1. Nature and Significance of Management © © Management Features of Mgmt. It refers to the process of conducting a | 1. Goal-oriented Process set of functions to get the work done J 2. alkpervasive in an efficient and effective manner 3. Multidimensional 4, Continuous Process 5. Group Activity Effectiveness It refers to completing the jobon | ‘Objectives of Mgmt. time, no matter whatever the cost. 4. Long Survival 2. Profit 3.Growth Te 4.Social Objectives o 5. Personal Objectives It refers to completing the job in z the costeffective manner. Importance of Mgmt. = 1. Achieving Group Goals anagernent B12. increases Efficiency A. As Science B. Asan Art an C. As Profession 3, CreatesDynamic Organisation 4, Achieyiflg Personal Objectives 5, Develapinent of Society A. Features of Science 1. Systematised Body of Knowledge 2. Based on Experimentation 3. Universal Validity Science It is a systematised body of knowledge that explains certain general truths Art B. Features of an Art It refers to the skillful and personal 1 Existence of Theoretical Knowledge application of knowledge 2. Personalised application 3. Based on practice and creativity Profession C. Features of Profession It refers to that economic activity which is 1. Well-defined body of Knowledge conducted by a person having some special 2. Restricted entry knowledge and skill which is used impartially 3. Service motive to serve various sections of the society India’s No. 1 Commerce Classes by Vijay Adarsh Self Notes ‘Accounts | Economics | Mathematics | Business Studies Financial Accounts | Business Maths & Statistics | Income Tax Corporate Accounts | Cost Accounting | Financial Management. Stay Learning’ +91-9268373738 | Website: www.StayLearning.com Email:- contact@vijayadarsh.com | Website:- www.StayLearning.com | Click to WhatsApp:- +91 9268373738we 1. Nature and Significance of Management Testing of Mgmt. as Science Levels of Mgmt. Management isa science but not anexact | eq | gy | A. Top Level Management science because its principles are subject to| Board of Directors, Managing Director change with situations and human nature B, Middle Level Management Finance Manager, Plant Superintendent C. Low Level Management Supervisors, Foreman, Clerk Testing of Mgmt. as an Art ‘Management is also an art because its | satisfies all the features of an art A. Top Level Functions 1. To frame policies 2. To determine activities Testing of Mgmt. as Profession 3. To fix objectives ‘Management is not a full-fledged profession |—q—| 4. Approving budgets because it does not meet the exact criteria of a profession B. Middle Level Function| 1. Interpreting Policies Coordination a 2. Appointing employees ‘& It is process through which harmony is +3. Issuing instr ns. established among different activities 4, Motivating employees of an organisation Fi ° C. Low Level Functions 1. Inviting suggestions |p | 2. Interact with Actual Workforce 3. Pass on Instructions 4, Creating better human relations Characteristics of Coordination 1. Integrates Group Effort 2. Ensures Unity of Action 3. Continuous Process 4. Alk-pervasive Function 5. Responsibility of All Managers Coordination is needed at all levels of Importance of Coordination |_qg_| Management 1. Size of the Organisation |! ‘The work at every level of management is 2. Functional Differentiation performed by a group of people, that is why, 3. Specialisation coordination is required at every level to 4. Interdependence of Different Processes complete the work successfully elf Not Self Notes India’s No. 1 Commerce Classes by Vijay Adarsh for class XI, XIl, Bcom(Hons/Prog), BBA, MBA, CA, CS, CMA| ‘Accounts | Economics | Mathematics | Business Studies Financial Accounts | Business Maths & Statistics | Income Tax. Corporate Accounts | Cost Accounting | Financial Management Stay Learning’ +91-9268373738 | Website: www.StayLearning.com Email:- contact@vijayadarsh.com | Website:- www.StayLearning.com | Click to WhatsApp:- +91 92683737381. Nature and Significance of Management © ) Functions of Management A. Planning B. Organizing C. Staffing, D. Directing E. Controlling A. Planning |B} itis the determination of a future course of action to achieve a desired result B. Organising It is the management function of assigning duties, grouping tasks, allocating resources required to carry out a specific plan C. Staffing 2} tt refers to filing and keeping filled the post with people D. Directing | “BA It refers to instructing, guiding, ‘communicating & inspiring people in the organisation E. Controlling EE | it refers to bringing the actual results closer to the desired results Email:- contact@vijayadarsh.com | Website:- www.StayLearning.com | Click to WhatsApp:- +91 9268373738 Self Notes India’s No. 1 Commerce Classes by Vijay Adarsh ‘Accounts | Economics | Mathematics | Business Studies Financial Accounts | Business Maths & Statistics | Income Tax Corporate Accounts | Cost Accounting | Financial Management. Stay Learning’ +91-9268373738 | Website: www.StayLearning.com