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BUSINESS STUDIES

Features, Objectives, Importance and Nature of MANAGEMENT
Definition:
By Harold Koontz - “Management is the process of designing and maintaining an environment in

which individuals working together in groups efficiently accomplishing selected aims
...
It is a process
of getting things done with an aim of achieving goals effectively and efficiently
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Efficiently- It means doing task correctly and with minimum cost
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Efforts of individual are directed to achieve
goals by instructing and motivating people
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E
...
: To increase sale
by 10% in weeks’ time
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E
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Educational institutions, Clubs, etc
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Management style can be different due to
culture, tradition & history
...
Management at Work-In all organizations some work is performed so that set objectives can
be achieved
...
g
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2
...

Managing people has two dimensions (i) It implies dealing with employees as individuals
having different needs and behavior
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3
...
To achieve this, a production process has to be planned where finished goods are
prepared with use of raw material and techniques of production
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(d) Management is a Continuous Process
Process of management is a series of continuous composite but separate function
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Task of manager consist of an ongoing series
of function
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As a member of
organization they work towards fulfilling common goals set up by top management
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(f) Management is a Dynamic function
It has to adapt itself according to the changing environment which consists of social (custom,
standard of living, traditions), economic (export import, taxation policy), and political (attitude of
political party, ideology) factors which keep on changing
...
E
...
Food joints make changes in menu in order to survive
in Indian market
...
Effect of management
can be noticed by seeing whether targets are been met or not, employees are happy or not, etc
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Management has to set
up objective for whole organization
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E
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-owners, employees, customers, etc
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Survival-Every organization wants to survive in the market
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Organizations must earn enough revenue to cover cost of production
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Profit-Mere survival is not enough
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Profit provides incentives to owners and employees
...

3
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To achieve this
management must try to exploit growth potential of the firm
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of employees, increase in no
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(b) Social Objectives-They refer to objectives linked to interest of society
...

Various ways can be-Using environment friendly methods of production, providing employment,
Providing schools and crèche, etc
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Employees have
different personality, objectives, financial needs, social needs, etc
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A manager gives direction to individuals so that group goals are met
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(c) Management creates a Dynamic organization-An organization has to function in an
environment which is constantly changing
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Many people
help to adopt in these changes
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Management helps workers to develop them team spirit,
cooperation & commitment which is important for group success
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Management helps in development of society by fulfilling the obligations
like—providing good quality products, Employment opportunities, etc
...
It can be
acquired through study, observation, and experience
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Existence of theoretical dancers- Art presupposes existence of theoretical knowledge
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This principles are

applicable for particular form of art
...
g
...

2
...
E
...
Any 2
dancers, any 2 actors show their dancing skills and acting skills differently
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Based on Practice and Creativity- Art involves creative practice of existing theoretical
knowledge
...
g
...

Conclusion-Management can be said to be an art as:
1
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There are lot of literature
available in various areas of management
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2
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Manager applies these scientific methods to the given
situations in his own way
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3
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This gives rise to different style of
management
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Features
1
...
Its principles are
based on cause and effect relationship
...
g
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2
...

3
...

Management can be said to be a science as:
1
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It has various theories and principles
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It has its own vocabulary
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Principles of Management have evolved over a period of time based on experimentation
and observation
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Therefore management can be called as an
inexact science
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Applications and use of principles of Management is not universal
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Conclusion- Management is both a science as well as art
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Practice of management is art
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(c) Management as a Profession:
Profession is an occupation based on specialized knowledge and training
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Well defined body of knowledge- Profession is based on specialized knowledge
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have specialized knowledge
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2
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E
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To become a
Chartered Accountant one has to clear specific examinations conducted by Institute of
Chartered Accountants of India
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Professional Association- All professionals are attached to a profession associated which
regulates entry & grant certificate of practice
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g
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4
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E
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Lawyers are bound by COD maintained by Bar Council
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Service Motto- Basic motto of profession is to serve the interest of their clients
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Management can be regarded as Profession as:
A
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C
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E
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There is well established body of knowledge
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No Professional Association required
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Ethical COD has been framed by various Management Associations
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Conclusion- the Management is not like medical or Legal profession
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