Important question of Business management Unit 1
1. What do you mean by management?
Ans- Management is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively.
2. Who is the father of modern management?
Ans- Peter Drucker is the father of modern management
3. Explain the need and importance of management?
Ans- Following are the importance and need of management are as follows-
1. Management helps in achieving group goal: Management tries to integrate the objectives of individuals along with organisational goal. Management directs the efforts of all the individuals in the common direction of achieving organisational goal.
2. Management improves efficiency: Managers try to reduce the cost and improve productivity with minimum wastage of resources. Management insists on efficiency and effectiveness in the work through planning, organising, staffing, directing and controlling.
3. Management creates a dynamic organization: Organisations have to survive in dynamic environment so managers keep making changes in the organisation to match the environmental changes. The employees in the organisation are generally resistant to change. Efficient management motivates employees to adopt changes willingly by convincing them that change is not only beneficial for organisation but it improves the employee’s work also in the competitive world.
4. Management helps in achieving personal objectives: An efficient manager is the one who brings maximum prosperity for employer as well as employees. Managers lead the people in such a manner that along with organisational goal individual goal of employees is also achieved. As organisational goal and individual goal are in one direction only. Individual wants to earn more and organisation wants maximum production. Employees can earn more by producing more. This will fulfill the objectives of both the groups.
5. Management helps in development of society: Efficient management always has multiple objectives, they give due importance to social obligations, towards different groups of people such as employees, customers, suppliers etc. It insists on providing quality goods, Helps in competitive salary, create employment opportunity etc. By increasing production management also contributes to increase in GDP (gross Helps in Brings domestic product) and leads to growth of nation.
6. Management brings harmony in work: In an organisation employees come from different backgrounds, they have different attitudes and different styles of working and if everyone starts following his own style, it can lead to chaos and confusion in the organisation. By giving directions managers bring uniformity and harmony in the action of employees.
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4. Motivation plays an important role in the management. Explain how?
Ans- Following are the different ways in which motivation plays an important role in the management are
1.Puts human resources into action
Every concern requires physical, financial and human resources to accomplish the goals. It is through motivation that the human resources can be utilized by making full use of it. This can be done by building willingness in employees to work. This will help the enterprise in securing best possible utilization of resources.
2.Improves level of efficiency of employees
The level of a subordinate or a employee does not only depend upon his qualifications and abilities. For getting best of his work performance, the gap between ability and willingness has to be filled which helps in improving the level of performance of subordinates. This will result into-
A.Increase in productivity,
B.Reducing cost of operations, and
C.Improving overall efficiency.
3.Leads to achievement of organizational goals
The goals of an enterprise can be achieved only when the following factors take place :-
A.There is best possible utilization of resources,
B.There is a co-operative work environment,
C.The employees are goal-directed and they act in a purposive manner,
D.Goals can be achieved if co-ordination and co-operation takes place simultaneously which can be effectively done through motivation.
4.Builds friendly relationship
Motivation is an important factor which brings employees satisfaction. This can be done by keeping into mind and framing an incentive plan for the benefit of the employees. This could initiate the following things:
A.Monetary and non-monetary incentives,
B.Promotion opportunities for employees,
C.Disincentives for inefficient employees.
In order to build a cordial, friendly atmosphere in a concern, the above steps should be taken by a manager. This would help in:
A.Effective co-operation which brings stability,
B.Industrial dispute and unrest in employees will reduce,
C.The employees will be adaptable to the changes and there will be no resistance to the change,
D.This will help in providing a smooth and sound concern in which individual interests will coincide with the organizational interests,
E.This will result in profit maximization through increased productivity.
5.Leads to stability of work force
Stability of workforce is very important from the point of view of reputation and goodwill of a concern. The employees can remain loyal to the enterprise only when they have a feeling of participation in the management. The skills and efficiency of employees will always be of advantage to employees as well as employees. This will lead to a good public image in the market which will attract competent and qualified people into a concern. As it is said, “Old is gold” which suffices with the role of motivation here, the older the people, more the experience and their adjustment into a concern which can be of benefit to the enterprise.
5. What are the basic functions of management?
Ans- Following are the basis functions of management are
01. Planning
Planning is a management process. It is the first step of management function. Planning is how to do a work, when have to do this work, who will do this work and by whom will do this work. Planning means the process of achieving goals, development and establishment. Planning means deciding how best to achieve goals, profit and applying best strategies.
02. Organizing
Organizing is the second function of management. it follows the planning. Organizing is a management process that refers to the relationship between people, work and resources that is used to achieve goals. In organizing system top management first fixes the common objective, way and resources. In organizing the manager make different kind of department and mixed all the department for better work.
03. Staffing
After the organizing, the function of management is staffing. Employee are the most important resource of any organization. The right staff is very important for a company because he can change and ensure the organization future success. Staffing is like a function or term that refers recruitment, selection, acquiring, training, appraising employees.
04. Directing
Directing is a process in which the managers instruct, guide and overview the performance of the workers of a company to achieve goals. Directing is a very hard and heart task of management process. it the function of Staffing. Planning, organizing, staffing have not any place if direction function does not play its role properly.Directing is a continuous process that run its function at top level and flows to the bottom with organizational hierarchy.
05. Motivating
Planning has been established and organization has begun now the motivation is necessary to carry out the whole work. In management motivation refers ways in which managers promote the productivity in their employees. Motivating is a manager's job to motivate employees to do their jobs well and fell to perform well with happiness.
06. Co-ordination
In the organization, different types of work are performed by various departments and no single department or group cannot achieve the goals if they don't work as a whole. Co-ordination has ensured the unity of action among individuals, departments, and groups in carrying out the different tasks as to achieve the organizational goals properly. The coordinating is only applies to group efforts but there is no need it when the only individual is working.
