Cheat sheet · Class 12 · CBSE · Commerce Business Studies
Nature and Significance of Management cheat sheet
The whole chapter on one page: key formulas, facts and the points to remember, for quick revision before a test.
CBSE Class 12 · Business Studies
Cheat sheet
Chapter 1Nature and Significance of Management
Functions: Planning, Organising, Staffing, Directing, Controlling — “POSDC”.
1. Meaning
Getting things done effectively (right goals) and efficiently (least cost).
- goal-oriented
- pervasive
- multidimensional
- continuous
- group activity
- dynamic
- intangible
2. Objectives
Organisational
survival, profit, growth.
Social
benefit society.
Personal
employees' needs.
3. Nature
| As | Verdict |
|---|---|
| Science | inexact (behavioural) science |
| Art | yes — personal skill, practice, creativity |
| Profession | not a full profession (no compulsory degree or licence) |
Levels: top (strategy), middle (implementation), supervisory/operational (oversee workers).
4. Coordination
The essence of management — integrates group efforts; it is all-pervasive, continuous and deliberate.
5. Key Points
- Effectiveness = doing the right task.
- Efficiency = doing it with least resources.
- Management helps achieve personal and group goals.
- Coordination is not a separate function.
Remember: Effective vs efficient | features | levels | coordination
Nature and Significance of Management: questions and notes
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