Chapter 1 Business Studies

What are the key characteristics of management?

Management is a goal-oriented process, all-pervasive, multidimensional, continuous, a group activity, dynamic, and an intangible force.

Why is management goal-oriented?

Management aims to achieve organisational objectives efficiently and effectively.

What does it mean that management is all-pervasive?

Management is required in all types of organisations, industries, and geographical locations.

What are the three dimensions of management?

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

Why is management considered a continuous process?

It involves ongoing functions such as planning, organising, staffing, directing, and controlling.

Why is management considered a group activity?

It unites individuals to work towards a common organisational goal.

How is management a dynamic function?

It adapts to changing social, economic, and political environments.

Why is management an intangible force?

It cannot be seen, but its impact is felt through organisational efficiency and effectiveness.

What are the key characteristics of management?

Management is a goal-oriented process, all-pervasive, multidimensional, continuous, a group activity, dynamic, and an intangible force.

Why is management goal-oriented?

Management aims to achieve organisational objectives efficiently and effectively.

What does it mean that management is all-pervasive?

Management is required in all types of organisations, industries, and geographical locations.

What are the three dimensions of management?

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

Why is management considered a continuous process?

It involves ongoing functions such as planning, organising, staffing, directing, and controlling.

Why is management considered a group activity?

It unites individuals to work towards a common organisational goal.

How is management a dynamic function?

It adapts to changing social, economic, and political environments.

Why is management an intangible force?

It cannot be seen, but its impact is felt through organisational efficiency and effectiveness.

What are the three main objectives of management?

Organisational objectives, social objectives, and personal objectives.

What are organisational objectives?

Survival, profit, and growth of the business.

What are social objectives of management?

Contributing to society by providing employment, sustainable practices, and ethical operations.

What are personal objectives of management?

Ensuring employee satisfaction, career growth, and work-life balance.

Why is survival an important objective?

A business must generate enough revenue to cover costs and sustain itself.

Why is profit important for a business?

It provides an incentive for business operations and covers risks and future investments.

How does growth indicate business success?

It is measured by increased sales, market expansion, and improved financial performance.

How do businesses fulfill social responsibilities?

By reducing environmental impact, creating employment, and supporting community welfare programs.

What are the three levels of management?

Top management, middle management, and operational (supervisory) management.

Who are the key members of top management?

CEOs, Directors, Presidents, and Vice Presidents.

What are the main responsibilities of top management?

Setting company vision, formulating policies, and making strategic decisions.

Who falls under middle management?

Department heads, division managers, and regional managers.

What are the responsibilities of middle management?

Implementing top management's policies and coordinating with lower-level employees.

Who belongs to operational management?

Supervisors, foremen, and team leaders.

What is the main role of operational management?

Overseeing day-to-day tasks and ensuring employee performance.

How does middle management act as a link between top and operational management?

They translate strategic decisions into practical plans for execution.

What are the five main functions of management?

Planning, organising, staffing, directing, and controlling.

What is planning in management?

Deciding objectives and determining the best course of action to achieve them.

What is organising in management?

Assigning tasks, structuring roles, and allocating resources.

What is staffing in management?

Recruiting, training, and maintaining a workforce.

What is directing in management?

Leading, motivating, and guiding employees to achieve organisational goals.

What is controlling in management?

Monitoring performance, comparing it with set objectives, and taking corrective actions.

Why is planning considered the primary function of management?

It sets the foundation for all other managerial activities.

How does organising help in achieving business goals?

It ensures efficient utilization of resources and smooth workflow.

Why is staffing important for business success?

It ensures that the organisation has skilled and motivated employees.

How does directing contribute to business performance?

It involves leadership, motivation, and communication to enhance productivity.

What is the purpose of controlling in management?

It helps maintain performance standards and correct deviations from goals.

Why is management considered a science?

Because it has a systematic body of knowledge, principles, and theories based on experiments.

Why is management not an exact science?

Because human behavior is unpredictable, and management principles must be adapted to situations.

Why is management considered an art?

Because it requires creativity, intuition, and personal skills to apply knowledge effectively.

What are the key features of art that apply to management?

Theoretical knowledge, personal application, and practice-based improvement.

How does creativity play a role in management?

Managers use innovative strategies to solve problems and improve efficiency.

Why is management considered a profession?

Because it requires specialized knowledge and training, but lacks strict regulations like other professions.

What are the characteristics of a profession?

Systematic knowledge, professional association, code of ethics, and service motive.

Why is management not a full-fledged profession?

Because there is no mandatory licensing or universal regulatory authority for managers.

What is coordination in management?

The process of integrating activities across departments to achieve organisational goals.

Why is coordination important?

It ensures harmony, avoids duplication of effort, and improves efficiency.

Why is coordination called the "essence of management"?

Because it is required in all management functions to ensure unified action.

What are the key features of coordination?

Integration of efforts, unity of action, continuous process, all-pervasive function, and a deliberate activity.

How does coordination help in large organisations?

It synchronizes the activities of different departments for smooth functioning.

How is coordination different from cooperation?

Cooperation is voluntary effort by individuals, while coordination is the manager's responsibility.

How does coordination improve efficiency?

By reducing conflicts, avoiding duplication of work, and ensuring optimal use of resources.