Topics
Nature and Significance of Management
- Case Study: Tata Group – Excellence in Management
- Concept of Management
- Characteristics of Management
- Objectives of Management
- Importance of Management
- Nature of Management
- Management as an Art
- Management as a Science
- Management as a Profession
- Levels of Management
- Functions of Management
- Coordination as an Essence of Management
- Management in the Twenty-First Century
Principles and Functions of Management
Business Finance and Marketing
Principles of Management
- Case Study: Toyota's Guiding Principles of Management
- Evolution of Management Principles
- Concept of Management Principles
- Nature of Management Principles
- Significance of Management Principles
- Taylor's Scientific Management Theory
- Principles of Scientific Management
- Techniques of Scientific Management> Functional Foremanship
- Techniques of Scientific Management> Standardisation and Simplification of Work
- Techniques of Scientific Management> Differential Piece Wage System
- Fayol’s Principles of Management
- Comparison of Taylor's and Fayol’s Principles.
Business Environment
- Case Study: Dharamveer Kamboj's Entrepreneurial Journey
- Concept of Business Environment
- Importance of Business Environment
- Dimensions of Business Environment
- External Factors> Economic Environment
- External Factors> Social Environment
- External Factors> Technological Environment
- External Factors> Political Environment
- External Factors> Legal Environment
- Economic Environment in India
- The 1991 Economic Crisis and Reforms
- Liberalisation
- Privatisation
- Globalisation
- Demonetisation
Planning
Organising
- Case Study: Wipro's Organisational Restructuring for Growth
- Organising
- Steps in the Process of Organising
- Importance of Organising
- Structure of Organisation
- Types of Organisation Structure > Functional Structure
- Types of Organisation Structure > Divisional Structure
- Comparison Between Functional Structure and Divisional Structure
- Formal Organisation
- Informal Organisation
- Comparison between Formal Organisation and Informal Organisation
- Concept of Delegation of Authority
- Concept of Decentralization
- Comparison Between Delegation and Decentralization
Staffing
- Case Study: Management of Human Resources at Infosys
- Staffing
- Staffing as Part of Human Resource Management
- Evolution of Human Resource Management
- Staffing Process
- Aspects of Staffing > Recruitment
- Sources of Recruitment
- Internal Sources
- External Sources
- Aspects of Staffing > Selection
- Aspects of Staffing > Training and Development
- Methods of Training
Directing
- Case Study: Leadership Development at Ford Motor Company
- Directing
- Principles of Directing
- Elements of Directing
- Supervision
- Motivation
- Motivation> Motivation Process
- Motivation> Importance of Motivation
- Motivation > Maslow’s Need Hierarchy Theory of Motivation
- Motivation> Financial and Non-Financial Incentives
- Leadership
- Communication
- Communication> Formal Communication
- Communication> Informal Communication or Grapevine
- Barriers to Communication
- Improving Communication Effectiveness
Controlling
Financial Management
- Case Study: Tata Steel–Corus Acquisition
- Concept of Business Finance
- Concept of Financial Management
- Financial Decisions> Investment Decision
- Financial Decisions> Financing Decision
- Financial Decisions> Dividend Decision
- Concept of Financial Planning
- Importance of Financial Planning
- Capital Structure
- Factors affecting the Choice of Capital Structure
- Fixed Capital
- Working Capital
Financial Markets
- Concept of Financial Market
- Money Market
- Capital Market
- Primary Market
- Secondary Market/Stock Exchange
- Distinction Between Capital Market and Money Market
- Distinction between Primary and Secondary Market
- Functions of Stock Exchange
- Trading Procedure of Stock Exchange
- Depository Services
- Demat System
- Securities and Exchange Board of India (SEBI)
Marketing Management
- Concept of Marketing
- Concept of Marketing Management
- Marketing vs. Selling
- Marketing Management Philosophies
- Functions of Marketing
- Concept of Marketing Mix
- Marketing Mix> Product
- Classification of Products> Consumer Products
- Classification of Products> Industrial Products
- Branding
- Packaging
- Labelling
- Marketing Mix> Pricing
- Marketing Mix> Physical Distribution
- Marketing Mix> Promotion
- Promotion Mix
- Advertising
- Personal Selling
- Sales Promotion
- Public Relations
- Distinction Between Advertising and Personal Selling
Marketing
- Concept of Financial Market
- Types of Financial Market
- Money Market
- Capital Market
- Primary Market
- Secondary Market/Stock Exchange
- Securities and Exchange Board of India (SEBI)
- Distinction Between Capital Market and Money Market
- National Stock Exchange of India (NSE)
- Overview of Marketing
Consumer Protection
- Case Study: Consumer Protection in Banking Services
- Concept of Consumer Protection
- Importance of Consumer Protection
- Consumer Protection Act, 2019
- Concept of Consumer
- Consumer Rights
- Responsibilities of Consumers
- Ways and Means of Consumer Protection
- Redressal Agencies Under The Consumer Protection Act
- Role of Consumer Organisations and NGO's
- Overview of Consumer Protection
Estimated time: 22 minutes
CBSE: Class 12
CISCE: Class 12
CISCE: Class 12
Meaning
- Selection is the process of identifying and choosing the best person out of a number of prospective candidates for a job.
