Revision Notes for CBSE Class 12 Business Studies Chapter 1 - Free PDF Download
Management is a crucial topic of business studies that deals with the systematic running of a firm and economy. Class 12 Business studies chapter 1 revision notes explains that a process of getting work done within the set time is management. It is ideally done to achieve a target set in an organisation through an efficient and effective way.
Vedantu’s Revision notes class 12 Business studies chapter 1 discusses this method of efficiency, and that is the best way to save money. A task that is done by proper planning by utilising available resources gives the desired result is efficiency. Effectiveness, on the other hand, concerns producing a product within a period.
Class 12 revision notes chapter 1 discusses that these methods are similar yet different in properties. Therefore, it is essential to maintain a balance between the two.
FAQs on Nature and Significance of Management Class 12 Notes CBSE Business Studies Chapter 1 - Nature and Significance of Management (Free PDF Download)
1. What are the three Levels of Management?
The levels of management in an organisation are determined based on the workload, efficiency, responsibility, and authority of the managers. These levels can be categorised as follows:
Top-level management comprises executives holding the highest position in the organisation, responsible for establishing the overall vision, mission and strategic goals of the organisation.
Middle-level management includes managers who implement the plans and policies made by top-level management and coordinate with lower-level managers.
Lower-level management includes supervisors and team leaders, who monitor and direct the work of non-managerial employees, ensuring that they achieve their targets and goals.
2. What are the functions of management?
Managers carry out a number of connected tasks known as management functions in order to accomplish organisational objectives. These activities include of:
Planning: Setting goals and objectives, coming up with strategies, and making plans to achieve them are all part of planning.
Organising: To accomplish the goals and objectives established during the planning stage, organising entails allocating resources, personnel, and tasks.
Staffing: Employers must be recruited, chosen, trained, and developed in order for them to fulfil their roles in an efficient manner. This process is known as staffing.
Directing: This entails directing and inspiring workers to reach their aims and objectives and ensuring that they are productively contributing to the organisation's overall objectives.
Controlling: To ensure that goals and objectives are met, controlling entails keeping an eye on performance, spotting issues, and taking corrective action.
3. What is coordination? What are its uses?
Coordination takes care of the synchronisation of the healthy functioning of an organisation. Lack of this can lead to duplication, overlapping of work and delay. The three levels of management work simultaneously to produce efficient work. The function of coordination is as follows:
Coordination allows an organisation to achieve common aims and objectives by integrating the efforts of multiple departments and personnel.
Coordination aids in the avoidance of duplication of efforts and the reduction of resource waste.
Coordination provides good communication across departments, organisations, and individuals, which aids in the avoidance of misunderstandings and conflicts.
Optimal resource utilisation: Coordination aids in the efficient and effective utilisation of resources, lowering manufacturing costs and increasing profitability.
Improved decision-making: Coordination assists managers in making informed decisions by delivering accurate and relevant information.
Encourages teamwork: Coordination encourages teamwork among employees, which contributes to the development of a strong work culture and increases morale.
4. What is the importance of management in Class 12 Business Studies?
Management is needed for achieving business goals. Management is important for the production of goods and services. It helps an organization to work as a team and achieve business goals. Management helps in reducing the cost and increasing the production of goods. It helps an organization to face the competition. It also helps the company to use effective and modern strategies for increasing good production and helps in the upliftment of business.
5. What is the meaning of management Class 12 Business Studies?
Management means the collection of all activities and actions that helps in the smooth functioning of the business or an organization. It helps in organizing the different tools that are necessary for the growth of a business. Management means the effective use of men's power, materials, money, and tools for the production of goods and services. Management is an effective strategy that is used by an organization to run business effectively.
6. What are the principles of management Class 12 Business Studies?
Principles of management refer to some sort of truth based on cause and effect. Principles guide us to take proper actions and make decisions. The principles of management can be applied to different companies, either big or small. People following the principles of management can solve their problems easily. Principles can help people to find solutions for their problems.
7. What is the nature and significance of management?
Management directs an organization to achieve goals. Management is an art and science. It is an art because it involves the creativity of different measures for achieving goals. It is a science because it is based on certain principles and involves systemic knowledge. Management is important because it provides employees with useful tools to enhance productivity, schemes to use the resources, help in making decisions, and also help in adapting to the changing environment.
8. What are the features of management Class 12?
Important features of management include:
Management is goal-oriented in the sense that it strives to achieve specified organisational goals and objectives.
Management ideas and strategies can be used in every organisation, regardless of its size, nature, or location.
Management is an interdisciplinary field that draws ideas and approaches from numerous disciplines such as economics, psychology, sociology, and so on.
Management is a continuous process that entails planning, organising, staffing, directing, and managing activities in order to achieve organisational goals.
Group activity: Management entails collaborating with others and coordinating their efforts to attain organisational goals.
Management is a dynamic function that changes and adapts to the changing environment and organisational requirements.
Management is an intangible job since it requires the application of information, skills, and abilities to attain organisational goals.
Management is a situational function that requires managers to adjust their management approach to various settings and circumstances.