Nature and Significance of Management Class 12 Notes: CBSE 12th Business Studies Chapter 1, Download PDF

CBSE Class 12 Nature and Significance of Management Notes: Here, students can find handwritten Class 12 Business Studies Chapter 1 Nature and Significance of Management Notes. This will guide you in appropriate revision for upcoming CBSE Board Exam.

Nature and Significance of Management Class 12 Notes: This article brings to you complete and detailed revision notes for CBSE Class 12 Chapter 1 Nature and Significance of Management. These handwritten notes on the nature and significance of management from Class 12 Business Studies are for students of the current academic session 2023-2024. Nature and Significance of Management Class 12 notes pdf download link has been attached below for your reference.

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Related:

CBSE Class 12 Business Studies MCQs

CBSE Class 12 Business Studies Mind Maps

NCERT Solutions for Class 12 Business Studies 2023-2024

Nature and Significance of Management Class 12 Revision Notes

What is Management?

Management is a larger term that incorporates various activities and takes charge of various existing activities in an enterprise. The act of managing, controlling, and ensuring the proper functioning of an organisation is the primary motive of management. Various other activities merged together to ensure smooth-functioning if an enterprise is called management. Every organization needs to have management and people to handle it. The main agenda of management is to bring effectiveness and efficiency to work.

Characteristics of Management

Different characteristics of management are as follows:

• It is a goal-oriented process
• It is all pervasive
• It is multi-dimensional- Management takes place in three domains: Work, people, and operations
• It is a continuous process
• It is a group activity
• It is a dynamic function
• It is an intangible force

Objectives of Management

The following are the objectives of management:

• Organisational Objective- Management is responsible for setting and achieving objectives for the organisation. The main objective of any organisation should be to utilise human and material resources to the maximum possible advantage. These are survival, profit, and growth.
• Social Objective- Every business has a social obligation to fulfill. It carries a social responsibility with itself. This responsibility could be serving a social cause, helping a certain section of our society, or working towards something of public interest. Environmental protection and providing amenities are some of the most applied social objectives of an organization.
• Personnel Objective enterprise is formed by a group of people with diversified interests, objectives, and experiences. It is an objective of management to ensure that the personnel goals of the employees align with the company’s objectives.

Importance of Management

Management is important because of the following reasons:

• Helps in achieving group goals
• It increases efficiency
• It creates a dynamic organisation
• It helps in achieving personnel objectives
• It helps in the development of society

Management as an Art- Management is considered to be an art because it makes use of some of the important features of art in it. These features are as follows:

• Any form of art is based on theoretical knowledge. Similarly, management is based on some principles and theories laid out by prominent personalities.
• The derived theories have to be personally and individually applied to form an art. Similarly, management is a personal application that varies from person to person.
• Good management is based on practise and creativity.

Management as a Science- Management is a combination of science because of the following features it uses from science. The features are as follows:

• Management is based on principles and theories and thus it is a systematized body of knowledge.
• All these principles are formed after experimentation
• The usage of principles of management is not universal and has to be modified as per the existing trends and situation

Management as a Profession- The following features of the profession define management as a profession:

• Since management is based on principles, it is a well-defined body of knowledge
• It is restricted by either an examination or test to be a profession
• Management as a profession has been associated with various bodies of government.
• It is based on a specified goal

Levels of Management

Different levels of management are as follows:

• Top Management
• Middle Management
• Supervisory or Operational Management

Functions of Management

Functions of Management are as follows:

• Planning
• Organising
• Staffing
• Directing
• Controlling

Co-ordination- The essence of management

Coordination is the force that binds all the other functions of management. It is the common thread that runs through all activities. The process of coordinating the activities of an organization begins at the planning stage itself.

Characteristics of Coordination

• Coordination integrates group efforts
• It ensures unity of action
• It is a continuous process
• It is an all-pervasive function
• It is the responsibility of all the managers
• It is a deliberate function

 Importance of Coordination

• With time, the size of an organization increases, thus increasing the need for efficient coordination between different teams working towards achieving the same objectives.
• Co-ordination becomes easy when there is a functional division between a huge amount of people on the basis of their work
• Nowadays, every organization looks towards achieving the ultimate goal of specializing. Co-ordination is required to even dream of becoming one.

To download revision notes for Class 12 Nature and Significance of Management, click on the link below

Also Read:

CBSE Class 12 Business Studies Syllabus 2023-2024

CBSE Class 12 Business Studies Sample Paper 2023-2024