Fundamentals of Management — Flashcards
NIOS · Class 12 · Business Studies
33 flashcards for Fundamentals of Management (NIOS Class 12 Business Studies) to test yourself on key terms and facts.
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What is management? Define it in the context of business.
Answer
Management is the process of using various resources (inputs like money, materials, machines, and people) to produce desired results (outputs like products or services) efficiently and effectively. It…
State and explain the four main objectives of management.
Answer
The four main objectives of management are: (1) Optimum Utilisation of Resources - securing maximum output with minimum effort and resources; (2) Increase in Productivity - minimizing wastage of time,…
Explain why management is said to be 'Universal' as a characteristic.
Answer
Management is universal because it is required in every type of organization, regardless of size or nature. It is needed in business enterprises (like Reliance Industries or a small variety store), ed…
What does it mean that management is 'Goal Directed'?
Answer
Goal-directed means that every organization exists to achieve specific objectives, and management is always aimed at accomplishing these goals. For a business firm, goals might include maximizing prof…
Is management a continuous process? Justify your answer.
Answer
Yes, management is a continuous and ongoing process that continues as long as the organization exists. Management activities never stop because organizational activities like production, sales, storag…
Explain management as an 'Integrating Process.'
Answer
Management is an integrating process because it brings together and coordinates all functions, activities, and operations of an organization to work as a unified whole. Men, machines, and materials mu…
Why is management considered 'Intangible'?
Answer
Management is intangible because it cannot be seen or touched directly. It is not a physical entity like a building or machinery. You cannot see management itself, but you can feel and observe its pre…
What makes management 'Multi-disciplinary'?
Answer
Management is multi-disciplinary because it requires knowledge from various fields of study to manage diverse organizational functions effectively. Management draws principles and techniques from: Eng…
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