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

CBSE BoardEnglish MediumSTD 12 CommerceBusiness StudiesNature and Significance of Management6 Marks
Question
Discuss the functions of management in brief.
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Answer

Following are the functions of management:
  1. Planning: Planning refers to thinking before hand. Under this it is decided-what is to be done, how it is to be done, when it is to be done and by whom it is to be done.
  2. Organising: Organising refers to harmonious adjustment of various elements to achieve common objectives. It involves determining activities needed to achieve the objectives, grouping these activities into departments, assigning such group of activities to managers and defining the interrelationship among various posts so that ambiguity in performance of duties can be eliminated.
  3. Staffing: Staffing refers to filling and keeping filled the posts with people. It ensures that competent persons are appointed. The chief activities undertaken in it are recruitment, selection, training, promotion, transfer, etc.
  4. Directing: Directing refers to instructing, guiding, communicating and inspiring people in the organisation. It includes the following four activities:
  1. Supervision: It refers to monitoring the progress of work of one’s subordinates and guiding them properly.
  2. Communication: It refers to an art of transferring facts, ideas, feelings, etc. from one person to another and making him understand them.
  3. Leadership: It refers to influencing others in such a manner to do what the leader wants them to do.
  4. Motivation: It refers to that process which excites people to work for the attainment of a desired objective.
  1. Controlling: Controlling refers to bringing the actual results closer to the desired results. Under controlling, deviations are sought to be noticed in the actual work progress and the standards already determined, the causes of deviations are found out and corrective action is taken so that in future the mistakes are not repeated.

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