Nature and Significance of Management Test - 35

The work performed by Top Level Management is complex and stressful because they have to devote long hours and commitment to the organisation.These top level managers are responsible for the welfare and survival of the organisation.They are responsible for all the activities of the business and for its impact on society.

Management is not a tangible force because it cannot be touched and seen but its presence can be felt in the way organisation functions.

Supply of quality goods is a social objective as it involves the creation of benefit for the society.

There are three organisational/economical objective of managment:

1. Survival
2. Profit
3. Growth

Management, as a profession has existed for years.

• Specialized Knowledge: Management professionals need specialized knowledge to work in their respective fields.
• Training and Education: Modern management science allows aspirants to gain their necessary knowledge and training.
• Code of Conduct: Every professional working in this domain needs to abide by specific rules and regulations or codes of conduct.

Coordinating and controlling functions are carried out in order to achieve organisational goals effectively. It includes measuring the results against the specific organisational objectives. After measurement, corrective measures are taken for reaching the goal efficiently.

Management is an inexact science. It deals with the complex human phenomenon about which knowledge is still limited. Management is also defined as an inter-disciplinary science as it draws subject matters from other disciplines.

Operation researchers and analyst primarily belong to group of mathematics approach. Scholars belonging to Mathematics Approach are of the opinion that if planning, decision-making, organizing etc., conform to logical processes then the same can easily and suitably be presented in mathematical symbols.

Coordination is indeed a pervasive function in management because it is necessary at all levels of an organization, from top management to lower-level employees, to ensure that various functions and activities are aligned towards achieving the organization's common goals. 

Coordination is an essence of management.

Coordination is the force that binds all the other functions of management. Coordination is implicit and inherent in all functions of an organisation.

Controlling as a managerial function is very instantaneous, self correcting and forward looking. controlling means ensuring that activities in an organisation are performed as per the plans. Controlling also ensures that an organisation's resources are being used effectively and efficiently for the achievement of predetermined goals.