Karnataka 2nd PUC Business Studies Notes Chapter 1 Nature and Significance of Management
→ Management is an art of getting things done through others to achieve the specific goal with available resources.
→ Management is a distinct process consisting of Planning, Organizing, Actuating, Controlling & Accomplishing the objectives of the organization by the use of people & resources.
→ Features: Continuous process, Universal process, Goal oriented, Multi dimensional, Multi disciplinary, Integrating Process
→ Objectives: Organizational Objectives -Profit, Growth & Expansion, Personal Objectives Job security, Fair salary & Training to workers, Social Objectives-Quality Goods, Protect & conserve natural resources
→ Importance: Achievement of organizational goal, Reduce cost of production, Survival & growth of organization, Achieving personal objective, Prosperity of the society
→ Management as a science: It is a systematic body of knowledge, concept & Principle. Management is a social science not pure science.
→ Management as Profession: It renders specialized & expert services to client. As profession, management aims at profit maximization & also serves the society.
→ Management as an Art: Management applies certain knowledge & skill while dealing with
people. It deals with attitude & behavior of the people at work.
→ Levels of Management: Top Level – Directors/CEO (Formulating Policies & Planning) Middle Level – Managers (Implementation) Low Level – Foremen / Supervisors (Execution)
→ Functions of Management:
→ Coordination: The process of integrating the activities of different departments.
→ Features of Coordination: Integrating group efforts, Deliberate function, Continuous process, Unity of action, Responsibility of a Manager.