Business Studies

Nature and Significance of Management

Question:

Why is management considered a multi-faceted concept?

Answer:

Management is considered as a multi-faceted concept because it is a complex activity that has three main dimensions. These are
(i) Management of Work All organisations perform some work e.g., producing or selling. A work is defined as the goals to be achieved.
(ii) Management of People The main asset of an organisation is the human resources. This resource has to be managed in such a manner that it helps to achieve the goals of the organisations.
(iii) Management of Operations All organisations either produce a product or provide a service. This requires a production process which means using an operation to convert the inputs into the output, dt is interlinked with both management of work and management of
output.

previuos
next

Nature and Significance of Management

Q 1.

Name any two important characteristics of management.

Q 2.

Ritu is the manager of the Northern division of a large corporate house. At what level does she work in the organisation? What are her basic functions?

Q 3.

Why is management considered a multi-faceted concept?

Q 4.

“A successful enterprise has to achieve its goals effectively and efficiently” Explain.

Q 5.

Define management.

Q 6.

Management is a series of continuous inter-related functions. Comment.

Q 7.

Co-ordination is the essence of management. Do you agree? Give reasons.

Q 8.

Management is considered to be both an art and science. Explain.

Q 9.

Discuss the basic features of management as a profession.

Q 10.

Do you think management has the characteristics of a full fledged profession?