Nature and Significance of Management is one of the significant chapters in class 12. This chapter comprises of various concepts – management according to Marrie and Douglas, concepts of management, characteristics of management – management is a goal oriented process, management is all pervasive, management is multidimensional, management is a continuous process, it is a group activity, objectives of management – organisational objectives, social objectives and personal objectives, importance of management, Management as an art, management as a science, management as a profession, levels of management, functions of management, characteristics of management, importance of coordination, management in the twenty first century.
Frequently asked Questions on CBSE Class 12 Business Studies Notes Chapter 1: Nature and Significance of Management
What is the important steps followed in ‘Management’?
Planning, organising, leading and controlling are the important steps of Management.
What are the characteristics of ‘Management’?
1. Goal-oriented.2. Pervasive.3. Multi-dimensional.4. Continuous process.5. Group activity.
What is the importance of ‘Coordination’?
Coordination avoids duplication of work or efforts, interpersonal conflicts, controversies, misunderstandings, delay, wastages and confusions.