Management & Entrepreneurship Explained questions GRADE A

Management & Entrepreneurship 10AL51 Department of EEE, SJBIT Page 1 Question Bank Solution Unit-1 Management 1. Define management. What are the nature and characteristics? Explain its function. June 2015, Jan 2014 ...

Management & Entrepreneurship 10AL51 Department of EEE, SJBIT Page 1 Question Bank Solution Unit-1 Management 1. Define management. What are the nature and characteristics? Explain its function. June 2015, Jan 2014, Jan 2015 Ans: Management is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning,organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcingencompasses the deployment and manipulation of human resources, financial resources, technological resources and natural resources. Since organizations can be viewed as systems, management can also be defined as human action, including design, to facilitate the production of useful outcomes from a system. This view opens the opportunity to 'manage' oneself, a pre-requisite to attempting to manage others. 1. Management is a group activity: -. As no individual can satisfy all his desires himself, he units with his distinguished group to achieve what he cannot achieve individually. 2. Management is goal-oriented: - Management aims to achieve economic and social objective. It exists to achieve some definite goals or objectives. Group efforts in management are always directed toward the achievement of some pre-determined goals. 3. Management is a factor of production: - Management is anuran end in itself but a means to achieve the group objectives. Just as land, labor and capital are factor of production and are essential for the production of goods and services. 4. Management is universal in character: - Management is applicable in all types of organization. Whenever there is human activity, there is management. The basis principle of management are universal application and can be applied in all organization whenever they are business, social, religious, cultural, sport, educational, politics or military. Management & Entrepreneurship 10AL51 Department of EEE, SJBIT Page 2 5. Management is needed at all levels of the organization: - Another important feature of management is that it is needed at all levels of the organization, e.g. top level, middle level and supervisory level. The only difference is of the nature of task and the scope of authority. 2. Is management a science, art or profession? Explain. June 2013, Jan 2015 Ans: It's both. ART because you have to deal with people. You have to study organization behaviour and know what motivates people and what puts people off. You have to know Maslow's hierarchy of need etc. This is more qualitative. SCIENCE because you have to know how to be accountable. You have to count how many people are in the office, the turnover rate, profit and loss, accounting etc. It's more quantitative. Management as an Art Art involves the systematic application of theoretical knowledge and personal skills to achieve desired results. The function of art is to effect change and to bring about desired results through deliberate efforts. Art represents 'how' of human behavior because it is the know-how to accomplish concrete practical results. Art is a personalized process as every artist has his own style. Art is essentially creative and the success of an artist is measured by the results he achieves. A carpenter making furniture out of wood and a goldsmith shaping gold into ornaments are examples of art. Art prescribes how to do things and it can be improved through continuous practice. Art is result-oriented involving practical way of doing specific things. It consists of bringing about desired results through the use of skills. Art involves practical application of theoretical knowledge. Management is essentially an art because of the following reasons: (a) The process of management involves the use of knowledge and skills. Every manager has to apply certain knowhow and skills while dealing with people. (b) Management seeks to achieve concrete practical results, e.g., profits, service, etc. According to Prof. John F. Mee, "manag