CBSE Class 12 Business Studies Chapter 1 - Nature and Significance of Management

Nature and Significance of Management Class 12 Revision Notes

The Nature and Significance of Management class 12 notes help you to identify and describe the characteristics of management and its importance in an organization. It explains the nature of management as an art, science, and profession. It also explains the functions of management and appreciates the nature and importance of coordination. Management is essential for all types of organizations like big or small, profit or non-profit, services or manufacturing. It helps individuals to make their best contribution towards achieving group objectives. We use it extensively for all types of activities and mainly for taking charge of different activities in any enterprise.

Management consists of a series of interrelated functions that all managers in an organization perform. It is the process of planning, organizing, staffing, directing and controlling the enterprise resources effectively and efficiently for achieving the goals of the organization. Effectiveness means doing the right task, completing activities and achieving goals. Efficiency deals with doing the task correctly with minimum cost.

Download Toppr app for Android and iOS or signup for free.

Sub-topics covered under Nature and Significance of Management:

Introduction to Management and its Characteristics/Objectives: This sub-topic explains about the management. It deals with its characteristics and objectives.
Coordination and Management in the Twenty-First Century: It deals with coordination among the managers of the organization. In the twenty-first century, we see management from a global perspective.
Levels and Functions of Management: It explains the top, middle and operational levels of management. It also explains functions of management like planning, organizing, staffing, directing and controlling.
Management as an Art: This sub-topic explains that art is the skillful and personal application of existing knowledge to achieve desired results.
Management as Profession: In this sub-topic, we will observe that organizations look for individuals with specific qualifications and experience to manage them.
Management as Science: This sub-topic explains that science is a systematized body of knowledge that explains certain general truths or the operation of general laws.