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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
Explain the features of management that do not establish it as a profession.
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Answer

The features of management that do not establish it as a profession are:
  1. Restricted entry: The entry to a profession is restricted through a prescribed qualification. But there is no restriction on anyone being appointed as a manager in any business enterprise.
  2. Professional association: All professions are affiliated to a professional association which regulates entry, grants certificate of practice. There is no compulsion for managers to be members of such an association.
  3. Ethical code of conduct: All professions are bound by a code of conduct which guides the behaviour of its members. AIMA has devised a code of conduct for Indian managers but there is nostatutory backing for this code.
  4. Service motive: The motive of a profession is to serve their client’s interests by rendering dedicated and committed service.
The basic purpose of management is to help the organisation achieve its stated goal which may be profit maximization. However, profit maximization as the objective of management does not hold true and is fast changing. So, presently this feature of profession is not fully present in management.

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