1. Name any three characteristics of management. 2. What do you meant by Liberalization and Privatization? 3. List the functions of Management. 4. Management should find 'One best way to perform a task. Which technique of scientific management is defined in this sentence? 5. List any four significance of Principles of Management..
Answers
Answer:
1. The characteristics of management are:
Goal-oriented.
Pervasive.
Multi-dimensional.
Continuous process.
Group activity.
Dynamic function.the roles and functions of the government in the economy to promote private sector. ... Privatization is defined as transfer of ownership from public sector to private sector. It is the process of reducing the role of State or public sector in the economic activities of a country.
3. At the most fundamental level, management is a discipline that consists of a set of five general functions: planning, organizing, staffing, leading and controlling. These five functions are part of a body of practices and theories on how to be a successful manager.
4.The correct answer is method study. Management should find the best method to perform a particular task. the best method is one which gives maximum output with minimum wastage of resources.
5.The following points highlight the importance of management.
1. Achievements of goals: The efforts of all the individuals must be organised and directed towards the common goals of the organisation. Managers of an organisation help in achieving the common goals by listing down what is to be done, how is to be done by whom it is to be done.
2. Increases efficiency: The managers of an organisation aim at increasing efficiency. An increase in efficiency implies minimising the costs and increasing the productivity through the optimum utilisation of resources. All possible methods are adopted to ensure cost effective discharge of allocated tasks.
3. Create dynamic organisation: Business today operate in a constantly changing business environment. It is generally observed that individuals are reluctant to changes, therefore it is managers who help overcome resistance and motivate people to adopt to the changes in external factors such as political, social, environmental and economical changes.
4. Development of society: Management must contribute to the developments of society by producing good quality products at fair prices, using honest selling practices, etc. This will help business enjoy a comparative advantage over the rival firms in a competitive environment.
Intangible force.
2.
1) Any three characteristics are:
1) Goal oriented: Management is a goal oriented process as it leads to achievement of common goals.
2) Multi dimensional: Management is a multi-dimensional as it is required to manage work, people and operations.
3) Continuous process: Management is a continuous process as it is performed continuously in the organization.
2) Liberalism means the order of the market or capitalist economy relying predominantly on competition and private sector.
Privatization policy has been adopted as a part of the liberalisation. Privatization is defined as transfer of ownership from public sector to private sector.
3) Five general functions of management are: Planning, Organizing, Staffing, Leading and Controlling.
4) The correct answer is method study. Management should find the best method to perform a particular task. the best method is one which gives maximum output with minimum wastage of resources.
5) Any four significance of Principles of Management are:
1) Insights to reality
2) Suitability to dynamic environments
3) Social responsibily
4) Optimum utilisation of resources.
5) Logical decisions.
(any four you can write)