Nature and Significance of Management

Management is the process of getting things done with the aim of achieving goals effectively and efficiently.

Any two characteristics from the chapter are:
- Management is a goal-oriented process
- Management is all pervasive

Other characteristics are also acceptable if stated correctly.

The force that binds all the other functions of management is coordination. It is called the essence of management.

Any two indicators of growth of an organisation are:
- Increase in sales volume
- Increase in the number of employees

The chapter also mentions increase in number of products and increase in capital investment.

Indian Railways has achieved:
- Organisational objectives: by saving diesel and reducing cost, it improves efficiency and helps the organisation.
- Social objectives: by making trains greener and more environment friendly, it benefits society and the environment.

So, the objectives of management achieved are organisational and social objectives.

Ritu is the manager of a division, so she works at the middle management level.

Her basic functions are:
- Implement and control plans and strategies developed by top management
- Interpret policies framed by top management
- Ensure the department has the necessary personnel
- Assign duties and responsibilities
- Motivate employees to achieve objectives
- Coordinate with other departments for smooth functioning

The basic features of a profession are:
1. Well-defined body of knowledge
2. Restricted entry through examination or educational degree
3. Professional association to regulate members
4. Ethical code of conduct
5. Service motive to serve the client’s interests

These are the features mentioned in the chapter.

Management is called a multi-dimensional concept because it has three main dimensions:
- Management of work: translating work into goals, plans, budgets, responsibilities, and authority
- Management of people: dealing with employees as individuals and as groups
- Management of operations: managing the production process, input materials, technology, and transformation into output

Thus, management is not concerned with only one aspect; it covers work, people, and operations together.

The company is lacking coordination.

Reason: The production, marketing and finance departments are blaming one another, which shows that their efforts are not being linked towards common organisational goals. This leads to conflict, duplication of work and decline in performance.

Steps the management should take:
- Ensure unity of action among departments
- Make all departments work towards common organisational objectives
- Improve communication among production, marketing and finance
- Use coordination at the planning, organising, directing and controlling stages
- Reconcile differences in approach, timing and interests

This will reduce conflict and bring the company back on track.