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UNIT

1

NATURE AND SIGNIFICANCE OF
MANAGEMENT
Management is an art of getting things done through others
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Efficiency and Effectiveness
Efficiency means doing the task correctly at minimum cost while effectiveness
means completing the task correctly
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It is important for management to be both
i
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effective and efficient
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Therefore if the business has to be effective and
efficient then it has to produce 1000 units within cost
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Goal oriented Process : It is a goal oriented process, which is undertaken
to achieve already specified and desired objectives
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Pervasive : Management is pervasive in nature
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3
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4
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e
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The process of management
continue till an organisation exist for attaining its objectives
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Group Activity : It is a group activity since it involves managing and
coordinating activities of different people as a team to attain the desired
objectives
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Dynamic function : it is a dynamic function since it has to adapt to the

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changing environment
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Intangible Force : It is an intagible force as it cannot be seen but its effect
are felt in the form of results like whether the objectives are met and
whether people are motivated or not
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(B) Social Objectives of giving benefits to society like using environmental
friendly practices and giving employment to disadvantaged sections of
society etc
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Importance of management
(1) Achieving Group Goals : Management helps in achieving group goals
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(2) Increases Efficiency : Management increases efficiency by using resources
in the best possible manner to reduce cost and increase productivity
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(4) Achieving Personal Objectives : Management helps in achieving
objectives of individuals working in the organisation
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Management as an Art
Art refers to skillful and personal application of existing knowledge to achieve
desired results
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The features of art are as follows
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(2) Personalised application : The use of basic knowledge differ from person
to person and thus, art is a very personalised concept
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All the features of art are present in management so it can be called an
art
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The features of science are as follows
(1) Systematized body of knowledge : Science has a systematised body of
knowledge based on principles and experiments
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(3) Universal Validity : Scientific principles have universal validity and
application
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As the principles of management are not as exact as the principles of pure
science, so it may be called inexact science
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The main features of profession are as follows
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(2) Restricted entry : The entry in every profession is restricted through
examination or through some minimum educational qualification
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(4) Ethical code of conduct : All professions are bound by a code of conduct
which guides the behaviour of its members
(5) Service Motive : The main aim of a profession is to serve its clients
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Levels of Management : Top, Middle and operational levels
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Chief task is to integrate and to coordinate the various activities of the
business, framing policies, formulating organisational goals & strategies
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Main tasks are to interpret the policies of the top management, to ensure
the availability of resources to implement Policies & to coordinate all
activities, ensure availability of necessary personnel & assign duties &
responsibilties to them
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Main task is ensure actual implementation of the policies as per directions,
bring workers grievances before the management & maintain discipline
among the workers
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Planning is deciding in advance what to do in future and how to do it
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Staffing is finding the right people for the right job
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Controlling is monitoring the organizational performance towards the
attainment of organizational goals
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It integrates the group efforts
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It is a continuous process
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It is a deliberate function
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In order to be successful an organization must change its goals according
to the needs to the environment
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2
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Identify the
organizational objective it is trying to achieve (Answer : Social Objective
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Management of any organization strives to attain different objectives
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4
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5
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Enumerate any two dimensions of
management
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Managerial activities are performed in all types of organizations in all
departments at all levels
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Your grandfather has retired where he is responsible for implementing
the plans developed by the top management at which level of
management was he working? State one more function of this level of
management
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8
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9
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At
which level of management was he working? Different functions are
performed at this level
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(Answer : Top level
of management) Write any one function of this level)
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What is meant by management ?

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3/4 Marks Questions (To be answered in about 50 to 70 words)
1
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Explain these economic objectives
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Explain how management is an art

3
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4
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5
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Explain
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Management is a Profession like Accounting, Medicine and Law as it also
has a well defined body of knowledge
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Why? (Hint : No formal qualification is
prescribed to enter management, no code of conduct is prescribed)
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Success of an organization largely depends upon its management
Explain any five reasons to justify the statement
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