CHAPTER- 1 NATURE AND SIGNIFICANCE OF MANAGEMENT Flashcards
(21 cards)
What is the definition of Management?
Management is a process of planning, organising, staffing, directing and controlling the resources of an enterprise efficiently and effectively for achieving the organizational goals.
What is the difference between Effectiveness and Efficiency in management?
Effectiveness is concerned with doing the right task and achieving goals, while efficiency means doing the task correctly and with minimum cost.
List the characteristics of Management.
- Goal-Oriented Process
- Dynamic
- Intangible
- Group Activity
- All Pervasive
- Multi-dimensional
- Continuous Process
What are the objectives of Management?
- Social Objectives
- Organizational Objectives
- Personal Objectives
True or False: Management helps in achieving group goals by giving a common direction to diverse individual efforts.
True
What are the features of Management as an Art?
- Personalized application
- Based on practice and creativity
- Existence of theoretical knowledge
What defines Management as a Science?
- Systematized body of knowledge
- Principles based on experiments
- Universal validity
What are the features of a Profession?
- Well-defined body of knowledge
- Professional association
- Restricted entry
- Ethical code of conduct
- Service motive
What are the levels of management?
- Top-Level Management
- Middle-Level Management
- Lower/Supervisory/Operational-Level Management
Who is included in Top-Level Management?
- Board of Directors
- Chairman
- Managing Directors
- Chief Executives
What is the function of Planning in management?
Planning is the function of deciding in advance what to do, when to do it, how to do it, and who should do it.
What does Organising in management involve?
Organising involves assigning duties, grouping tasks, establishing authority, and allocating resources required to carry out a specific plan.
Fill in the blank: Staffing is concerned with finding the right person for the _______.
[right job]
What is the process of Directing in management?
Directing is the process of supervising, motivating, leading, and communicating with subordinates to achieve organizational objectives.
What does the function of Controlling involve?
Controlling involves establishing standards of performance, measuring current performance, comparing it with established standards, and taking corrective actions.
What is Coordination in management?
Coordination is a process by which a manager synchronises the activities of different departments to achieve common organizational goals.
List the nature/features of Coordination.
- All pervasive
- Integrates group efforts
- Continuous process
- Ensures unity of action
- Responsibility of all managers
- Deliberate function
What is the importance of Coordination?
- Functional differentiation
- Growth in size
- Specialisation
Coordination is needed in all management functions. Name one function and explain its need for coordination.
Planning: Coordination is needed between organizational plan and departmental plan.
At which level of management is coordination needed to integrate activities of the organization?
Top level
True or False: Coordination is only necessary at the top-level of management.
False
