STRIVE TO EXCELL IN BUSINESS STUDIES

CHAPTER_2_ PRINCIPLES OF MANAGEMENT  Meaning: Principles refers to a statement which reflects the fundamental truth about some phenomenon. Management principles are derived on the basis of observation and analysis of events which managers have to face in actual practice.  Definition :  As defined by H.G Hicks, “Principles of management are the guiding rules or laws for managerial action.”  Principles of management are broad and general guidelines for decision making and behaviour of managers. Nature of Management Principles:  1. Universal Applicability:  Principles of management are universal in nature. They have universal application in all types of organizations and in all places like business organizations, police force, sports clubs, family etc.  2. General Guidelines :  Management principles are derived from experience and analysis and they are in the form of mere statements. These statements are guidelines for action but not provide solutio...

Chapter :1_Nature and significance of management Which force is consisted as the essence of management? ‘Doing the task with minimum cost” name the term associated with management? ‘In order to be successful, an organization must change its goals according to the needs of the environment. Which characteristics of management are highlighted in this statement. Which function of management is bridges the gap between where we stand today and where we want to reach. Name the function of management which establishes organization structure and establishes authority and responsibility relations? In which functions of management standards are compared with actual, deviations are find out and corrective steps are taken?   Departmental manages are included at which level of management? Name the level of management the following parts belongs to.:   Purchase managers,  CEO, Superintendent. ‘Survival profit and growth are essential target of any business’ which objectives of managemen...

Chapter 1: Nature and significance of management Meaning of management: Management is an art of getting things done with and through others.  Definition of management: Management can be defined as, the process of getting things done with the aim of achieving organizational goals effectively and efficiently.  Meaning of Efficiency and Effectiveness: Efficiency  means doing the task correctly at minimum cost  through optimum utilization of resources. Effectiveness  is concerned with end result means completing the task correctly within stipulated time.  Both the terms efficiency and effectiveness are different yet they are inter related. So, it is important for management to  maintain a balance between the two.  Characteristics of Management:  1. Goal oriented Process:  It is a goal oriented process, which is undertaken to achieve already specified and desired objectives by proper utilization of available resources.  2. Pervasive : Ma...