Nature and Significance of Management - Practice Flashcards (English)

Question-and-answer flashcards covering key concepts from the notes on Nature and Significance of Management.

What is management?

The process of planning, organizing, staffing, directing, and controlling the enterprise's resources to achieve goals efficiently and effectively.

Name the five interrelated functions that constitute the process of management.

Planning, Organizing, Staffing, Directing, and Controlling.

What is coordination in management?

The process of linking activities across departments to achieve unity of action and continuity toward common objectives.

List the key characteristics of management.

Goal-oriented, all-pervasive, multidimensional, continuous process, group activity, dynamic, and intangible force.

What are the three categories of management objectives?

Organisational objectives, social objectives, and personal (individual) objectives.

Why is management important in organisations?

It helps achieve group goals, increases efficiency, creates a dynamic organisation, helps individuals reach personal goals, and contributes to societal development.

Define effectiveness and efficiency in management.

Effectiveness = doing the right task and achieving goals; Efficiency = doing the task correctly with minimum resources or cost.

What are the three levels of management?

Top management, middle management, and supervisory/operational management.

Who comprises top management and what are their responsibilities?

Senior executives who integrate plans, set objectives, coordinate departments, and oversee the organisation's welfare and survival.

Who comprises middle management and what do they do?

Divison heads and department managers who implement plans, interpret policies, allocate staff, motivate and coordinate with other departments.

Who comprises supervisory or operational management and what do they do?

Foremen and supervisors who oversee workers, ensure quality and safety, and translate plans into day-to-day work.

What are the three dimensions of management?

Management of work, management of people, and management of operations.

How does management manage work?

By translating work into goals, assigning means, solving problems, making decisions, planning and budgeting, and coordinating activities to achieve goals.

How does management manage people?

People are a key asset; managers treat individuals and groups, leveraging strengths and mitigating weaknesses to achieve organisational goals.

How does management manage operations?

Overseeing the production or service process required to deliver the product or service.

What is a 'systematised body of knowledge' in management?

Management has its own theory and principles, drawing from other disciplines, and it evolves through study and practice.

Is management an art, science, or both?

Both: it has elements of science (theory, principles) and art (personalized application, creativity); it is inexact due to human behavior.

Is management a profession?

Not fully, but it has some professional traits: growing body of knowledge, accessible education, professional associations, ethical codes, and a service motive; entry is not strictly restricted.

What are indicators of growth for an organisation?

Sales growth, increase in employees, and growth in capital investment (and other indicators).

What example illustrates high coordination achieving reliability with minimal technology?

The Dabbawallas of Mumbai, showcasing coordinated teams using cycles and trains to deliver meals with high reliability (SIX SIGMA level).

What are the four E's of Jack Welch's leadership?

Energy, Energise, Edge, and Execution.

What are the three main reasons coordination is essential in management?

It integrates diverse interests, ensures unity of action, and is a continuous and pervasive function across levels.

What skills are important for a modern global manager?

A mix of hard technical/analytical skills and soft management/people skills, plus cross-cultural competence.

Name the components of the planning function in management.

Setting goals, deciding what to do, and determining how to do it; planning helps anticipate problems and prepare contingency plans.

What is the relationship between coordination and planning/directing/controlling?

Coordination begins at planning and continues through directing and controlling; it binds the activities to achieve the plan.