{"id":18399,"date":"2021-02-09T14:50:15","date_gmt":"2021-02-09T09:20:15","guid":{"rendered":"https:\/\/mcq-questions.com\/?p=18399"},"modified":"2022-03-02T11:11:43","modified_gmt":"2022-03-02T05:41:43","slug":"ncert-solutions-for-class-12-business-studies-chapter-1","status":"publish","type":"post","link":"https:\/\/mcq-questions.com\/ncert-solutions-for-class-12-business-studies-chapter-1\/","title":{"rendered":"NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management"},"content":{"rendered":"<p>Detailed, Step-by-Step <a href=\"https:\/\/mcq-questions.com\/business-studies-class-12-ncert-solutions\/\">NCERT Solutions for 12 Business Studies<\/a> Chapter 1 Nature and Significance of Management Questions and Answers were solved by Expert Teachers as per NCERT (CBSE) Book guidelines covering each topic in chapter to ensure complete preparation.<\/p>\n<h2>Nature and Significance of Management NCERT Solutions for Class 12\u00a0Business Studies Chapter 1<\/h2>\n<h3><span id=\"Class_6_Science_Chapter_1_Food_Where_does_it_Come_From_Exercise_Questions_and_Answers\">Nature and Significance of Management Questions and Answers <\/span>Class 12 Business Studies Chapter 1<\/h3>\n<p><span style=\"color: #0000ff;\">Short Answer Type Questions\u00a0<\/span><\/p>\n<p>Question 1.<br \/>\nDefine management.<br \/>\nAnswer:<br \/>\nManagement is a process of planning, organising, staffing, directing and controlling the efforts of to organisational members by using all the other available resources to achieve its goal.<\/p>\n<p>1. According to Harold Koontz and Heinz Weihrich<br \/>\n&#8220;Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims.&#8221;<\/p>\n<p>2. According to Kreither<br \/>\n&#8220;Management is the process of working with and through others to effectively achieve organisational objectives by efficiently using limited resources in the changing environment.&#8221;<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n<p>Question 2.<br \/>\nName any two important characteristics of management.<br \/>\nAnswer:<br \/>\nAfter knowing about management we find some elements that may be called the basic charactristics.<br \/>\nThey are as follows : (Write any two)<\/p>\n<ul>\n<li>Management is a goal oriented process.<\/li>\n<li>Management is all pervasive<\/li>\n<li>Management is multidimentional<\/li>\n<li>Management is a continuous process<\/li>\n<li>Manageme&#8217;nt is a group activity<\/li>\n<li>Management is a dynamic function<\/li>\n<li>Management is an intengible force.<\/li>\n<\/ul>\n<p>Management is a goal oriented process :\u00a0 An organisation has a set of basic goals which are the basic reasons for its existence. These should be simple and clear stated. Management unites the efforts of different individuals in the organisation towards achieving these goals.<\/p>\n<p>Management is all pervasive : The activities involve in managing an enterprise are common to all organisations whether economic, social or political. Management is applicable at all levels of organisation. Every one has to make decisions within the ambit of the authority assigned to them.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n<p>Question 3.<br \/>\nRitu is the manager of the northern division of a large corporate house. At what level does she work in the organisation? What are her basic functions?<br \/>\nAnswer:<br \/>\nRitu is the manager of the northern division of a large corporate house so she is working as middle management and she is responsible for implementing and controlling plans and strategies developed by top management.<\/p>\n<p>At the some time she is responsible for all the activities of first line managers, for this she needs to interpret the policies framed by top management and ensure that her departme\u2019t has the necessary personnel, she will assign duties and motivate the n and cooperate with other departments for smooth functioning of the organisation.<\/p>\n<p>Question 4.<br \/>\nWhy is management considered a multi-faceted concept?<br \/>\nAnswer:<br \/>\nManagement has been defined as a process of getting things done with the aim of achieving goals effectively, Management is a dynamic function and has to adopt itself to the changing environment. An organisation interacts with its external environment which consists of various social, economic and political factors and in order to be successful, an organisation must change itself and its goals according to the needs of the environment.<\/p>\n<p>Moreover it is the process of planning, organising, staffing, directing and controlling the enterprise resources efficiently for achieving the goals that is why it is rightly called the multi-faceted concept.<\/p>\n<p>Question 5.<br \/>\nDiscuss the basic features of management as a profession.<br \/>\nAnswer:<br \/>\nManagement as a Profession<br \/>\nManagement is a profession because it possesses the following basic features<br \/>\n1. It is a specialised body of knowledge that can be acquired through instruction.