Nature and Significance of Management — Business Studies STD 12 Commerce — Question
CBSE BoardEnglish MediumSTD 12 CommerceBusiness StudiesNature and Significance of Management6 Marks
Question
Management is a series of continuous interrelated functions. Comment.
✓
Answer
Management is a series of continuous inter-related functions. Each one of them performed to guide and direct the efforts of others.
Planning: Planning is the primary function which runs through all other functions. It is the process of thinking before doing. It bridges the gap between where we are and where we want to go.
Organising: It is the process of defining the formal relationship among people and resources to accomplish the desired goals. It involves,
Identification and division of work
Departmentalisation
Assigning of duties
Establishing reporting relationships
Staffing Organisational: goals can be achieved only through human efforts. It is the duty of management to make the best possible use of this resource. Thus, placing the right person on the right job is very important. Staffing helps management to motivate, select and place the right person on the right job.
Directing Directing involves leading, influencing and motivating employees to perform the tasks assigned to them. This requires establishing an atmosphere that encourages employees to do their best. Directing comprises of four elements; supervision, motivation, leadership and communication.
Controlling: Controlling is the management function of monitoring organisational performance towards the attainment of organisational goals. The task of controlling involves,
Establishing standards of performance.
Measuring current performance.
Comparing this with established standards.
Taking corrective action.
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