Central Board of Secondary Education (CBSE) board exams are going on. For commerce students Business Studies has become one of the most crucial and challenging subjects after introducing case studies. As per CBSE curriculum 10 chapters are there in business studies carrying 80 marks. Lets have a look of the important points from all chapters as a part of your quick revision strategy.
Nature and Significance of Management
- Effectiveness- Completion of task on time ignoring cost.
- Efficiency- Completion of task on time minimising cost.
- Management- It is a process of achieving organisational goal through planning, organising, staffing, directing and controlling.
- Functions of Management-Planning, organising, staffing, directing, controlling.
- Management is multidimensional- management consist all the three dimensions of an organisation employees, capital, materials ( men, machine, material).
- Management is goal oriented- all the management activities are done towards the achievement of goal.
- Management is all pervasive- Management is required in all types of organisations whether profitable or non- profitable.
- Management is dynamic- management is changeable as per change in environment.
- Management is a group activity- management insist on collective efforts rather than individual effort.
- Management is intangible- presence of management can be felt but can't be seen.
- Management is continuous- it is never ending as it chase organisational goal which moves forward .
- Economic objectives of management- Survival, profit, growth.
- Social objectives of management- employment generation, not harming environment, reasonable pricing, quality goods, do not involve in adulteration and black marketing, preferring weaker section in employment, providing health facilities and education.
- Personal objectives of management- fair remuneration, healthy working environment, career advancement, insurance and retirement benefits, provident fund and other social saving schemes.
- Importance of management- achievement of goal, achievement of social objectives, achievement of personal objectives, proper utilisation of resources, creation of dynamic environment.
- Management as an art- theoretical knowledge, personalised application, based on practice and creativity.
- Management is an art but not a fine art.
- Management is science- systematic body of knowledge, based on experiments, universal validity.
- Management is science but not pure science.
- Management is profession- systematic body of knowledge, restricted entry, service motive, professional association, code of conduct.
- Management is not a profession like medical, engineering and accounting.
- Functions of Top level of management- Policy formulation, determining the goal of firm, making strategies.
- Functions of Middle level of management- Interpretation of the decisions taken by top level, assignment of duties, appointment of employees, forward the complaint and suggestion of lower level.
- Functions of supervisory/ operational/ lower level of management- Implementation of the decisions taken by top level, training, taking care of suggestion and complaints.
- Top level positions- Chairman, president, vice president, managing director, general manager, CEO, COO etc.
- Middle level positions- Sales manager, marketing manager, human resource manager, finance manager etc.
- Lower level positions- Supervisor, superintendent, foreman etc.
- Importance of coordination- functional differentiation, growth in size, specialisation, coordination is the essence of management.
