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Nature and Significance of Management Notes PDF

   Published Date: 8th March 2023
Nature and Significance of Management Notes PDF

Nature and Significance of Management Notes PDF

Hello aspirants,

Management is the process of planning, organizing, directing, and controlling resources (people, materials, and finances) to achieve organizational goals effectively and efficiently. It involves the coordination and use of resources in the pursuit of specific objectives, such as profitability, growth, customer satisfaction, and social responsibility.

The nature of management can be understood in terms of its key characteristics, including:

Goal-oriented: Management is focused on achieving specific objectives, such as increasing revenue or improving customer satisfaction.

Continuous process: Management is an ongoing process that involves planning, organizing, directing, and controlling resources on a regular basis.

Multi-disciplinary: Management draws on knowledge and skills from various disciplines, such as accounting, finance, marketing, and human resources.

People-oriented: Management involves working with people and motivating them to achieve organizational goals.

Dynamic: Management is responsive to changes in the internal and external environments, and must adapt to these changes in order to remain effective.

The significance of management lies in its ability to help organizations achieve their goals in a systematic and efficient manner. Effective management can help organizations to:

Maximize resources: By managing resources effectively, organizations can use them to their full potential and avoid waste.

Achieve objectives: Management can help organizations to achieve their goals and objectives by coordinating and directing resources towards these ends.

Increase efficiency: Good management practices can help organizations to operate more efficiently, which can lead to cost savings and improved profitability.

Enhance productivity: Effective management can improve employee productivity by providing direction, support, and motivation.

Improve competitiveness: Management can help organizations to remain competitive by anticipating changes in the market and adapting to them quickly.

In summary, management plays a crucial role in the success of organizations by providing the framework for achieving goals and objectives in a systematic and efficient manner.

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Nature and Significance of Management

Management theory refers to a body of knowledge that explains and guides the practice of management. It is a set of concepts, principles, and ideas that help managers understand and deal with the complexities of organizational life. The nature of management theory can be understood by examining its key characteristics:

Abstract: Management theory is abstract and conceptual, and is designed to provide a framework for understanding and analyzing management problems.

Evolving: Management theory is constantly evolving as new ideas and practices emerge.

Generalized: Management theory is generalized and applicable to a wide range of organizations, industries, and situations.

Prescriptive: Management theory is prescriptive, in that it provides guidelines and recommendations for managerial action.

Multidisciplinary: Management theory draws on knowledge from various disciplines, such as psychology, sociology, economics, and statistics.

The significance of management theory lies in its ability to provide a basis for understanding and improving management practices. Some of the ways in which management theory is significant are:

Provides a framework for understanding management: Management theory provides a conceptual framework for understanding and analyzing the complexities of management practice.

Guides managerial decision-making: Management theory helps managers to make better decisions by providing them with a set of principles and guidelines to follow.

Enhances managerial effectiveness: Management theory can improve managerial effectiveness by providing managers with a better understanding of how to motivate employees, allocate resources, and achieve organizational goals.

Improves organizational performance: Management theory can help organizations to improve their performance by providing a framework for effective management practices.

Encourages innovation: Management theory can encourage innovation by providing a basis for developing new ideas and approaches to management.

In summary, management theory provides a conceptual framework for understanding and improving management practices. It is a significant tool for managers, as it provides them with a basis for decision-making, enhances managerial effectiveness, and improves organizational performance.

Business Studies Question Answer

Q 1. Define management.

Ans: Management is defined as a process of getting things done with the aim of achieving goals effectively and efficiently.
or
It is a process of designing and maintaining an environment in which individuals working in groups, can achieve selected objectives efficiently and effectively.

Q 2. Name any two important characteristics of management.
Ans: Pervasive and Multidimensional.

Q3. Ritu is the manager of the Northern division of a large corporate house. At what level does she work in the organisation? What are her basic functions?
Ans: Ritu is working at the middle level. Her basic functions are (number of functions should be given according to the marks allotted for the question).
(i) Interpreting the policies formed by the top level management and acting as a link between top level management and operative management.
(ii) Assigning necessary duties to the employees.

Q 4. Why is management considered a multi-faceted concept?
Ans: Management is considered as a multi-faceted concept because it is a complex activity that has three main dimensions. These are
(i) Management of Work All organisations perform some work e.g., producing or selling. A work is defined as the goals to be achieved.
(ii) Management of People The main asset of an organisation is the human resources. This resource has to be managed in such a manner that it helps to achieve the goals of the organisations.
(iii) Management of Operations All organisations either produce a product or provide a service. This requires a production process which means using an operation to convert the inputs into the output, dt is interlinked with both management of work and management of
output.

Q 5. Discuss the basic features of management as a profession.
Ans: Basic features of management as a profession management as a profession has the following features which are as follows
(i) Well-defined Body of Knowledge All professionals are based on a well-defined body of knowledge that can be acquired through instruction.
(ii) Professional Association There are several associations of practicing managers in India, like the AIMA (All India Management Association) that has laid the code of conduct to regulate the activities of their members.
(iii) Service Motive All business organisations aim to provide good quality product or service at a reasonable price thus serving the society.
Thus, we can say management does not meet the exact criteria of a profession but it has some features as a profession.
Long Answer Questions

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Business Studies Question Answer

