Class 12 Business Studies - Management
Management is the process of getting things done with the aim of achieving goals effectively and efficiently.
1. Effectiveness vs Efficiency
- Effectiveness: Doing the right task and achieving goals on time.
- Efficiency: Doing the task correctly at the minimum cost (Optimum utilization of resources).
2. Characteristics of Management
- Goal-oriented process.
- All-pervasive: Required in all types of organizations (Social, Economic, Political).
- Multidimensional: Management of work, people, and operations.
- Continuous process.
- Group activity.
- Dynamic function: Has to adapt to changes in the environment.
- Intangible force.
3. Objectives of Management
- Organizational Objectives: Survival, Profit, and Growth.
- Social Objectives: Creating employment, eco-friendly production, etc.
- Personal Objectives: Fair wages, good working conditions, etc.
4. Importance of Management
- Helps in achieving group goals.
- Increases efficiency.
- Creates a dynamic organization.
- Helps in achieving personal objectives.
- Helps in the development of society.
5. Levels of Management
- Top Level: Policy making (CEOs, Board of Directors).
- Middle Level: Execution of plans (Departmental Managers).
- Operational/Lower Level: Direct supervision (Foremen, Supervisors).
Tip: Distinguish between 'Effectiveness' and 'Efficiency' using a comparison table in your exam for better marks! 📈📋
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