- It involves comparing the qualifications, experience, and personality of candidates with the requirements of the job, and then dividing them into those to be employed and those to be rejected.
CISCE: Class 12
Definition: Selection
- "Selection is the process of choosing from among the candidates the most suitable person for the current position or for the future position." - Dale Yoder
- "Selection is the process of differentiating between applicants in order to identifY and hire those with a greater likelihood of success in a job." - Stoner
- "Selection process is a managerial decision making process as to predict which job applicants will be successful if hired." - David and Robbins
CBSE: Class 12
CISCE: Class 12
CISCE: Class 12
Importance
- Proper selection builds a suitable workforce and improves efficiency, morale, and operations.
- It helps keep labour turnover and absenteeism low.
- Faulty selection lowers organisational efficiency and causes frequent absenteeism and employee turnover.
- Faulty selection wastes time and money spent on training and development.
CISCE: Class 12
Characteristics
- It is a multi-step process that begins with preliminary screening and ends with the contract of employment.
- It is called a negative process because more candidates are rejected than selected.
- Selection always follows recruitment, which is a positive process.
- It aims at matching the candidate's traits with job requirements - putting the right person in the right job.
CBSE: Class 12
Selection Process
- Preliminary Screening: Eliminates unqualified candidates using application forms and preliminary interviews.
- Selection Tests: Paper-and-pencil exercises that measure aptitude, intelligence, and personality.
- Employment Interview: A formal, in-depth conversation to assess the applicant's suitability for the job.
- Reference and Background Checks: Employers verify candidate information through previous employers, teachers, or known persons.
- Selection Decision: Final choice is made from candidates who clear all previous steps; the concerned manager's views are generally considered.
- Medical Examination: Candidate is tested for physical and mental fitness; job offer is made only if declared fit.
- Job Offer: A letter of appointment is issued with a date by which the candidate must report on duty.
- Contract of Employment: A written contract is prepared covering job title, duties, pay, allowances, hours, leave rules, and termination conditions.
CBSE: Class 12
Types of Selection Tests
| Test | What It Measures |
|---|---|
| Intelligence Test | Intelligence quotient (IQ), learning ability, judgment |
| Aptitude Test | Potential to learn new skills and future success |
| Personality Test | Emotions, maturity, values, and overall personality |
| Trade Test | Existing skill level and technical proficiency |
| Interest Test | Pattern of interests and job preference |
CBSE: Class 12
Outcomes of Selection Decisions
- Successful Accept: Candidate predicted to succeed does perform well on the job.
- Successful Reject: Candidate predicted to fail is correctly not hired.
- Reject Error: A good candidate is wrongly rejected; this is a costly mistake.
- Accept Error: A poor candidate is wrongly hired; this is also a costly mistake.
CBSE: Class 12
Example: Pay Hikes and Attrition
- Some companies introduced mid-term pay hikes of 15–20%, and in some cases up to around 40%.
- Decision was driven by intense competition for job-ready people in sectors such as telecom, IT, BPO, retail.
- Extent of attrition is believed to be around 22% in IT and up to 50% in BPO and call centres.
- Companies try to retain people by assigning increments, bonuses, training, and foreign postings.
CBSE: Class 12
CISCE: Class 12
CISCE: Class 12
Key Points: Aspects of Staffing > Selection
- Selection is a multi-step, negative process of choosing the most suitable candidates for a job.
- It always follows recruitment and focuses on matching candidate qualities with job requirements.
- Faulty selection causes absenteeism, turnover, and wastage of training costs; proper selection improves overall efficiency.
- The selection process has eight stages: screening → tests → interview → checks → decision → medical → job offer → contract.
- Five types of tests (intelligence, aptitude, personality, trade, interest) help assess different candidate qualities.
- Two types of errors – reject errors and accept errors – make selection decisions critical for organisational success.