Q 1. Management is considered to be both an art and science. Explain.
Ans: Art is the skillful and personal applications of existing knowledge to achieve desired goal.
Management is considered an art due to the following reasons
(i) Existence of Theoretical Knowledge :All art subjects are based on theoretical knowledge e.g., written material is available on dancing, time arts, music etc same way there is lot of literature available on management and its branches – finance, marketing, human resource etc.
(ii) Personalised Application :The use of this basic knowledge differs from one individual to the other. Two painters, two dancers or two singers all use their knowledge in their own way. Same way two managers who have acquired the same knowledge may use it in their own different ways to get the work done.
(iii) Based on Practice and Creativity : All art is practical. It involves creative practice. The more we practice it better we become at it. It also requires creativity.
Same way a manager applies his acquired knowledge in a unique manner.
More practice makes him a better manager and he also develops his own style of management.
Management is an In-exact Science
(i) Systematised Body of Knowledge :Science is a systematised body of knowledge. Its principles are based on cause and effect relationship, e.g., water evaporates on being heated. Same way management is a body stigmatised Knowledge. All managerial principles have cause and effect relationship.
(ii) Principles Based on Experimentation :Scientific principles are first developed through observation and then tested through repeated experimentation. Same way management principles are also propounded after observation and repeated experimentation.
(iii) Universal Validity :All scientific principles have universal validity. They give same result wherever applied.
Principles of management do not have Universal validity. They have to be adjusted and applied according to the need of the situation.
Thus, management is an in-exact science.

Q 2. Do you think management has the characteristics of a full fledged profession?
Ans: No, management does not possess all the characteristics of a full fledged profession. The reasons go as follows
(i) Well-defined Body of Knowledge All professions are based on a well-defined body of knowledge that can be acquired teaching – learning process. This feature of a profession is possessed by management as well. There is vast knowledge available on management in the form of definitions, concepts, theories, principles etc.
(ii) Restricted Entry All professions have a restriction or the entry of its practitioners. They have to acquire a specific degree to be professional e.g., LLB for a lawyer MBBS for a doctor etc. But a manager can be an MBA qualified or not.
(iii) Professional Association All professions are affiliated to a professional association which regulates entry, grants certificate of practice and formulates a code of conduct e.g., ail lawyers have to be a member of Bar Council to practice law. It is not compulsory for all managers to be a member of AIMA.’
(iv) Ethical Code of Conduct All professions are bound by a ethical code of conduct which guides the behaviour of its members. But as it is not compulsory for all managers to be members of AIMA, they all may not be aware of the prescribed code of conduct of AIMA.
(v) Service Motive All basic motive to serve their client’s interest, e.g., -lawyers to get justice for their clients, doctors to treat the patients etc. All managers also work in a manner where by they show their effectiveness and efficiency in the form of good quality goods provided to the customer at a reasonable price.
Thus, management possesses some characteristics of a profession but not all.

Q 3. Co-ordination is the essence of management. Do you agree? Give reasons.
Ans: Co-ordination plays a vital role as it binds all the other functions of management. It is the common thread of all activities such as purchase, production, sales etc that runs through. Some of the basic features are as follows
(i) Integrates Group Efforts Co-ordination brings unity to all. It gives a common focus to group efforts.
(ii) Ensures Unity of Actions It acts as a binding force between departments and ensures that all action is aimed at achieving the goals of the organisation.
(iii) It is a Continuous Process Co-ordination is not a one time function but a continuous process. It begins at the planning stage and continues till controlling.
(iv) It is an All Pervasive Function Co-ordination is required at all levels of management due to the interdependent nature of activities of various departments. It integrates the efforts of different departments and different levels.
(v) It is the Responsibility of All Managers All managers need to co-ordinate something or the other. A manager of production department needs to co-ordinate the work within his department and also with the other departments at the same time.
(vi) It is a Deliberate Function Whatever the managers are doing in an organisation they are doing it knowingly. Co-ordination is one of the most important functions of all managers. Thus co-ordination is also done deliberately. Whatever the managers do, they do it deliberately to achieved the predetermined goals and objectives.
Thus, we can say co-ordination is the essence of managment after analysing these points.

Q 4. “A successful enterprise has to achieve its goals effectively and efficiently” Explain.
Ans: “A successful enterprise has to achieve its goals effectively and efficiently”. Thus, management has to see that task are completed and goals are achieved with the minimum resources.
Management is thus getting things done with the aim of achieving goals effectively and efficiently. Being effective or doing work effectively basically means finishing the given task. It is concerned with end result, it is achieved or not. Efficiency means doing the work correctly and with minimum cost. If by using less resources more benefits are derived then efficiency has increased. It is thus essential for any organisation to focus on efficiency as well as effectiveness. It is not only important to complete the work correctly but equally important to complete it with minimum cost. In the same manner, it is not only important to reduce cost but equally important to complete the work correctly.

Q 5. Management is a series of continuous inter-related functions. Comment.
Ans: Management is a series of continuous inter-related functions. Each one of them performed to guide and direct the efforts of others.
(i) Planning Planning is the primary function which runs through all other functions. It is the process of thinking before doing. It bridges the gap between where we are and where we want to go.
(ii) Organising It is the process of defining the formal relationship among people and resources to accomplish the desired goals. It involves
(a) Identification and division of work
(b) Departmentalisation
(c) Assigning of duties
(d) Establishing reporting relationships
(iii) Staffing Organisational goals can be achieved only through human efforts. It is the duty of management to make the best possible use of this resource. Thus, placing the right person on the right job is very important. Staffing helps management to motivate, select and place the right person on the right job.
(iv) Directing Directing involves leading, influencing and motivating employees to perform the tasks assigned to them. This requires establishing an atmosphere that encourages employees to do their best. Directing comprises of four elements; supervision, motivation, leadership and communication.
(v) Controlling Controlling is the management function of monitoring organisational performance towards the attainment of organisational goals. The task of controlling involves
(a) Establishing standards of performance
(b) Measuring current performance’
(c) Comparing this with established standards
(d) Taking corrective action

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