CH-1 Nature And significance of Managment BST

Functional differentiation

The functions of an organization is divided into departments and their objectives are also different.

Social Objectives

A business should conduct the activities to fulfill the expectations of the society.

Management

________ is a continuous process- which involves planning, organizing, staffing, directing and controlling.

chief executive

Chairman, managing directors, board of directors, ________ and general managers are regarded as top level management in a business organization.

entry

Restricted ________- Management requires formal education and training provided by formal institutions like Universities, Professional Organizations such as ICAI (Institute of Chartered Accountants of India), IIM (Indian Institute of Management) etc.

Growth

________ in size- As an organization grows in size; the number of people employed will also be increased.

Proper

Helps in achieving group goals- ________ management of all individuals in an organization is very essential for the accomplishment of organizational objective.

Direction

________ is not only issuing orders and instructions by superior to subordinate, but also guiding, motivating and leading them.

Cooperation

________ without coordination may lead to wasted effort and coordination without ________ creates dissatisfaction.

Integrates group efforts

It refers to the unification of all the unrelated activities or diverse interest

Increases efficiency

________ - Managements helps to achieve the goals with minimum resources.

strategic plans

It prepares ________ and policies.

Group goal

________ is more important than the individual objectives.

E Service Motive

________- The primary objective of a profession is providing service to the society.

pervasive function

It is an all ________: Coordination requires at all levels of management and in all departments of the organization.

Coordination

________- The essence of management ________ refers to the process of integrating the activities of different units of an organization to achieve the organizational goals.

attainment of organizational goals

Organization provides the framework within which people associate for the ________.

High efficiency

________ without being effective is not desirable and both inefficiency and ineffectiveness leads to poor management.

Effectiveness

________ versus Efficiency Effectiveness and efficiency are two sides of the same coin.

Personal Objectives

________- The management must reconcile personal goals with organizational objectives to have harmony in the organization.

Management

________ helps the people (employees) to adapt such changes through proper training and motivation.

Management

________ is a group activity- ________ can not exist independent of the group or organization it manages.

Management

________ as a Profession- A profession is an occupation backed by specialized knowledge and training and to which entry is regulated by a representative body.

Management

________ is a Dynamic Function- ________ principles are not static in all situations.

Management

________ as a Science- Science is a systematically organized body of knowledge.

Management

________ is an art of getting things done through other people- Marry Parker Follet.

Management

________ is Pervasive- ________ activities are universally applicable in all types organizations anywhere in the world.

Management

________ is the creation and maintenance of an internal environment in an enterprise where individuals, working in groups can perform efficiently and effectively towards the attainment of group goals.

Management

________ is goal oriented- ________ aims at achieving certain specified objectives (goals) of the enterprise.

Management

________ is an intangible force- Its presence is felt by the result of the organization e.g.

Management

________ is multidimensional- ________ has three dimensions: a.

Management

________ is an Art- Art means the application of knowledge and personal skill to achieve desired results.Management is certainly considered as an art because a manager uses his skills and knowledge in his day to day activities for achieving the goals of the organization.