Learn CBSE Business Studies Index Terms for Class 12, Chapter 1 Including Definitions and Meanings

1. Management – Management is the organisation of an association, regardless of whether it is a business, a non-benefit association, or an administrative body. It is the science and art of overseeing resources.

2. Top Management – Top management is composed of senior-level executives of an association, business, or those high places that hold the most responsibility. Top management should be focused on the planning process of a business and be seen by the middle management as giving them total backup and support.

3. Middle Management – The middle-level management is the transitional, administration level of a progressive association that is subordinate to the executive manager and is liable for leading a team, line supervisors, or potentially ‘expert’ line, directors. The middle level is indirectly answerable for junior staff’s execution and efficiency.

4. Bottom Management – The bottom-level management or the lower-level management comprises foremen and administrators who care for the operating labourers and guarantee that the work is completed appropriately and on schedule. Subsequently, they have an essential obligation regarding the genuine production of products and services in the association.

5. Efficiency – Efficiency is characterised as the capacity to achieve something with minimal measure of idle time, cash, exertion, or ability in execution. Effectiveness is characterised as how much something is effective in creating the ideal outcome or achievement.

6. Effectiveness – Effectiveness is characterised as how much something is effective in creating the ideal outcome, or achievement. It is figuring out how to further develop results, maybe by accomplishing something in a totally different way.

7. Management as Art – Art is the experienced and personal utilisation of subsisting information to accomplish solicited outcomes. It can be procured via education, research and practice. As art is involved with the personal utilisation of data, some kind of inventiveness and creativity is needed to follow the fundamental systems acquired.

8. Management Science – Management science is the wide interdisciplinary study of critical thinking and dynamics in human associations, with solid connections to the management, financial aspects, business, design, executive counseling, and other fields. Management science assists organisations with accomplishing objectives utilising different logical techniques.

9. Profession – A profession is an occupation established upon particular instructive preparation and education, the motivation behind which is to supply uninvolved objective advice and services to other people for direct and definite pay, completely separated from assumption for other business gains.

10. Planning – Planning centres around accomplishing objectives. Organisations are set up with a universal purpose in view. Planning makes these objectives explicit and states activities are to be embraced to accomplish these objectives. Planning is an essential capacity; it sets out the base for all functions of management.

11. Organising – Organising includes appointing assignments, gathering tasks into offices, designating authority, and distributing assets across the association. During the organising process, administrators coordinate employees, assets, procedures, and policies to work with the objectives distinguished in the plan.

12. Staffing – Staffing is an activity of enrolling the employees by assessing their knowledge and abilities, prior to extending them explicit employment opportunities or jobs accordingly. A staffing model is an informational collection that records work activities, the number of work hours required, and how much time is spent on the operating activity by an employee.

13. Directing – Directing is a fundamental capacity of any organisation. If truth be told, directing assists managers with guaranteeing quality execution and accomplishing the association’s objectives. Ensuring order and discipline is not a part of the characteristics of directing.

14. Controlling – Controlling means guaranteeing that activities in an organisation are proceeded according to the plans. Controlling likewise guarantees that an association’s assets are being utilised adequately and productively for the accomplishment of desired objectives.

15. Coordination – Coordination is necessary as it combines the efforts of people, authorities, and experts. The principal analysis for coordination is that units and individuals in the company are interdependent, i.e. they rely upon each other for data and resources to conduct their own activities. Hence, managers need to reconcile discrepancies in timing, approach, interest, or effort. At the same time, there is a necessity to correspond to individual and organisational goals.

16. Management is a Goal-Oriented Method – An establishment has a predefined set of fundamental goals, which are the primary basis for its being. These must be easy and explicitly mentioned. Different establishments have various goals. For instance, the aim of a retail market may be to improve sales, but the purpose of the Spastics Society of India is to allow education to children with specific requirements. Management strengthens the energies of different individuals in the company towards accomplishing these goals.

17. Management is all Common – The activities associated with managing a firm are familiar to all companies, whether financial, cultural, or civic. A petrol pump must be regulated as much as a school or a hospital. What managers do in India, Japan, Germany, or the USA is identical. How they achieve it may be considerably diverse. This variation is due to the distinctions in tradition, history, and culture.

18. Management is a Perpetual Process – The method of management is a set of consecutive, composite, but distinct purposes (organising, planning, staffing, controlling, and directing). These operations are concurrently executed by all managers. The responsibility of a manager comprises a continuous series of duties.

19. Management is an Intangible Energy – It is an intangible strength that can’t be seen, but its proximity can be felt in the form of business operations. The outcome of management is remarkable in an industry where targets are reached according to procedures, employees are comfortable and content, and there are arrangements rather than confusion.

20. Management is a Group Activity – It implies that it is not a single person who completes all the actions of the industry, but it is always a group of people. Therefore, management is a group endeavour.

We hope that the offered Business Studies Index Terms for Class 12 with respect to Chapter 1: Nature and Significance of Management will help you.