07. Controlling
Controlling is the last step in the management functions process. This process is simply the steps of the manager to determine whether organizational goals have been met. Controlling is a continuous and forward-looking process which is the standard of measurement of a company or organization. There is a close link in planning and control in the management function process.
6. Define principles of management. Also explain Henry Fayol's 14 principles of management.
Ans- Following are the 14 principles of management given Henry Fayol
1.Division of work:- work should be divided according to employee skills.
2.Authority and responsibility:- there should be a balance between authority and responsibility of the employee.
3.Discipline:- it is part of the core values of a vision and mission in the form of good conduct and respectful interaction.
4.Unity of command:- an individual employee should receive an order from one manager and that employee should be answerable to that manager only.
5.Unity of direction:- it is about focus and unity.
6.Subordination of individual interest to the general:- in order to have an organization function well. Henry Fayol indicated that personal interest is subordinate to the interest of the organization.
7.Remuneration:- it argues that the remuneration to the employee should be sufficient to keep the employee motivated.
8.Degree of centralization:- authority and management in an organization should be balanced.
9.Scalar chain:- there should be a clear line in the area of authority( from top to bottom and bottom to top)
10.Order:- in context with social order( responsibility of manager) the work environment must be safe and clean.
11.Equity:- Employees must be treated kindly and equally.
12.Stability of tenure of personnel:- represents the deployment and management of personnel and this should be balanced.
13.Initiative:- initiatives should be taken by the employees for the organization.
14.Esprit de corps:- stands for striving or the involvement and unity of the employee.Division of work:- work should be divided according to employee skills.
7. Management is the art of getting things done by others. How?
Ans- It means you are reliant upon the other people you instruct. You just are the conductor in aà manager positioning, but you are not the one playing the instruments.. Without people performing instrumentation, there would be no music, and so they ultimately fulfill the music and get it done, you just are instructing them upon how to do it,but you aren’t exactly the one doing the direct work. You are behind the scenes watching, and so if you didn't have people t put forth the effort in the work, nothing would be done.. You just would be.. You would be a bankrupted business if you were a manager and had no one to “manage”.. In order to get things done, you actually need people to get the things done in which you instruct of them.
Another way I can put it, is they are the horses and you the rider.. You cannot go anywhere without them. They are the ones enduring the labor as you sit upon them and do not work as much.. Though just as horseback riding is a workout for the rider, it still is for a manager- you have to ensure everything is smoothly and done right.. But it is nowhere as strenuous as it is for the horse- they are the ones listening to your every command, running, sprinting, galloping; they are the ones bringing in the money, taking the money from people, dealing with customers in a first defense, etc… You are there to take charge in emergencies, though- when the horse is spooked; when your employees are unable in “jumping” over an obstacle of a snide customer that makes it impossible for them to do their job well.. You handle those instances. Horses will buck at times though, especially if you work them too hard or don’t show them respect, and your employees work in the same regard most times; if you are too rigid, uncompromising, or demand far what is past their capability, they will “buck” you- leave, show you disrespect, complain to the authority above you, etc.. A horse only can run so far before they tire out, and your employees will have less energy and stamina to run if you work them far past their capability.. Different people have different staminas, so you need to learn how to gauge this accurately. If you are an inexperienced rider, horses may take advantage of this and not listen to you, or you may do things unintentionally that make them not want to listen to you- if you do not set firm boundaries you will get walked over/trampled, but if you are unfair people will not respect what you ask of them. Finding an effective in between is your job, and it will vary by person which is why you have to assess them precisely and you should concern yourself with understanding how others work individually… And when no command is given, the horse will operate as how they please; your workers will do whatever they please whilst on the job or do things you didn’t order of them to do.
So what ultimately is meant by this phrase is you have to learn how to craft the art of managing the people you are in charge of in a way that is effective and gets things done. You also should treat these people with respect, since they are listening to you and are the ones carrying out the duty. It will take skill to conduct a whole orchestra; multiple people.. You are there to ensure the labor is effective, productive and correct. But if you do not treat well to these people, they will be hesitant in listening to you, lose your trust, not work as hard and cut corners/cheat, and may quit the job altogether.. And for the sake of human decency, it would be wise of you to be considerate and accommodating regardless.. That is the real challenge of the skill- being firm enough to get things done and not let people slip so the soil is upheld for the mountain, but also not rocky and rigid enough to the point people have a hard time walking on your mountain of instruction.. The highest peak of the mountain in which is climbed is success and cooperation and respect are needed to obtain this height. Then also learning to properly assess people’s capability and capacity.
8. What do you mean by administration?
Ans- Administration refers to the process of running an organisation, office or business. This includes creating rules & regulations, making decisions, management of operations, creating organisation of staff/employees/people to direct activities towards achieving a common goal or objective.
9. Explain the role of manager in an organization.
Ans- Following are role of managers in business are :-
While a manager has a varied set of responsibilities, one of the key focus areas is “managing” the interpersonal relationships within the team.
Additionally a manager is responsible for the time, cost and quality of a project, all of which is influenced by above.
Like most things, there are good managers and bad managers.
A good manager will act like a leader. S/He will inspire her team through autonomy, mastery and purpose. Additionally she will protect the team from office politics and successfully negotiate greater resources for the team.
A bad manager will just be a manger, not a leader. S/he will just believe in carrots and sticks and tell her people what to do without explaining why. She will either be self serving or powerless to help the team thrive.
10. Differentiate between administration, management and organization.
Ans- Following are the different between management administration and organization
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