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Chapter Analysis
Intermediate29 pages • EnglishQuick Summary
The chapter 'Nature And Significance of Management' explores the concept of management as a process of efficiency and effectiveness. It discusses the roles of planning, organizing, staffing, directing, and controlling in ensuring that organizational goals are achieved efficiently. The chapter also distinguishes between effectiveness and efficiency and the need for a balance between the two. Additionally, it highlights the characteristics of management as goal-oriented, pervasive, multidimensional, continuous, and group activity.
Key Topics
- •Efficiency and Effectiveness
- •Functions of Management
- •Characteristics of Management
- •Coordination
- •Global Management
- •Management as an Art and Science
- •Organizational Objectives
Learning Objectives
- ✓Understand the nature of management and its significance in business.
- ✓Identify and describe the primary functions of management.
- ✓Differentiate between efficiency and effectiveness in management.
- ✓Recognize the need for balance between various management functions.
- ✓Comprehend the role of management in achieving organizational objectives.
Questions in Chapter
Management is considered to be both an art and science. Explain.
Page 28
Do you think management has the characteristics of a full-fledged profession?
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A successful enterprise has to achieve its goals effectively and efficiently. Explain.
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Management is a series of continuous interrelated functions. Comment.
Page 29
A company wants to modify its existing product in the market due to decreasing sales. What decisions/steps should each level of management take to give effect to this decision?
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A firm plans in advance and has a sound organisation structure with efficient supervisory staff and control system but on several occasions it finds that plans are not being adhered to. It leads to confusion and duplication of work. Advise remedy.
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Additional Practice Questions
What are the primary functions of management?
easyAnswer: The primary functions of management include planning, organizing, staffing, directing, and controlling. Each function contributes to the coordination of resources to efficiently achieve organizational goals.
How does management ensure efficiency in an organization?
mediumAnswer: Management ensures efficiency by optimizing resource use to achieve maximum output with minimum resources, thus reducing costs and enhancing productivity.
Why is coordination considered the essence of management?
hardAnswer: Coordination is considered the essence of management because it is the force that binds all other functions together, ensuring that diverse activities of various departments align toward common organizational goals.
Explain how modern management has evolved in the twenty-first century.
mediumAnswer: Modern management has evolved to include global perspectives and adaptability to technological advancements and cultural diversity, requiring managers to possess both technical and soft skills.
Discuss the importance of leadership in the directing function of management.
mediumAnswer: Leadership in the directing function is crucial as it involves motivating and guiding employees to achieve organizational goals, fostering a productive work environment, and ensuring effective communication.