<br \/>\n2. It applies scientific approach to various managerial operations.<br \/>\n3. It has a regulatory body to enhance knowledge.<br \/>\n4. The basic motive of a profession is to serve their clients interests by rendering dedicated and committed service.<br \/>\n5. The right of admission is restricted i.e. decision to admit or reject a candidate is governed by criterion such as written examinations etc.<br \/>\n6. It has a uniform code of conduct or ethics to be followed by the members. Thus Management has emerged as a systematised body of knowledge having its own principles and theories. Now-a-days there are large number of professional institutes engaged in imparting professional training. However this degree is not essential but there is increasing demand for candidates having professional degree.<\/p>\n<p><span style=\"color: #0000ff;\">Long Answer Type Questions\u00a0<\/span><\/p>\n<p>Question 1.<br \/>\nManagement is considered to be both an art and science. Explain.<br \/>\nAnswer:<br \/>\nArt is the skillful and personal application of existing knowledge to achieve desired results since art is the systematic application of a skill or know-how to accomplish a desired result. Management is an art because it involves the application of managerial skills to maximise the profits at the minimum possible cost in the most efficient manners. Like all other arts it is personal. The basic features of an art are :<\/p>\n<ul>\n<li>Existence of theoretical knowledge.<\/li>\n<li>It is Personalised application.<\/li>\n<li>It is based on practice and creativity.<\/li>\n<li>Thus every manager has a district style of working.<\/li>\n<\/ul>\n<p>Management is also creative in respect that it converts raw material or inputs into output. However in case of art it is believed that &#8220;artists are born rather than made&#8221; and to be successful, what one needs is refining, and science is a systemetic body of knowledge that explains certain general truths. The basic features of science are as follows<\/p>\n<ul>\n<li>It is systematised body of knowledge.<\/li>\n<li>It is principles based on experimentation<\/li>\n<li>It has universal validity.<\/li>\n<\/ul>\n<p>But the principles of management are not as exact as the principles of science their application and use is not universal. They have to be modified according to a given situation. However they provide managers with certain standardised techniques that can be used in different situations.<\/p>\n<p>Thus we can say that management has features of both art and science. The practice of management is an art. However, managers can work better if their practise is based on the principles of management. These principles&#8217; constitute the science management. Management as an art and a science are therefore not mutually exclusive, but complement to each other.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n<p>Question 2.<br \/>\nDo you think management has the characteristics of a full-fledged profession?<br \/>\nAnswer:<br \/>\nA profession is an occupation, which possesses the following features.<br \/>\n1. There is a well defined and formal body of knowledge.<\/p>\n<p>2. The right of admission is restricted i.e. decision to admit or reject a condidate is governed by criterion such c.s written examinations, interview etc.<\/p>\n<p>3. All professions are affiliated to a professional association which regulates entry. Only those who possess the specialised degree and licence can practice it.<\/p>\n<p>4. It has a uniform and ethical code of conduct which guides the behaviour of its members. Thus unlike professions such as medical or law which require a practicing doctor or lawyer to possess valid degree, nowhere in the world is it mandatory for a manager to possess any such specific degree. But professional knowledge and training is considered to be a desirable qualification, since there is greater demand for those who possess degree or diplomas from reputed institutions.<\/p>\n<p>The basic purpose of management is to help the organisation achieve its stated goals. This, may be profit maximisation for a business enterprise. However this attitude is changing due to increasing awareness to the consumer and legal obligations. Thus it can be said that although management is not a full fledged profession, it is moving at a fast pace towards professionalisation.<\/p>\n<p>Question 3.<br \/>\nCo-ordination is the essence of management. Do you agree? Give reasons.<br \/>\nAnswer:<br \/>\nCo-ordination &#8211; The essence of Management :-<br \/>\nCo-ordination is the force that binds all the other functions of management. It is the integration, synchronisation, or orderly arrangement of group efforts to provide for unity of direction directed towards accomplishment of common objective.<\/p>\n<p>It is a common thread that runs through all activities such as purchase, production, sales and finance to ensure continuity in the working of organisation. Co &#8211; ordination is sometimes considered a separate function of management. It is however, the essence of management, for achieving harmony among individual efforts towards the accomplishment of group goals. Each managerial function is an exercise contributing individually to co-ordination.