Smart Study by Anushka
Class 12 Business Studies
Chapter 1: Nature and Significance of Management
Full Notes + PYQs
Smart Study by Anushka
1. Introduction to Management
Management is the process of getting things done with the aim of achieving goals effectively and
efficiently.
It involves planning, organizing, staffing, directing, and controlling the efforts of people to achieve
organizational objectives. Effectiveness means completing tasks correctly and achieving goals,
while efficiency means using resources wisely and cost-effectively.
2. Characteristics of Management
1. Goal-Oriented Process - Management focuses on achieving organizational goals.
2. Pervasive Function - It is applicable in all types of organizations: business, government, hospitals,
etc.
3. Multidimensional - It involves management of work, people, and operations.
4. Continuous Process - Management is an ongoing process without an end.
5. Group Activity - It involves coordination among people with different roles.
6. Dynamic Function - Management adapts to changes in the environment.
7. Intangible Force - It cannot be seen but is felt through the results it achieves.
3. Objectives of Management
1. Organizational Objectives - These include:
a) Survival - Earning enough revenue to cover costs.
b) Profit - Providing incentives to continue operations.
Class 12 Business Studies
Chapter 1: Nature and Significance of Management
Full Notes + PYQs
Smart Study by Anushka
1. Introduction to Management
Management is the process of getting things done with the aim of achieving goals effectively and
efficiently.
It involves planning, organizing, staffing, directing, and controlling the efforts of people to achieve
organizational objectives. Effectiveness means completing tasks correctly and achieving goals,
while efficiency means using resources wisely and cost-effectively.
2. Characteristics of Management
1. Goal-Oriented Process - Management focuses on achieving organizational goals.
2. Pervasive Function - It is applicable in all types of organizations: business, government, hospitals,
etc.
3. Multidimensional - It involves management of work, people, and operations.
4. Continuous Process - Management is an ongoing process without an end.
5. Group Activity - It involves coordination among people with different roles.
6. Dynamic Function - Management adapts to changes in the environment.
7. Intangible Force - It cannot be seen but is felt through the results it achieves.
3. Objectives of Management
1. Organizational Objectives - These include:
a) Survival - Earning enough revenue to cover costs.
b) Profit - Providing incentives to continue operations.
