Nature and Significance of Management
Class 12 Business Studies · Business Studies Part I · Chapter 1
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Business Studies
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Physics, Chemistry, Maths + English
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Business Studies
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History
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Mathematics
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हिंदी (आधार)
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Accountancy
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اردو (اختیاری)
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Mathematics
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हिंदी (आधार)
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संस्कृतम् (केन्द्रिकम्)
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Physics
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हिंदी (ऐच्छिक)
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संस्कृत (ऐच्छिक)
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Physics
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हिंदी (ऐच्छिक)
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اردو (کور)
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Chemistry
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Urdu Elective
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Computer Science
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Chemistry
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Fine Art · Painting
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हिंदुस्तानी संगीत (गायन / वादन)
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Biology
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Informatics Practices
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Accountancy
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Biotechnology
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Accountancy
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सृजनात्मक लेखन और अनुवाद
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हिंदुस्तानी संगीत (तबला / पखावज)
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Economics
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Economics
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History
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History
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History
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Geography
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Geography
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Geography
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English Elective · Kaleidoscope
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Political Science
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Political Science
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Sociology
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Sociology
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Psychology
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English Core · Flamingo
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English Core · Vistas
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Home Science
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Home Science
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Summary
Management is the process of getting things done with the aim of achieving organisational goals effectively and efficiently. Effectiveness means completing the task and reaching the goal, while efficiency means doing the task with the least cost of resources; good management balances both. Management is characterised as a goal-oriented, pervasive, multidimensional, continuous, group and dynamic activity that is also an intangible force seen through its results. It works at three levels — top management which sets objectives and strategy, middle management which interprets policies and links top and lower levels, and supervisory or operational management which oversees workers directly. The basic functions of management are planning, organising, staffing, directing and controlling, performed in a sequence yet interrelated. Management is studied as a science (a systematised body of knowledge with principles), an art (personalised skilful application of that knowledge) and a developing profession (it has a knowledge base, training and codes of conduct but lacks restricted entry). Coordination is the orchestration of group effort to provide unity of action; it is not a separate function but the essence of management, integrating the work of departments and individuals towards common goals. It is needed at every level and runs through all managerial functions.
Meaning and concept of managementEffectiveness and efficiencyCharacteristics of managementLevels and functions of managementManagement as science, art and professionCoordination — the essence of management
Key terms
Management
The process of getting things done effectively and efficiently with and through people to achieve organisational goals.
Effectiveness
Completing the right task and achieving the end goal within the given time.
Efficiency
Achieving the goal with the minimum use of resources, reducing cost.
Levels of management
Top, middle and supervisory (lower) levels, each with distinct roles and authority.
Coordination
The orchestration and integration of group effort to give unity of action; the essence of management.
Profession
An occupation with a knowledge base, formal training, ethical code and professional association.
Extra questions & answers
Try one from this chapter
Management is best defined as the process of getting things done: