CBSE Class 12 Business Studies Nature And Significance of Management Worksheet Set A Solved

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Chapter 1 Nature and Significance of Management Business Studies Worksheet for Class 12

Class 12 Business Studies students should refer to the following printable worksheet in Pdf in Class 12. This test paper with questions and solutions for Class 12 Business Studies will be very useful for tests and exams and help you to score better marks

Class 12 Business Studies Chapter 1 Nature and Significance of Management Worksheet Pdf

NATURE AND SIGNIFICANCE OF MANAGEMENT
 
 
Q.1. Define Management.
A.1 “Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims.” ----Harold Koontz and Heinz Weihrich
“Management is defined as the process of planning, organising, actuating and controlling an organisation’s operations in order to achieve coordination of the human and material resources essential in the effective and efficient attainment of objectives.” -----Robert L. Trewelly and M. Gene Newport
 
Q2 What is Management?
A2 Management is a process of getting things done with the aim of achieving goals effectively and efficiently.
 
Q3 ‘Effectiveness and efficiency are two sides of the same coin’. Comment.
A3 Effectiveness in management is concerned with doing the right task, completing activities and achieving goals. In other words, it is concerned with the end result. Efficiency means doing the task correctly and with minimum cost. There is a kind of cost-benefit analysis involved and the relationship between inputs and outputs. (I:e at minimum costs/ input resources like money, materials, equipment and persons required to do a particular task, the maximum output is to be produced.)
 
Therefore, it is important for management to achieve goals (effectiveness) with minimum resources i.e., as efficiently as possible while maintaining a balance between effectiveness and efficiency. e:g a production incharge producing 3000 units of electric motors by using materials worth only Rs 5000 is more efficient than another who is producing the same quantity by using materials worth Rs.6000. Poor management is due to both inefficiency and ineffectiveness.
 
Q4 Explain the features/characteristics of Management.
A4 The features/characteristics of Management are as follows-
 
(i) Management is a goal-oriented process: Different organisations have different goals, for which it is set up. Management unites the efforts of different individuals in the organisation towards achieving these goals.
 
(ii) Management is all pervasive: The activities involved in managing an enterprise are common to all organisations whether economic, social or political. How they do it may be quite different. This difference is due to the differences in culture, tradition and history.
 
(iii) Management is multidimensional: Management is a complex activity that has three main dimensions. These are:
(a)Management of work: All organisations exist for the performance of some work (e;g production of electronic items or providing catering services etc.) This is done in terms of problems to be solved, decisions to be made, plans to be established, budgets to be prepared, responsibilities to be assigned and authority to be delegated.
(b) Management of people: Human resources or people are an organization’s greatest asset. Managing people has two dimensions (i) dealing with employees as individuals with diverse needs and behavior; (ii) dealing with individuals as a group of people. The task of management is to make people work towards achieving the organization’s goals, by using their strengths/talents.
(c) Management of operations: This requires a production process which entails the flow of input material and the technology for transforming this input into the desired output for consumption.
 
(iv)Management is a continuous process: The process of management is a series of continuous, composite, but separate functions (planning, organizing, directing, staffing and controlling). These functions are simultaneously performed by all managers all the time.
 
(v) Management is a group activity: An organisation is a collection of diverse individuals with different needs. This requires team work and coordination of individual effort in a common direction, hat is provided for by an effective management system.
 
(vi)Management is a dynamic function: An organisation interacts with its external environment (which consists of various social, economic and political factors). In order to be successful, an organisation must change itself and its goals according to the needs of the environment, which it is able to do successfully because of management. (Why is management a dynamic function? management is a dynamic function because it has to adapt itself to the ever changing external environmental factors that affect the operations/results of any business.
 
(vii) Management is an intangible force: Management is an intangible force that cannot be seen but its presence can be felt in the way the organisation functions. The effect of management is noticeable in an organisation where targets are met according to plans, employees are happy and satisfied, and there is orderliness instead of chaos.
 
Q5 ‘Management seeks to achieve certain objectives which are the desired result of any activity’. Discuss in detail the various objectives of Management’.
 
A5 Objectives of Management can be classified as follows-
(i) Organisational Objectives: Management is responsible for setting and achieving objectives for the organisation. The main objective of any organisation should be to utilise human and material resources to the maximum possible advantage. (What are the economic objectives of a business? The economic objectives of a business are survival, profit and growth.)
a) Survival: The basic objective of any business is survival. Management must strive to ensure the survival of the organisation by earning enough revenues to cover costs.
 
b) Profit: Management has to ensure that the organisation makes a profit, because profit provides a vital incentive for the continued successful operation of the enterprise and is essential for covering costs and risks of the business.
 
C) Growth: To remain in the industry, management must exploit fully the growth potential of the organisation. Growth of a business can be measured in terms increase in the of sales volume, number of employees, the number of products or the increase in capital investment, etc.
(ii) Social objectives: As a part of society, every organisation whether it is business or nonbusiness, has a social obligation to fulfill, which can be using environmental friendly methods of production, giving employment opportunities to the disadvantaged sections of society and providing basic amenities like schools and crèches to employees.
(iii) Personal objectives: Organisations are made up of people who have different personalities,backgrounds, experiences and objectives. They all become part of the organisation to satisfy their diverse needs(e:g financial needs like higher salary and incentives or social needs such as peer recognition and higher level needs such as personal growth and development.) Management has to reconcile personal goals with organisational objectives for harmony in the organisation.
 
Q6 ‘Lack of proper management leads to wastage of time, money and efforts (all resources)’. Do you agree to it? Justify. OR
Discuss the significance/role/importance/benefits/merits of management.
 
A6 Yes, I fully agree with the above mentioned statement whereby definitely lack of management leads to wastage of time, money and all efforts, because of the following benefits provided to any organisation by a sound system of management-
(i) Management helps in achieving group goals: The task of a manager is to give a common direction to the individual effort in achieving the overall goal of the organisation.
(ii) Management increases efficiency: The aim of a manager is to reduce costs and increase productivity through better planning, organising, directing, staffing and controlling the activities of the organisation.
(iii) Management creates a dynamic organisation: All organisations have to function in an environment which is constantly changing. Management helps people adapt to these changes so that the organisation is able to maintain its competitive edge.
(iv)Management helps in achieving personal objectives: A manager motivates and leads his team to develop team spirit, cooperation and commitment to group success, in such a manner that individual members are able to achieve personal goals while contributing to the overall organisational objective.
(v) Management helps in the development of society: Management helps in the development of the organisation and through that it helps in the development of society. It helps to provide good quality products and services, creates employment opportunities, adopts new techno-logy for the greater good of the people and leads the path towards growth and development.


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Chapter 01 Nature and Significance of Management
CBSE Class 12 Business Studies Nature And Significance of Management Case Studies
CBSE Class 12 Business Studies Nature and Significance of Management Worksheet Set A
CBSE Class 12 Business Studies Nature And Significance of Management Worksheet Set A Solved
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CBSE Class 12 Business Studies Nature And Significance of Management Worksheet Set I
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Chapter 02 Principles of Management
CBSE Class 12 Business Administration Concepts of Management Worksheet Set A
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CBSE Class 12 Business Administration Introduction To Management Worksheet Set A
CBSE Class 12 Business Administration Introduction To Management Worksheet Set B
CBSE Class 12 Business Administration Introduction To Management Worksheet Set C
CBSE Class 12 Business Studies Principles of Management Worksheet Set A
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Chapter 03 Business Environment
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CBSE Class 12 Business Studies Management and Business Environment Worksheet Set A
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Chapter 04 Planning
CBSE Class 12 Business Studies Planning Worksheet
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CBSE Class 12 Business Studies Planning Worksheet Set D
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Chapter 05 Organising
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Chapter 06 Staffing
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Chapter 07 Directing
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Chapter 08 Controlling
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Chapter 09 Financial Management
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Chapter 10 Financial Markets
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Chapter 11 Marketing
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CBSE Class 12 Business Studies Marketing Management Worksheet Set D
CBSE Class 12 Business Studies Marketing Management Worksheet Set E
CBSE Class 12 Business Studies Marketing Management Worksheet Set F
CBSE Class 12 Business Studies Marketing Worksheet Set A
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Chapter 12 Consumer Protection
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Practice Worksheets Class 12 Business Studies
CBSE Class 12 Business Studies All Chapters Question Bank
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CBSE Class 12 Business Studies Question Bank
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