Nature and Significance of Management Test - 2

Efficiency means doing the task correctly and with minimum cost.In the above case, Production manager was able to cut down the cost. That's why he is efficient.

Effectiveness in management is concerned with doing the right task, completing activities and achieving goals or target. In the above case, Production manager could not achieve the target production of 22,000 units in a year. That's why he is effective.

Effectiveness in management is concerned with doing the right task, completing activities and achieving goals or target.In the above case manager was able to achieve the target of 25,000 units in a year. That's why he can be called effective. 

Efficiency means doing the task correctly and with minimum cost. In the above case manager achieved the target at higher production cost. That's why he can not be called efficient.

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

Policies and Strategies are formulated under planning function.

There are three organisational/economic objectives of management :

1. Survival   2. Profits   3. Growth

Providing employment to the disadvantaged sections of society is a part of social objective of 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.They are responsible for all the activities of the business and for its impact on society.

Accountant is not a position of senior most executive in an organisation.

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

The manager, who heads these department comes at middle level management. so finance manager comes under middle level management.

President, Chairman, Director, Chief executive officer, Chief finance officer etc. are senior-most top executives of the organisation who comes at Top level management

Supervisor directly oversees the efforts of the workforce who comes at supervisory or operational management.

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. whereas the process by which a manager synchronises the activities of different departments is known as coordination. 

coordination is deliberatly synchronising the activities of different departments or indiviudals whereas cooperation is willing spirit of helping each other.

The other two aspects given in the option of this question (Planning and Staffing) are functions of management

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.

Their work is not concerned with control of operative level employees as this has to be done by Middle Level Management. Apart from that overseeing the efforts of worker has to be done by Operational or Supervisory Management

Management is multidimensional which has three dimensions:

1. Managment of work

2. Management of people

3. Management of operations

Management is directly concerned with managment of people as people are an organisation's greatest asset. Getting things done through people is still a major task for the manager.

Managing people has two dimensions.

(i) it implies dealing with employees as individuals with diverse needs and behavior;

(ii) it also means dealing with individuals as a group of people.

Chairman, Chief Executive Officer, Chief Operating Officer, Managing Director, Board Of Director, President, Vice-President are senior most executives in an organisation. Top Management is a team consisting of managers from different functional levels, heading finance, marketing etc. For example Chief Marketing Officer, Chief Finance Manager etc.They are part of Top Level Management.