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Nature and Significance of Management — Business Studies STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceBusiness StudiesNature and Significance of Management3 Marks
Question
“Art is concerned with personal application of knowledge.” In the light of this statement, compare all the features of art with management and prove that it is an art.
✓

Answer

The following points prove that management is an art:
  1. Existence of theoretical knowledge: Art assumes that there exists certain theoretical knowledge. In Management, there is existence of theoretical knowledge. Lot of literature is available for marketing, finance and human resources, etc.
  2. Personalised application: Art is a personalized concept as application of knowledge varies from person to person. A manager applies the acquired knowledge in personalised manner according to a given situation.
  3. Based on practice and creativity: Art involves the creative practice of theoretical knowledge. Managers also apply the principles differently depending on how creative, imaginative and innovative they are.

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