Fundamentals of Management — Flashcards

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Management is the process of planning, organizing, directing, and controlling resources (like people, money, and materials) to achieve organizational goals efficiently and effectively. For example, a …

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Management is crucial because it ensures that resources are used efficiently to achieve goals. It brings stability, drives growth, adapts to changes, and improves productivity. Without proper manageme…

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The main objectives of management are: 1. Optimum utilization of resources 2. Increase in productivity 3. Fair return on capital 4. Creating goodwill 5. Meeting challenges of the changing environment…

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'Optimum Utilisation of Resources' means using human, financial, and material resources in the most efficient way to get maximum output with minimum waste. For example, assigning the right worker to t…

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'Fair Return on Capital' means that management should ensure investors receive a reasonable profit on their investment. This keeps investors confident and encourages further investment for business gr…

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Management builds goodwill by ensuring product quality, fair pricing, effective advertising, and good customer service. A company known for reliable products and ethical practices earns public trust a…

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The characteristics of management are: - Universal - Goal-directed - Continuous process - Integrating process - Intangible - Multi-disciplinary - Social process - Situational - Dynamic…

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Management is universal because it is needed in every type of organization—business, educational, social, or political. Whether it’s a school, hospital, or shop, someone must plan, organize, and lead …