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Explain any four features of management. - Business Studies

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प्रश्न

Explain any four features of management.

Explain any four characteristics of management.

Explain any three features of management.

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उत्तर १

Importance of management:

  1. Universal applicability: The management phenomenon is common across all kinds of organisations, regardless of size or operations. This is because management serves the fundamental purpose of creating greater value for the organisation, its stakeholders, and its employees. Without management, setting and achieving targets becomes a daydream, and all the organisation’s valuable resources are wasted.
  2. Result-driven: Management is focused on the key tasks required to accomplish an organisation’s objectives, through planning, organising, staffing, directing, and controlling its operations. Management primarily ensures that the organisation’s basic purpose of existence is accomplished.
  3. Perpetual: The practice of management is not limited to a particular time period in an organisation. It is a process that takes place throughout the life of an organisation. However, the activities that management pursues on a day-to-day basis differ across different time periods.
  4. Flexible: Management attempts to remain flexible during periods of significant economic, political, and internal fluctuations in the business. It ensures that the organisation’s interests are given supreme priority over all other mundane matters. Without management, an organisation would easily wind up in the initial stages of its operations due to its inability to address the above fluctuations.
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उत्तर २

The three features of management are as follows:

  1. Goal-oriented process: Management is a process with clear goals that aims to achieve them. Setting goals and planning, organizing, leading, and controlling activities to meet those goals are all parts of management.
  2. Pervasive: The word “pervasive” means that management is needed at all levels and in all kinds of organizations. Integration and coordination of people’s and departments’ work are required.
  3. Continuous process: Management is an ongoing process that involves planning, organizing, leading, and controlling at all times. It’s not a one-time thing; it’s a process that changes and adapts over time.
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Notes

Students should refer to the answer according to the question and as per their preferred marks.

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2015-2016 (March) Foreign Set 1

संबंधित प्रश्न

What is meant by 'Management'?


What is meant by 'effectiveness' in management?


Explain how management helps in the development of society.


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Mita has a successful ice cream business at Bikaner, namely "Smart flavours' ice creams are utterly delicious. She makes ice creams from fresh milk and the same are available in a wide range of flavours and packs. She sets viable business objectives and works with the same in mind in order to ensure that the customers will come back for purchasing.
Having the first-mover advantage, her business was doing well. To earn higher profits, she started cutting costs. This would sometimes lead to delay in delivery and the ice cream was not reaching the market in time. Over a period of time, the demand for her ice cream declined and because of it, the competitors entered the market. She lost some of her market share to competitors.
At the beginning of the summer season, she got back to backorder for the supply of 4,000 ice cream packs of different flavors for special occasions. To ensure that the task was completed and orders delivered in time she hired additional workers. She was, thus able to produce and deliver the ice cream packs but at a high production cost. While completing activities and finishing the given task for achieving goals, Mita realized that she was ignoring one of the important aspects of management.
Identify the aspects of management that has been ignored by Mita. Also, explain the same with the help of an example.


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Explain the concept of management.


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Simplex Limited had been taken over by Mundhra Group immediately following India's independence. Since then it enjoys a rich record of industry presence and experience. In 2005, with the aim to accelerate growth the company had gone through several rounds of meetings and discussions before launching ERP system to attract large projects. The management had done effective forecast and critical thinking regarding allocation of resources to reduce wastage. For this purpose, the company had laid down multiple courses of action to meet the challenge of adverse situations. In 2008, the company suffered loss in many projects due to the great recession despite taking many cost cutting measures. The management had taken utmost care regarding the possible outcome and timely review of the plans to achieve the set target during that hard time. In 2010 the system implemented successfully which subsequently helped the company to execute numerous projects with precision and timeliness.

"The management had taken utmost care regarding the possible outcome and timely review of the plans to achieve the set target during that hard time." Which is the last step of the process mentioned here?


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Read the following text and answer the questions given below:

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  Column I   Column II
(a) Goal-oriented process (i) Management is a complex activity involving management of people, work and operations.
(b) Group activity (ii) Some aims and objectives are the basic reason for existence of an organization.
(c) Multidimensional (iii) Diverse individuals with different needs work together to fulfill the common organizational goal.

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  2. State two benefits and two limitations of the identified structure highlighted in the above case.

What function of management involves arranging resources and assigning chores in a family or organization?


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