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Questions
Explain any four features of management.
Explain any four characterics of management
Solution
Importance of management:
i. Universal applicability: The management phenomenon is common across all kinds of organisations in terms of size and operations. This is because management serves the very basic purpose of creating better value for the organisation as well as its stakeholders and employees. Without management, determining and achieving targets become a daydream and all valuable resources of the organisation get wasted.
ii. Result driven: Management is result driven as it focuses on key tasks required to be accomplished in an organisation through planning, organising, staffing, directing and controlling its operations. Management primarily ensures that the basic purpose of existence of an organisation is accomplished.
iii. Perpetual: The practice of management is not limited to a particular time period in an organisation. It is a process which takes place throughout the life of an organisation. However, the activities which management pursues on a day-to-day basis differ across different time periods.
iv. Flexible: Management attempts to remain flexible in times of big economic, political and internal fluctuations in the business. It ensures that the interest of the organisation is given supreme priority among all other mundane matters. Without management, an organisation would wind up in the initial stages of its operations easily due to its inability to tackle the above fluctuations.
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| Column I | Column II | |
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