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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
Management is a complex activity that has three main dimensions. Explain these dimensions.
✓

Answer

'Science is a systematized body of knowledge that explains certain general truthsor the operation of general laws.' The features which describe management as science are:
  1. Systematic body of knowledge: Management has its own body of theories and principles that were developed over the years. In addition, it has its own vocabulary.
  2. Theories based on experimentation: The principles of management have developed over the years based on repeated observations and experiments. However, as management deals with human behavior, no exact cause-and-effect relationship can be established.
  3. Universal validity: Theories and principles of management are valid universally to a great extent. They can be used to impart basic knowledge and managerial skills to budding managers.

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