NATURE AND SIGNIFICANCE OF MANAGEMENT QUICK REVISION FOR EXAM

Ø  QUICK REVISION FOR BUSINESS STUDIES
SHORT QUESTIONS
LECTURE 1
PLUS TWO COMMERCE
AND COMPETITIVE EXAM SERIES FOR COMMERCE AND MANAGEMENT

• NATURE AND SIGNIFICANCE OF MANAGEMENT
• TRADITIONAL CONCEPT OF MANAGEMENT FOCUSES ON
• MANAGEMENT IS THE ART OF GETTING THINGS DONE THROUGH OTHER
• MODERN CONCEPT OF MANAGEMENT:
• MANAGEMENT IS THE ART OF GETTING THINGS DONE WITH THE AIM OF ACHIEVING ORGANIZATIONAL GOALS EFFECTIVELY AND EFFICIENTLY.
• EFFECTIVENESS MEANS:-
• IT IS SITUATION WHEN GOALS ARE ACHIEVED WITH IN STIPULATED TIME AND WITH GIVEN RESOURCES
• EFFICIENCY MEANS:-
• EFFICIENCY STATES TO A SITUATION WHEN GOALS ARE ACHIEVED CORRECTLY AND WITH MINIMUM COSTS

• CONCEPT OF MANAGEMENT
• IMPORTANT POINT:-
• MANAGEMENT IS ESSENTIAL PART OF ANY GROUP ACTIVITY. IT IS PRIMARY FORCE WITH IN THE GROUP OR ORGANIZATION WHICH TENDS TO LEAD TOWARDS ITS GROUP GOALS
• TRADITIONAL CONCEPT:-
• MARY PARKER FOLLET:-MANAGEMENT IS THE ART OF GETTING THINGS DONE THROUGH OTHERS.
• MODERN CONCEPT OF MANAGEMENT:-MGMT IS AN ACTIVITY WHICH IS NECESSARY WHENEVER THERE IS GROUP OF PEOPLE WORKING IN THE ORGANIZATION. MGMT IS ALSO CONSIDERED AS PROCESS OF GETTING THINGS DONE WITH THE AIM OF ACHIEVING THE GOALS EFFECTIVELY AND EFFICIENTLY

• MGMT AS PROCESS
• HENRY FAYOL:- TO MANAGE,TO FROECAST AND PLAN ,TO ORGANIZE,TO COMMAND,TO COORDINATE AND TO CONTROL.
• MODERN CONCEPT:-

1. PROCESS:- SERIES OF STEPS NECESSARY TO GET THINGS DONE
2. EFFICIENT AND EFFECTIVE PERFORMANCE
3. ACHIEVEMENT OF ORGANIZATIONAL GOALS

• OBJECTIVE OF MANAGEMENT
• ARE THE GOALS TOWARDS ACHIEVEMENT OF WHICH EVERY COMPONENT OF THE ORGANIZATION WORKS

1. ORGANIZATIONAL OBJECTIVES
2. SOCIAL OBJECTIVES
3. PERSONAL OBJECTIVES/INDIVIDUAL/HUMAN OBJECTIVES

• NATURE AND SIGNIFICANCE OF MANAGEMENT
• ORGANIZATIONAL OBJECTIVES:-AIMS AT THE GROWTH AND PROSPERITY OF THE BUSINESS

1. SURVIVAL
2. GROWTH
3. PROFITABILITY
4. INNOVATION
5. MARKETING IMPROVEMENT

• SOCIAL OBJECTIVE :-

1. SUPPLY OF QUALITY GOODS
2. CREATION OF ECONOMIC WEALTH
3. CREATING EMPLOYMENT OPPORTUNITIES
4. ENVIRONMENT FRIENDLY METHODS OF PRODUCTION
5. CREATING CIVIC AMENITIES
6. FINANCIAL SUPPORT TO COMMUNITY:-EDUCATION TO POOR AND MEDICAL FACILITIES

• PERSONAL OBJECTIVE/INDIVIDUAL OBJECTIVE/HUMAN OBJECTIVE

1. COMPETITIVE SALARIES
2. OPPORTUNITIES FOR DEVELOPMENT
3. PERSONAL RECOGNITION
4. BETTER WORKING CONDITIONS

• MANAGERIAL SKILLS

1. TECHNICAL SKILLS:-: NECESSARY TECHNICAL SKILL/ABILITY TO WORK WITH THE RESOURCES,TOOLS,TECHNIQUES,PROCEDURES
2. HUMAN SKILLS:-ABILITY TO SELECT,MOTIVATE,GUIDE,LEAD ,DIRECT AND CONTROL PEOPLE
3. CONCEPTUAL SKILL : ABILITY TO INTEGRATE AND COORDINATE VARIOUS ACTIVITIES
4. DECISION MAKING SKILLS:-ABILITY TO ANALYSE AND EXAMINE THE PROBLEM AND ALSO THE ABILITY TO WORK OUT A PRACTICAL SOLUTIONS FOR THE PROBLEM

• MANAGERIAL ROLE
• A MANAGER PLAYS VARIED ROLES
• HENRY MINTZBERG’S OPINION,EVERY MANAGER PLAYS ROLE IN THREE ARES:

1. INTER PERSONAL RELATIONSHIP
2. INFORMATION PROCESSING
3. DECISION MAKING

• INTERPERSONAL ROLE:-

1. AS A FIGURE HEAD:-SYMBOLIC FUNCTION .SIGNING OF VARIOUS DOCUMENTS,ATTENDING SOCIAL FUNCTIONS OF THE SUBORDINATES
2. LEADERSHIP ROLE:-ACT AS LEADER OF THE GROUP
3. LIAISON OFFICER: HAS TO CONTACT WITH HIGHER SUBORDINATES AND EXTERNAL AGENCIES

• INFORMATION PROCESSING

1. MONITORING INFORMATION
2. DISSEMINATION OF INFORMATION
3. ORGANIZATION’S SPOKESMAN

• DECISION MAKING:-

1. AS AN ENTREPRENEUR
2. AS A CONFLICT HANDLER
3. AS A RESOURCE ALLOCATOR
4. AS A NEGOTIATOR

• BRANCHES OF MANAGEMENT

1. PRODUCTION MANAGEMENT:
2. MARKETING MANAGEMENT
3. FINANCIAL MANAGEMENT
4. PERSONNEL MANAGEMENT
5. OFFICE MANAGEMENT