Introduction and Importance of Management

Chapter 1: Nature and Significance of Management - Class 12th

Introduction

• Disha Ma'am discussed how Chapter 1 'Nature and Significance of Management' of Class 12 can be covered with 100% clarity in one shot.
• The entire year of Class 12 is based on management, while 11th was based on business.

What is Management?

• Define management in simple terms: Management is the art of getting work done by others effectively and efficiently.
• Goal of management: Achieving the company's objectives.

Effectiveness and Efficiency

• Efficiency: Doing work with minimal cost. Minimizing waste of resources.
  • Example: The story of Karan and Arjun.
• Effectiveness: Completing work on time. Finishing tasks within deadlines.

Features of Management

• Goal-oriented Process: Focused on achieving the company's objectives.
• All Pervasive: Need for management in all types of businesses.
• Multi-dimensional: Managing work, people, and operations.
• Continuous Process: Required from the start to the end of a company.
• Group Activity: Everyone works together to achieve the goal.
• Dynamic Function: Adapting to changes in the external environment.
• Intangible: Management cannot be seen but can be felt.

Objectives of Management

1. Organizational Objectives: Survival, profit, growth.
2. Social Objectives: Welfare of society.
3. Individual (Human) Objectives: Welfare of employees.

Importance of Management

• Helps in Achieving Goals: Fulfilling the company's objectives.
• Increases Efficiency: Optimal use of resources.
• Builds Dynamic Organization: Helps in adapting to change.
• Develops Society: Upholds social responsibilities.

Levels of Management

1. Top Level: Making broad decisions for the company.
2. Middle Level: Managing departmental functions.
3. Lower Level: Direct management of employees.

Functions of Management

• Planning: Planning for the future.
• Organizing: Managing resources.
• Staffing: Appointing the right person at the right place.
• Directing: Guiding and motivating work.
• Controlling: Regulating activities.

Coordination

• Coordination means uniting the efforts of all departments and employees so that organizational objectives can be achieved.
• Importance: Coordination is required in all management functions and levels.

Features of Coordination

• Integrating Group Efforts
• Ensuring Unity of Efforts
• Functioning as a Continuous Process
• Present Everywhere
• Responsibility of All Managers
• Deliberate Activity

Importance of Coordination

• Coordination is needed in large-scale businesses.
• Coordination between different departments' tasks.
• Integrating expertise.

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Note: Understand these notes thoroughly and discuss any questions in the discussion section.