Nature and Significance of Management Test - 34

Management is science because of several reasons-it has universally accepted principles, it has cause and effect relationship, etc, and at the same time it is art as it requires perfection through practice, practical knowledge, creativity, personal skills, etc. Management is both art and science.

Leadership is the quality which is most sought after in a manager. The process of bringing people together to accomplish organisational goals is called leadership. A person who works with a team of members having same goals is called a team leader.

Policies and Strategies are formulated under planning function.

There are various types of plans which are as follow: 1. Objective  2. Strategy  3. Policy  4. Procedure  5. Method  6. Rule  7. Programme  8. Budget

Management might plan- for a short period and also for long period. The time period depends on the organizational objectives. Management helps to achieve group goals. It also helps to use available resources at an optimum level.

Providing employment to the disadvantaged sections of society is a part of social objective of management.

There are three organisational/economic objectives of management:
1. Survival   2. Profits   3. Growth

Accountant is not included in Top Level Management.

Top level managment consists of the senior-most executives of the organisation. They are usually referred to as the Chairman, Board of Directors, Managing Directors, Chief Executive Officer, Chief Operating Officer, President and Vice-President etc.

We can have the same kind of experimentation in management as is possible in natural sciences- this is a false statement. Management deals with the human behaviour and complex human phenomenon about which knowledge is limited. It is not true that we can have the same kind of experimentation in management as is possible in natural sciences.

Management has to adapt itself and its goals according to the changing needs of the business environment.

Middle level management consists of Finance Manager.

Middle level management consists of divisonal and departmental heads. As there may be following functional department in an organisation:  1. Production department  2. Finance department  3. Marketing department  4. Human Resource department

Cooperation is an act of working or acting together for a common purpose for benefit it aims to help each other. It is more or less active assistance from a person, organisation etc.