Nature and Significance of Management
Odisha Board · Class 12 · Business Studies
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What is the primary goal of management according to the chapter?
The difference between effectiveness and efficiency is that effectiveness focuses on _______ while efficiency focuses on _______.
What are the three basic objectives of management?
Top management is primarily responsible for:
Sample Questions
Which of the following are characteristics of management? (Select all correct options)
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Goal-oriented process, All pervasive, Continuous process, Group activity
Management is goal-oriented, all pervasive (found everywhere), continuous (ongoing), and a group activity (involves teams). It is not static (it's dynamic) and not individual (it involves groups).
Management can be considered both an art and a science.
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True
Management has features of both art (skillful application, creativity, personalized approach) and science (systematic body of knowledge, principles based on experimentation). These complement each other.
Which of the following are features of management as an art? (Select all correct options)
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Existence of theoretical knowledge, Personalized application, Based on practice and creativity
Art involves theoretical knowledge that exists, personalized application (varies from person to person), and is based on practice and creativity. Universal validity and exact predictions are features of science, not art.
The five functions of management are:
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Planning, Organizing, Staffing, Directing, Controlling
The five universally recognized functions of management are Planning (deciding what to do), Organizing (arranging resources), Staffing (getting right people), Directing (leading and motivating), and Controlling (monitoring performance).
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