<\/p>\n<p>The process of co-ordinating the activities of an organisation begins at the planning stage itself. Top management plans for the entire organisation. According to these plans the organisational structure is developed. It is through the process of co-ordination that a manager ensures the orderly arrangement of individual and group efforts to ensure unity of action in the realisation of common objectives.<\/p>\n<p>Thus co-ordination is an integral part of all managerial functions. It acts as link or guiding force between planning and organising. Finally it can be concluded the coordination is needed at all levels of management.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n<p>Question 4.<br \/>\n&#8220;A successful! enterprise has to achieve its goals effectively and efficiently.&#8221; Explain.<br \/>\nAnswer:<br \/>\nEffectiveness and efficiency, these two terms are different but interrelated. For management it is important to be both effective and efficient. Effectiveness and efficiency are two sides of the same coin. But these two aspects need to be balanced and management at times, has to compromise with efficiency.<\/p>\n<p>Suppose, a company&#8217;s target production is 5000 units in a year. To achieve this target the manager has to operate on double shifts due to power failure most of the time. The manager is able to produce 5000 units but at a higher production cost.<\/p>\n<p>In this case the manager was effective but not so efficient, since for the same output more inputs were used. At times, a business may concentrate more on producing goods with fewer resources i.e. cutting down cost but not achieving the target production. Consequently, the goods do not reach the market and hence the demand for them declines and competitors enter the market.<\/p>\n<p>This is a case of being efficient but not effective since the goods did not reach the market. Therefore, it is important for achieve goals with minimum resources i.e. as efficien while maintaining a balance between effectiveness and efficiency.<\/p>\n<p>Question 5.<br \/>\nManagement is a series of continuous interrelated functions. Comment.<br \/>\nAnswer:<br \/>\nManagement is described as the process of planning, organising, directing and controlling the efforts of organisation and of using resources to achieve specific goals<\/p>\n<p>1. Planning<br \/>\nIt is the function of determining in advance what is to be done and who is to do it. It implies setting goals in advance and developing a way of achieving them efficiently and effectively. It is the primary function which runs through all other functions.<\/p>\n<p>2. Organising<br \/>\nIt is the management function of assigning duties, grouping tasks, establishing authority and allocating resources required to carry out a specific plan. It is a process of defining the formal relationship among people and resources to accomplish desired goals. It involves identification of activities required to achieve goals.<\/p>\n<p>3. Staffing<br \/>\nIt simply stated that it is finding the right people for right job. A very important aspect of management as manpower is the most valuable resource to the organisation and due to complexities of human nature, staffing is treated as a separate function but in a series of other functions.<\/p>\n<p>4. -Directing<br \/>\nIt is an inter-personal aspect of managing by which subordinates are directed to understand and contribute. This requires establishing an atmosphere that encourages employees to do their best. Motivation and leadership are two key components of direction. There are four important elements of direction, leadership, communication, motivation and supervision.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n<p>5. Controlling<br \/>\nIt is the management function of monitoring organisational performance towards the attainment of organisational goals. It is concerned with comparing the result with the plans and taking corrective actions. It involves establishing standards of performance, measuring current performance, comparing this with established standards and taking corrective actions where any deviation, is found.<\/p>\n<p>6. Co-ordination<br \/>\nCo-ordination is the force that binds all the other functions of management. It is the common thread that runs through all activities. It is considered sometimes a separate function of management. It is the integration, synchronisation or orderly arrangement of group efforts to provide for unity of action directed towards the accomplishment of common objective.<\/p>\n<p><span style=\"color: #0000ff;\">Multiple Choice Questions<\/span><\/p>\n<p>Question 1.<br \/>\nWhich is not a function of management of the following.<br \/>\na. Planning<br \/>\nb. Staffing<br \/>\nc. Cooperating<br \/>\nd. Controlling<br \/>\nAnswer:<br \/>\n(c) Cooperating.