Management
12 Business Studies–XII CHAPTER – 1
Quick Revision Notes
NATURE AND SIGNIFICANCE OF MANAGEMENT
1. Meaning/Concept of Management:
Management is the process of getting things done with the aim of achieving goals effectively and efficiently.
▪▪ Process: refers to the primary function like planning, organising, staffing, directing and controlling performed by the management to get things done.
▪▪ Effectiveness: means completing the right task to achieve the deputed goal within the time frame.
▪▪ Efficiency: means completion of task using minimum resources
2. Definition of Management:
“Management is the process of working with and through others to effectively achieve the organisational objectives by efficiently using limited resources in the changing environment.” Kreitner
3. Features of management
1. Goal oriented – Management processes at every stage aim at achieving the Organisational goal as its fundamental objective.
2. Group activity - It unties the efforts of different individuals in an organisation towards achievement of a common goal.
3. Intangible force - It is a force that cannot be seen or heard but can be felt.
4. All pervasive-This function is applied necessarily at every organisation, every level irrespective of its size and purpose.
5. Multidimensional - Being a sequential set of activities It binds the 5 M’s (men, material, money, machine and method)together. However, the Three main dimensions are-
Management of Work: Every organisation exists to perform work
Management of People: Management is all about getting work done through people and achieving the organisational goal/objectives. It implies dealing with diverse needs of the employees, and individuals as a group of people.
Management of Operations: An organization has to provide some service or product which entails production process having an input, transformation and output.
6. Continuous process - It comprises of series of interdependent, interconnected
Quick Revision Notes
NATURE AND SIGNIFICANCE OF MANAGEMENT
1. Meaning/Concept of Management:
Management is the process of getting things done with the aim of achieving goals effectively and efficiently.
▪▪ Process: refers to the primary function like planning, organising, staffing, directing and controlling performed by the management to get things done.
▪▪ Effectiveness: means completing the right task to achieve the deputed goal within the time frame.
▪▪ Efficiency: means completion of task using minimum resources
2. Definition of Management:
“Management is the process of working with and through others to effectively achieve the organisational objectives by efficiently using limited resources in the changing environment.” Kreitner
3. Features of management
1. Goal oriented – Management processes at every stage aim at achieving the Organisational goal as its fundamental objective.
2. Group activity - It unties the efforts of different individuals in an organisation towards achievement of a common goal.
3. Intangible force - It is a force that cannot be seen or heard but can be felt.
4. All pervasive-This function is applied necessarily at every organisation, every level irrespective of its size and purpose.
5. Multidimensional - Being a sequential set of activities It binds the 5 M’s (men, material, money, machine and method)together. However, the Three main dimensions are-
Management of Work: Every organisation exists to perform work
Management of People: Management is all about getting work done through people and achieving the organisational goal/objectives. It implies dealing with diverse needs of the employees, and individuals as a group of people.
Management of Operations: An organization has to provide some service or product which entails production process having an input, transformation and output.
6. Continuous process - It comprises of series of interdependent, interconnected