Nature and significance of Management (CBSE 2021-22)

Importance of Management are

• Management helps in achieving group goals.

• Management increases efficiency of the employees.

• Management creates a dynamic organization.

• Management is applicable in Business only

• Management helps in achieving personal objectives.

Effectiveness means

• Doing right things

• doing things right

• It means taking correct decisions and actions in every situation to achieve the targets

• to achieve goals

• cost benefit analysis

Efficiency is related with

• Doing right things

• Doing things right

• To achieve goals with minimum resources

• Cost benefit analysis

• Maximize output with minimization of input

Identify the characteristic of management

"A petrol pump needs to be managed as much as a hospital or a school.

• Management is Goal oriented

• Management is pervasive

• Management is multidimensional

• Management is a continuous process

• Management is a group activity

Management unites the efforts of different individuals in the organisation towards achieving organisational goals

• Management is pervasive

• Management is multidimensional

• Management is a continuous process

• Management is a dynamic function

• Management is goal oriented

Managerial functions are simultaneously performed by all managers all the time.

• Management is multidimensional

• Management is a group activity

• Management is a continuous process

• Management is an intangible force

• Management is a dynamic function

Mc Donalds, the fast food giant made major changes in its menu to be able to survive in the Indian market.

• Management is pervasive

• Management is a group activity

• Management is an intangible force

• Management is a dynamic function

• Management is multidimensional

The effect of management is noticeable in an organisation where targets are met according to plans but Management cannot be seen .

• Management is pervasive

• Management is an intangible force

• Management is a group activity

• Management is a continuous process

• Management is multidimensional

"Every member of the group has a different purpose for joining the organisation but as members of the organisation they work towards fulfilling the common organisational goal"

• Management is a group activity

• Management is a continuous process

• Management is a dynamic function

• Management is pervasive

• Management is multidimensional

The task of management is to make people work towards achieving the organisation’s goals, by making their strengths effective and their weaknesses irrelevant

• Management of operations

• Management of people

• Management of work

• Management of Non human resources