Nature and Significance of Management

Question 1

What is management?

Answer 1

Process of getting things done with the aim of achieving goals effectively and efficiently.

Question 2

What is effectiveness?

Answer 2

Concerned with doing the tasks correctly and achieving goals.

Question 3

What is efficiency?

Answer 3

Concerned with doing tasks correctly, with minimum cost.

Question 4

State all the characteristics of management.

Answer 4

Goal oriented
Pervasive
Multidimensional
Continuous
Group Activity
Dynamic
Intangible

Question 5

Explain Goal oriented as a characteristic of management.

Answer 5

Organizations set basic goals and management helps in achieving these goals.

Question 6

Explain Pervasive as a characteristic of management.

Answer 6

Common to all organizations, whether social, political or economical.

Question 7

Explain Multidimensional as a characteristic of management.

Answer 7

Complex activity wit 3 main dimensions:

Of work: translates work in goals to be achieved.

Of people: dealing with people’s behavior and achieving goals by making their strengths effective and weakness irrelevant.

Of operations: input of material and technology for desired output.

Question 8

Explain Continuous as a characteristic of management.

Answer 8

All the functions of management are performed simultaneously all the time.

Question 9

Explain Group activity as a characteristic of management.

Answer 9

Team work of individuals in common direction to achieve goals.

Question 10

Explain Dynamic Function as a characteristic of management.

Answer 10

Management helps organization to adapt to changing environment and external factors.

Question 11

Explain Intangible as a characteristic of management.

Answer 11

Management cannot be seen but can be felt in an organisation if there is orderliness instead of chaos.

Question 12

State all the objectives of Management.

Answer 12

Organisational objective: Survival, Profit and Growth
Social objective
Personal objective

Question 13

Explain organisational objective as a objective of management.

Answer 13

Management set goals keeping in mind the interest of all the stakeholders and achieves the goals.

Survival: Management aims that organisation must earn enough revenue to cover the expenses.

Profit: Management aims that organisation must earn enough profits to cover the risks.

Growth: Management aims that organisation must grow to be successful in the long run.

Question 14

Explain social objective as a objective of management.

Answer 14

Management aims for the organisation to consistently create economic value for various people in the society.

Question 15

Explain personal objective as a objective of management.

Answer 15

Management aims at reconciling personal and organisational objectives to maintain harmony.

Question 16

State all the Importance of Management.

Answer 16

1) Goals
2) Efficiency
3) Dynamic
4) Personal
5) Development

Question 17

Explain Goals as an importance of management.

Answer 17

Management gives direction to individuals to achieve organisational goals.

Question 18

Explain Efficiency as an importance of management.

Answer 18

Management helps reduce cost and increase productivity thus increasing efficiency.

Question 19

Explain Dynamic as an importance of management.

Answer 19

Management helps individuals adapt to dynamic environment and help maintain a competitive edge.

Question 20

Explain Personal as an importance of management.

Answer 20

Management helps individuals achieve their personal goals while contributing to organisational goals.

Question 21

Explain development as an importance of management.

Answer 21

Management helps in development of the organisation and through that it helps in development of the society.

Question 22

Explain Management as Art.

Answer 22

1) Theory: Like art, management also has theory and basic principles to be followed by managers.
2) Personal: Like art, management principles are also implemented by managers in unique ways.
3) Creative: Like art, management requires creativity in implementation of principles according to situations.

Question 23

Explain Management as Science.

Answer 23

1) Theory: Like science, management also has theory and basic principles to be followed by managers.
2) Experimental: Like science, management also experiments with human behaviour.
3) Universal: Unlike science, management is not universal and can be modified according to the situation.

Question 24

Explain Management as Profession.

Answer 24

1) Theory: Like profession, management also has theory and basic principles to be followed by managers.
2) Restricted entry: Unlike profession, there are no restrictions on anyone being a manager.
3) Professional Association: Unlike profession, there is All India Management Association (AIMA) but there is no compulsion to join it.

Question 25

State all the levels of management.

Answer 25

Top Management Middle management Operational Management

Question 26

Explain Top management as a level of management.

Answer 26

* Responsible for welfare and survival of organisation. * Analyse business environment for the firm's survival. * Formulate organisational goals.

Question 27

Explain Middle management as a level of management.

Answer 27

* Interpret policies. * Assign duties. * Cooperate with other departments.

Question 28

Explain Operational management as a level of management.

Answer 28

* Direct contact with the workforce. * Maintains quality and standards of products. * Maintains quality and standards of workforce.

Question 29

State all the functions of management.

Answer 29

``` Planning Organising Staffing Directing Controlling ```

Question 30

Explain Planning as function of management.

Answer 30

Determining in advance what to do and who is to do it.

Question 31

Explain Organising as function of management.

Answer 31

Determining what activities and resources are required.

Question 32

Explain Staffing as function of management.

Answer 32

Finding the right people for the right job.

Question 33

Explain Directing as function of management.

Answer 33

Motivating the employees to perform the assign tasks.

Question 34

Explain Controlling as function of management.

Answer 34

Monitoring performance towards achieving the goals.

Question 35

What is Coordination?`

Answer 35

It is the force that binds all the functions of management together.

Question 36

State all the characteristics of coordination.

Answer 36

1) Group Efforts 2) Unity 3) Continuous 4) Pervasive 5) Responsibility of all managers 6) Deliberate

Question 37

Explain Group Efforts as characteristic of coordination.

Answer 37

Unifies diverse interest into achieving organisational goals.

Question 38

Explain unity as characteristic of coordination.

Answer 38

Binding force between all department to achieve organisational goals.

Question 39

Explain continuous as characteristic of coordination.

Answer 39

Begins at planning and continues till controlling stage.

Question 40

Explain Pervasive as characteristic of coordination.

Answer 40

Requires at all levels of management due to interdependent nature of departments.

Question 41

Explain Responsibility of all managers as characteristic of coordination.

Answer 41

Top management needs to coordinate with their subordinates to ensure that policies are being followed.

Question 42

Explain Deliberate as characteristic of coordination.

Answer 42

Coordinate the efforts of different people in a deliberate manner.

Question 43

State all the importance of coordination.

Answer 43

1) Growth in size 2) Functional differentiation 3) Specialisation

Question 44

Explain Growth in size as importance of coordination.

Answer 44

Harmonising individual and organisational goals to be efficient.

Question 45

Explain Functional differentiation as importance of coordination.

Answer 45

Binding force between all department to achieve organisational goals.

Question 46

Explain specialisation as importance of coordination.

Answer 46

coordination by independent person to reconcile difference.