management is the act or skill of controlling and making decisions about a business, department, sports

team and the action of how to use something. In the corporate world, for me management is having
unity with people and things that a manager is handling. In the field of business, I believe that
management is formed when a manager care for his people, guides them on what they do, considers
their suggestions, and build a unity among the team. A good manager and leader is what makes a good
profitable company.

2) Efficiency refers to the ability to produce maximum output from the given input with the least waste
of time, effort, money, energy and raw materials. It can be measured quantitatively by designing and
attaining the input-output ratios of the company’s resources like funds, energy, material, labor, etc
Meanwhile, Effectiveness refers to the extent to which something has been done, to achieve the
targeted outcome. It means the degree of closeness of the achieved objective with the predetermined
goal to examine the potency of the whole entity.

Efficiency and Effectiveness both have a prominent place in the business environment which must be
maintained by the organization because its success lies on them.

3)The areas that influence today's business environment are Geographical and Ecological or Natural,
Demographic.

Economic Factors, Political and Legal, Social and Cultural, Physical and Technological. There are way
more areas that is affecting business, it would be good if a businessperson would consider all of these
before starting a business.

4)Management is a systematic subject. Evidently, it has various concepts and theories which are
developing with time and is also related to other subjects like mathematics, economics etc. Further,
there are certain terms and vocabulary exclusive to management. Management professionals
extensively use these terms to communicate with each other. As a result of the experiments in the field
of management are not completely predictable or replicable. We can predict the outcomes but can't be
entirely sure of it. This means there exists an element of uncertainty.

Principles of management relative to other concrete sciences like maths, chemistry etc. Thus these
concepts are also non-universal. However, they can be applied to a wide variety of situation and form
the pillars of the science of management. Further, managers use these principles to tackle situations and
for training and development of managers.

5) In my own opinion, management is the act or skill of controlling and making decisions about a
business, department, sports team and the action of how to use something. In the corporate world, for
me management is having unity with people and things that a manager is handling. In the field of
business, I believe that management is formed when a manager care for his people, guides them on
what they do, considers their suggestions, and build a unity among the team. A good manager and
leader is what makes a good profitable company.