Nature and Significance of Management
Meghalaya Board · Class 12 · Business Studies
Flashcards for Nature and Significance of Management — Meghalaya Board Class 12 Business Studies. Quick Q&A cards covering key concepts, definitions, and formulas.
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Explore the full setDefine Management according to Harold Koontz and Heinz Weihrich.
Answer
Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims. It involves getting things done through pe…
What is the difference between Effectiveness and Efficiency in management?
Answer
Effectiveness means doing the right task and achieving goals (concerned with end results). Efficiency means doing the task correctly with minimum cost and resources (concerned with means). Example: A …
List the seven characteristics of Management.
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1. Goal-oriented process 2. All pervasive 3. Multidimensional 4. Continuous process 5. Group activity 6. Dynamic function 7. Intangible force. Each characteristic highlights how management operates ac…
Explain the three dimensions of Management as a multidimensional activity.
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1. Management of Work: Translating organizational goals into specific tasks, problems to solve, and plans to execute. 2. Management of People: Dealing with employees as individuals and as groups to ac…
What are the three main objectives of Management?
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1. Organizational Objectives: Survival, Profit, and Growth of the organization. 2. Social Objectives: Creating benefits for society through environmentally friendly practices and community development…
Why is Management important? List five reasons.
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1. Helps in achieving group goals by providing common direction 2. Increases efficiency by reducing costs and increasing productivity 3. Creates a dynamic organization that adapts to change 4. Helps a…
What are the three features that make Management an Art?
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1. Existence of theoretical knowledge: Management has established principles and literature available for study. 2. Personalized application: Each manager applies principles uniquely based on their cr…
How does Management qualify as a Science? Give three features.
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1. Systematized body of knowledge: Management has organized principles and theories developed over time. 2. Principles based on experimentation: Management principles evolved through repeated observat…
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