Management- Meaning, Nature And Importance

Question 1

What is Management?

Answer 1

The task of getting results through others by coordinating their efforts is known as management.

Question 2

Meaning of Management

Answer 2

1. As an activity
2. As a group
3. As a discipline
4. As a process

Question 3

Management as an ACTIVITY

Answer 3

Getting things done through others

• Group activity
• Goal-oriented
• Decisional
• Interpersonal

Question 4

Management as a GROUP

Answer 4

All those who manage a firm

• Board of Directors
• Managing Director
• Departmental Heads
• Branch Managers
• Supervisors

Question 5

Management as a DISCIPLINE

Answer 5

A body of knowledge

• Scientific principles
• Personal skills
• Art and science

Question 6

Management as a PROCESS

Answer 6

What managers do
-Planning
-Organising
-Staffing
-Directing 
-Controlling
(POSDC)

Question 7

Implications of Management as a PROCESS

Answer 7

• Integrated process
• Continued process
• Iterative process
• Social process
• Universal process

Question 8

CHARACTERISTICS of Management

Answer 8

1. Is goal-oriented
2. Is universal
3. Is a group activity
4. Is a system of authority
5. Is a social process
6. Is a dynamic function
7. Is both an Art and a Science
8. Is a distinct entity
9. Is intangible
10. Is an integrating force
11. Is multi-disciplinary
12. Is creative

Question 9

NATURE of Management

Answer 9

1. Management as a Science
2. Management as an Art
3. Management as a Profession

Question 10

Management as a SCIENCE

Answer 10

1. Systemized body of knowledge
2. Observations and Experiments
3. Cause and Effect relationship
4. Universal Validity of Principles

Question 11

Management as an ART

Answer 11

1. Practical knowledge
2. Personal skill
3. Creativity
4. Perfection through practice

Question 12

Management as a PROFESSION

Answer 12

1. Specialised knowledge
2. Formal education and training
3. Service motive
4. Statutory body/ Professional association
5. Ethical code of conduct

Question 13

What is ADMINISTRATION?

Answer 13

1. Determination of objectives and policies of an organisation.
2. decision-making function
3. concerned with the top level of authority
4. generally used in non-business organisations
5. determines limits within which management has to function
6. its decisions are influenced by external factors

Question 14

OBJECTIVES of Management

Answer 14

1. profitability
2. prosperity and growth
3. change and innovation
4. development of people
5. discipline and morale
6. rightful decision-making
7. improving image
8. quality goods at fair prices

Question 15

IMPORTANCE of Management

Answer 15

1. achievement of group goals
2. optimum utilisation of resources
3. minimisation of costs
4. survival and growth of business
5. generation of employment
6. higher standard of living
7. national development