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Nature and Significance of Management — Business Studies STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceBusiness StudiesNature and Significance of Management4 Marks
Question
Define the Management. Explain the features that establish it as a social science.
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Answer

Management is the process of getting things done with the aim of achieving goals effectively and efficiently.The features that establish management as a social science are:
  1. Principles based on observation and experimentation: Like science, management principles are derived through observation and repeated experimentation.
However since management deals with human beings the outcome of these experiments are not capable of being accurately predicted.
  1. Universal validity: Principles of management like principles of pure science provide managers with certain standardised techniques that can be used in different situations. Since they have to be modified according to a given situation, their application and use is not universal. So, this feature of science is not fully present in management.
​​​​​​​Therefore, management is considered a social science.

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