Business Studies

Nature and Significance of Management

Question:

Discuss the basic features of management as a profession.

Answer:

Basic features of management as a profession management as a profession has the following features which are as follows
(i) Well-defined Body of Knowledge All professionals are based on a well-defined body of knowledge that can be acquired through instruction.
(ii) Professional Association There are several associations of practicing managers in India, like the AIMA (All India Management Association) that has laid the code of conduct to regulate the activities of their members.
(iii) Service Motive All business organisations aim to provide good quality product or service at a reasonable price thus serving the society.
Thus, we can say management does not meet the exact criteria of a profession but it has some features as a profession.

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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?