires a synthesis of science and art; that is‚ a blend of rational
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