Nature and Significance of Management — Business Studies STD 12 Commerce — Question
CBSE BoardEnglish MediumSTD 12 CommerceBusiness StudiesNature and Significance of Management4 Marks
Question
Discuss the basic features of management as a profession.
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Answer
The following are the basic features according to which management can be viewed as a profession.
Systemised Knowledge: Management is based on a systemised and well defined body of knowledge comprising of principles and theories. This knowledge can be attained through various colleges, institutes and books.
Professional Association: As every profession, management is also affiliated to a professional association that regulates the functions of the members. For example, in India the AIMA (All India Management Association) regulates the functioning of its member managers. However, there is no compulsion for every manager to be member of the association.
Restriction to Entry: Although no specific qualifications or degrees are required to be a manger, however, professional knowledge in terms of management degrees and diplomas are preferred. To some extent, this restricts the entry of people in management as a profession.
Code of Conduct: Every profession follows a particular code of conduct that acts as a guiding principle for the ethical behavior of its members. Through good management, the production takes place in an effective and efficient manner and quality goods and services are provided to the society at a fair price.
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