9th BS1 MANAGEMENT OF BUSINESS

 9th Standard Notes

By VEERESHI P ARAKERI

(BUSINESS STUDY)

BS-1, MANAGEMENT OF BUSINESS

I. Answer the following questions in a sentence each:

1.  What is management?

Ans.  Management  is  the  process  of  getting  pre-determined things done through others by directing their efforts in integrated and co-ordinated objectives of business. It is the sum total of the Principal functions namely (i) planning, (ii) organizing,

(iii)   staffing,   (iv)   directing,   (v)   co-ordinating   and   (vi)

controlling.

2. What do you mean by decision making?

Ans. Functional areas of Management may be classified into different   areas.   Some   of   them   are   as   follows:   (i) Planning, (ii) Organizing, (iii) Staffing, (iv) Directing, (v) Co-ordination, (vi) Controlling.

i) Planning:      The      process      of      planning      includes determination of organizational objective and formulation of plans, policies, strategies, programmes, procedures and schedules.

(ii) Organizing: is the process of bringing together the man power and material resources.

(iii)  Staffing: It is the function concerned with the recruitment, selection, placement, training, growth and development of all members of the organization.

(iv)   Directing:   It   is   the   area   of   instructing,   guiding, supervising and leading the people of an organization 

towards accomplishment of the goals.

(v) Co-ordination: It is the arrangement of group efforts to provide unity  of  actions  in  the  pursuit  of  common purpose.

(vi) Controlling: It covers almost all the management activities. It keeps check on other functions of management

3. What do you mean by authority and responsibility, scalar chain and centralization in principles of management?

Ans. Authority and Responsibility: This principle refers to the authority    and    responsibility,    which    are    the combination of official authority and personal responsibility. Both are compounded with ~ intelligence, experience, past experience, moral worth etc.

Centralization: This principle refers to the extent to which authority is concentrated, so that it gives the overall yields.

Scalar Chain: This principle means that every enterprise should have some sort of graded authority or superior subordinate relationship. The range of authority  and responsibility  of superons  in  relation  to  subordinates  at  various  levels should be clearly defined.

4. What is the need for decision making in management of business?

Ans:   Each   business   organization   has   its   own   goals   and objectives in order to achieve these objectives and goals the business organisation has to take decision. There are number  of  choices  available  even  in  a  small  matter. Suppose a business has to transport goods, he has to take a decision about the mode of transportation whether to send the goods through a trick, tempo, train or by air, He has to choose one among the several alternatives and that alternative  should  be  best  suited  and  economical.  It  is based on the decision which one business man has taken. Thus the decision making plays a very significant role in the business.

5. What are the important elements of decision making?

Ans. Important elements of decision making are as follows: i) establishing   goals   ii)   searching   for   alternatives   (iii) rational thinking and reasoning. (iv)defining tasks (v) defining tasks, (vi) developing plans, and (vii) situation viii) evaluation.

6.  What  factors  are  to  be  kept  in  mind,  while taking decision?

Ans:  The   following  factors  are  kept  in  mind  while  taking decisions

(i)    Analysing the decisions

(ii)   Planning of course of action.

(iii)  Maintaining courage and patience. (iv)  farsightedness

(v)   ability to take quick and wise decision.

7. What   do   you   mean   by   planning   and   organisation functional areas of management?

Ans: Planning: It is the one of the important functional areas of important functional areas of management. It involves the future course of operation for a given period. The process of planning includes determination of organizational objective and formulation of plans, policies, strategic, programmes, procures and schedules.

Organising:- Organizing is the process of bringing together the man power and material resources. Some of the material resources are machines and materials. Putting the material resources and man power together into working order to achieve the objectives is the main purpose of the organizing area of managerial function. It also involves delegation of 

sufficient authority to the managers and establishment of linking together the various positions to the purpose of enabling the people to work in a co-ordinated manner.

8. How  to  controlling  an  important  area  of  management function?

Ans. Controlling is an important area of the managerial function.

It  covers  almost  all  the  management  activities.  It  keeps check on other functions of management. It is a function that every manager in the organization has to perform.

9.     What are the main objectives of control areas?

Ans. The main objectives of the controlling area are as follows:

(i) to create an atmosphere of order and discipline in the organisation to ensure proper co-ordination of activities.

(ii) to ensure confirmation of actual performance with the pre- determined plans.

(iii) to achieve the increase of the overall efficiency of the organization.

10. "Directing   and   co-ordinations   are   very   important functions in business management" how?

Ans: Directing and Co-ordinating are very important functions. Directing:   It   is   the   area   of   functional   management   where instructing, guiding, supervising and leading the people ofan organization towards accomplishment of the organizational goals. It is issuing orders or instructions to the sub-ordinates and make certain that the instructions areproperly carried out and the operations are successfully planed.

Co-ordinating: It is the harmonious blending of the activities of the different   departments   for   the   achievement   of   the desired goals. It is the arrangement of group efforts to provide unity of actions in the pursuit of common purpose.