Answer the following questions in a sentence.
What is management?
The term ‘management’ means dealing or controlling things with people. It may also refer to a field of learning or branch of knowledge.
Answer the following questions in a sentence.
What do you mean by decision making?
‘Decision Making’ is termed as the mental selection of a thing from a collection of two or more selective things.
Answer the following questions in a sentence.
What is individual decision and what is collective decision?
Individual decision refers to the decision or idea selected by any supreme individual of any organisation in a small business organisation.
Collective decision refers to the final decision jointly taken by a board of members or Board of Directors of any organisation.
Answer the following questions in a sentence.
What is the principle of authority and responsibility in principles of management?
The principle of authority and responsibility refers to the official authority and individual responsibility which is gathered through vast experiences, intelligence, moral worth etc.
Answer each of the following questions in about four to five sentences.
What are the principles of management suggested by Henry Fayol?
The principles of management suggested by Henry Fayol are as follows:
• Division of work- The efficiency of work becomes more when it is divided among skilful employees.
• Authority and responsibility- It refers to the official authority and individual responsibility which comes from experience and intelligence.
• Discipline- This refers to the managerial authority and disciples among the employee to conduct an efficient work and complete in due time.
• Unity of Command- This asks an employee to receive orders from one superior only.
• Unity of Direction- It directs a team having a leader and other employees to fulfil the objective of the plan.
• Sub-ordination and individual interest to general interest- It tells that there shouldn’t be any difference among each other and cooperate fully.
• Remuneration of Personnel- The remuneration and methods of payment should be fair and satisfactory to the employee.
• Centralisation- It refers to the extent to which the authority is concentrated, so that it gives overall yields.
• Scalar chain- This principle tells that in every enterprise there should be graded authority or superior-subordinate relationship.
• Equity- It states that there must be good co-operation among the employee.
• Stability of security to personnel- The management should look toward the job security of its employees.
• Initiative- The management should think of the final goals and progress accordingly.
• Espirit De-Corps- It focuses on the principle ‘Unity is Strength’.
Answer each of the following questions in about four to five sentences.
What are the functional areas of management?
The functional areas of management are classified into the following categories:-
• Planning- It is one of the most important functional areas of management. After a goal is set, a proper strategy should be followed to fulfil the goal in time. To achieve a goal, a proper planning which includes the small tasks, strategies, policies, procedures and schedules should be set.
• Organising- It is another functional area of management which includes summing up of the plan, man power and other resources to fulfil the set target. It also involves co-ordination of the manager and the employee to work in a better prospective thus fulfilling the target. It also involves delegation of sufficient authority to the managers.
• Staffing- It’s the function related to training, recruiting of skilled people, selection, growth and development of all the members of the organisation.]
• Directing- It is an important function in business management where the higher authority instructs, guides, supervise to the employees in accordance with the goals. The way in which the target is planned is carried out by the authority to fulfil the set targets.
• Co-ordination- Co-ordination is a function in business management which focuses on the principle ‘Unity is Strength’. It’s the harmonious blending of the activities of different departments for the achievement of the desired goals in due time.
• Controlling- Controlling is perhaps the most important area of managerial function which regulates all the function of the management. This is to be followed by each and every manager to fulfil the objective in a better way. He should take care of the order and discipline of the organisation; take timing updates from his employee regarding the work whether it is going according to the pre plans thereby increasing the efficiency of the organisation.
Answer each of the following questions in about four to five sentences.
Write about the authority and responsibility, scalar chain and centralization in principles of management.
The principle of authority and responsibility refers to the official authority and individual responsibility which is gathered through vast experiences, intelligence, moral worth etc.
Scalar chain tells that in every enterprise there should be graded authority or superior-subordinate relationship.
Centralisation refers to the extent to which the authority is concentrated, so that it gives overall yields.
Answer each of the following questions in about four to five sentences.
What is the need for decision making in management of business?
Decision making is utmost important in management of business. A correct decision can lead to a good progress or profit of the organisation where as a wrong decision can lead an organisation to a huge loss. Every step in a business requires a proper experienced decision.
Answer each of the following questions in about four to five sentences.
What are the important elements of decision making?
The important elements of decision making are as follows:-
• Establishing goals
• Searching for alternatives
• Rational thinking and reasoning
• Evaluation
• Defining tasks
• Developing plans
• Situation
Answer each of the following questions in about four to five sentences.
What factors are to be kept in mind, while taking a decision?
The factors that should be kept in mind while making a decision are as follows:-
• Analysing the problem and its details
• Proper planning of course of action by some experienced individual
• Maintaining courage and patience
• Foresightedness
• Ability to take quick and wise decision.
Answer each of the following questions in about four to five sentences.
What do you mean by planning and organisation in functional areas of management?
Planning is one of the most important functional areas of management. After a goal is set, a proper strategy should be followed to fulfil the goal in time. To achieve a goal, a proper planning which includes the small tasks, strategies, policies, procedures and schedules should be set.
Organisation is another functional area of management which includes summing up of the plan, man power and other resources to fulfil the set target. It also involves co-ordination of the manager and the employee to work in a better prospective thus fulfilling the target.
Answer each of the following questions in about four to five sentences.
How is controlling an important area of managerial function?
Controlling is perhaps the most important area of managerial function which regulates all the function of the management. This is to be followed by each and every manager to fulfil the objective in a better way. He should take care of the order and discipline of the organisation; take timing updates from his employee regarding the work whether it is going according to the pre plans thereby increasing the efficiency of the organisation.
Answer each of the following questions in about four to five sentences.
What are the main objectives of controlling areas?
The main objective of the controlling areas are as follows:-
• To create a proper working atmosphere of order and discipline where everyone works in a co-ordinated way.
• To ensure timing updates of the work from the employee about the work whether it is running according to the pre-determined plans
• To achieve the overall increase of efficiency of the organisation.
Answer each of the following questions in about four to five sentences.
“Directing and co-ordinations are very important functions in business management” how?
Directing is an important function in business management where the higher authority instructs, guides, supervise to the employees in accordance with the goals. The way in which the target is planned is carried out by the authority to fulfil the set targets.
Co-ordination is a function in business management which focuses on the principle ‘Unity is Strength’. It’s the harmonious blending of the activities of different departments for the achievement of the desired goals in due time.