<\/p>\n<p>Question 2.<br \/>\nManagement is &#8230;&#8230;&#8230;&#8230;&#8230;..<br \/>\na. an art<br \/>\nb. a science<br \/>\nc. both art and science<br \/>\nc. neither<br \/>\nAnswer:<br \/>\n(c) both art and science.<\/p>\n<p>Question 3.<br \/>\nThe following is not an objective of management.<br \/>\na. earning profits<br \/>\nb. growth of the organisation<br \/>\nc. providing employment<br \/>\nd. policy making<br \/>\nAnswer:<br \/>\n(c) Providing employment.<\/p>\n<p>Question 4.<br \/>\nPolicy formulation is the function of &#8230;&#8230;&#8230;&#8230;<br \/>\na. top level managers<br \/>\nb. middle level managers<br \/>\nc. operational management<br \/>\nd. all of the above<br \/>\nAnswer:<br \/>\n(a) Top level managers.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n<p>Question 5.<br \/>\nCo-ordination is &#8230;&#8230;&#8230;..<br \/>\na. function of management<br \/>\nb. the essence of management<br \/>\nc. an objective of management<br \/>\nd. none of the above<br \/>\nAnswer:<br \/>\n(b) the essence of management.<\/p>\n<p><span style=\"color: #0000ff;\">Case Problems<\/span><\/p>\n<p>1. Company X is facing a lot of problems these days. It manufacturers white goods like washing machines, microwave ovens, refrigerators and air conditioners. The company&#8217;s margins are under pressure and the profits and market share are declining.<\/p>\n<p>The production department blames marketing for not meeting sales targets and marketing blames production department for producing goods, which are not of good quality meeting customers expectations. The finance department blames both production and marketing for declining return on investment and bad marketing.<\/p>\n<p>Question 1.<br \/>\nWhat quality of management do you think the company is lacking? Explain briefly. What steps should the company management takeas to bring the company back on track?<br \/>\nAnswer:<br \/>\nAfter reading the problem it is clear that there is lack of co-ordination among the three all are blaming, to each other, as co-ordination is the integration, orderly arrangement of group efforts to provide for unity of action directed towards the accomplishment of common objective. Thus it is the duty of top level management to make co-ordination amongst them and help them with proper command.<\/p>\n<p>Question 2.<br \/>\nA Company wants to modify its existing product in the market due to decreasing sales. You can imagine any product about which you are familiar. What decisions\/steps should each level of management take to give effect to this decision?<br \/>\nAnswer:<br \/>\nSuppose a company X was selling mobile phones successfully in the market. Suddenly due to high competition in the market their sale started to decline. Now it is the duty of top and second level management to give more liberties to the third level mangement and the third level management should make more survey of the market to know the exact causes of the lacunas and declining sales.<\/p>\n<p>Question 3.<br \/>\nA firm plans in advance and has a sound organisation structure with efficient supervisory staff and control system. On several occasion it finds that plans are not being adhered to. It leads to confusion and duplication of work. Advise remedy.<br \/>\nAnswer:<br \/>\nIn this case the company is facing two problems planning as will as co-cordination. So the top level management should make plans with the help of middle level management and lower level management, so that all the problems faced by working people should discuss properly in advance. In this way, it will not lead to confusion and duplication of work.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Detailed, Step-by-Step NCERT Solutions for 12 Business Studies Chapter 1 Nature and Significance of Management Questions and Answers were solved by Expert Teachers as per NCERT (CBSE) Book guidelines covering each topic in chapter to ensure complete preparation. Nature and Significance of Management NCERT Solutions for Class 12\u00a0Business Studies Chapter 1 Nature and Significance of &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/mcq-questions.com\/ncert-solutions-for-class-12-business-studies-chapter-1\/\"> <span class=\"screen-reader-text\">NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management - MCQ Questions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mcq-questions.com\/ncert-solutions-for-class-12-business-studies-chapter-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCERT Solutions for Class 12 Business Studies Chapter 1 Nature and Significance of Management - MCQ Questions\" \/>\n<meta property=\"og:description\" content=\"Detailed, Step-by-Step NCERT Solutions for 12 Business Studies Chapter 1 Nature and Significance of Management Questions and Answers were solved by Expert Teachers as per NCERT (CBSE) Book guidelines covering each topic in chapter to ensure complete preparation. 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