Business Studies

Nature and Significance of Management

Question:

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

Answer:

"A successful enterprise has to achieve its goals effectively and efficiently". Thus, management has to see that task are completed and goals are achieved with the minimum resources.
Management is thus getting things done with the aim of achieving goals effectively and efficiently. Being effective or doing work effectively basically means finishing the given task. It is concerned with end result, it is achieved or not. Efficiency means doing the work correctly and with minimum cost. If by using less resources more benefits are derived then efficiency has increased. It is thus essential for any organisation to focus on efficiency as well as effectiveness. It is not only important to complete the work correctly but equally important to complete it with minimum cost. In the same manner, it is not only important to reduce cost but equally important to complete the work correctly.

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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.

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

Q 7.

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

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?