Nature and Significance of Management

Topics in this chapter

• Meaning and Nature of Management
• Objectives of Management
• Importance of Management
• Dimensions of Management
• Management Functions and Levels
• Coordination in Management
• Efficiency and Effectiveness
• Management as Art, Science and Profession

Cheat sheet

Practice questions

1. Question 1Q-6537D7

   Rohan is working as a regional manager in a manufacturing firm. He ensures that his department meets its production targets efficiently by minimizing resource wastage and effectively by achieving the goals on time. Which twin concepts of management are highlighted here?

   1. A.Coordination and Cooperation
   2. B.Efficiency and Effectiveness
   3. C.Planning and Controlling
   4. D.Administration and Management
   See the answer and solution
2. Question 2Q-35AD0C

   Management is not only a source of livelihood but also has a well-defined code of conduct, professional association, and ethical guidelines. However, it does not restrict entry based solely on a specific educational degree like medicine or law. What conclusion can be drawn about management as a profession?

   1. A.Management is a full-fledged profession in every sense.
   2. B.Management is not a profession at all.
   3. C.Management is a profession in practice but lacks some features like restricted entry, making it an emerging profession.
   4. D.Management is purely an art and has nothing to do with being a profession.
   See the answer and solution
3. Question 3Q-D0B02C

   At which level of management does a Chief Executive Officer (CEO) operate?

   1. A.Operational level
   2. B.Middle level
   3. C.Top level
   4. D.Supervisory level
   See the answer and solution
4. Question 4Q-3D846A

   A manager applies the theoretical principles of Henry Fayol in organizing a new project team, modifying them based on personal experience and judgment. Which two aspects of management are simultaneously reflected here?

   1. A.Management as Science and Management as Art
   2. B.Effectiveness and Efficiency
   3. C.Coordination and Cooperation
   4. D.Supervision and Administration
   See the answer and solution
5. Question 5Q-A9F4E3

   Which of the following dimensions of management involves translating broad organizational objectives into specific departmental goals, assigning duties, and motivating employees?

   1. A.Management of Work
   2. B.Management of People
   3. C.Management of Operations
   4. D.Management of Environment
   See the answer and solution