Question

Differentiate between Industry and Management, on the basis of decision making.

Answer 1

Answer:

Management is defined as an act of managing people and their work, for achieving a common goal by using the organization’s resources. It creates an environment under which the manager and his subordinates can work together for the attainment of group objective. It is a group of people who use their skills and talent in running the complete system of the organization. It is an activity, a function, a process, a discipline and much more.

Planning, organizing, leading, motivating, controlling, coordination and decision making are the major activities performed by the management. Management brings together 5M’s of the organization, i.e. Men, Material, Machines, Methods, and Money. It is a result oriented activity, which focuses on achieving the desired output.

Explanation:

The administration is a systematic process of administering the management of a business organization, an educational institution like school or college, government office or any nonprofit organization. The main function of administration is the formation of plans, policies, and procedures, setting up of goals and objectives, enforcing rules and regulations, etc.

Administration lays down the fundamental framework of an organization, within which the management of the organization functions.

Answer 2

Management is a part of the industry and industry perims all those management functions.

Explanation:

• Management is the way of organizing people, things, and business. Management has a top, middle, and lower level and works under administration.

• Makes decisions on how will the work be done and who will do it. Thereby putting plans and policies into action, it focuses on managing work. Functions include executive and governing.

• The industry refers to a more specific group of companies, the term sectors and industry can be used interchangeably.

• A ministry includes various functions such as manufacturing, operations, and finance. Management is a part of the industry. Provides training opportunities.

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• brainly.in/question/15500341 answered by  AzariahisThick0993.