Business Studies: Nature And Significance Of Management Quiz

The statement is incorrect. Management is not limited to only business organizations. It is a fundamental concept that can be applied in various domains such as education, healthcare, government, and non-profit organizations. The principles and practices of management are universally applicable and can be utilized in any organization or setting where there is a need to plan, organize, coordinate, and control resources to achieve specific goals and objectives.

The primary or first function of every manager is planning. Planning involves setting goals, determining the best course of action to achieve those goals, and developing strategies to accomplish them. It is a crucial function as it provides direction and helps in making informed decisions. Without proper planning, managers would not be able to effectively allocate resources, coordinate activities, or achieve desired outcomes. Therefore, planning is the fundamental function that lays the foundation for all other managerial activities.

Efficiency refers to the ability to complete a task with minimum cost and optimum utilization of resources. It focuses on achieving the desired outcome in the most effective and productive manner. Efficiency ensures that resources are not wasted and that tasks are completed in a timely and cost-effective manner. It is an important aspect of any organization or individual's performance as it helps to maximize output while minimizing input.

The explanation for the given correct answer, "Multiple objective," is that management typically works towards achieving multiple objectives simultaneously. While profit maximization and sales maximization are common objectives, becoming a market leader is also often sought after. It is important for management to balance these objectives and prioritize them based on the company's overall strategy and goals. Having multiple objectives allows for a more comprehensive approach to decision-making and ensures that the company considers various aspects of its operations and performance.

Coordination is an essence of management because it plays a crucial role in achieving organizational goals. It involves harmonizing and integrating the efforts of different individuals and departments within an organization to ensure that they work together towards a common objective. Effective coordination helps in avoiding duplication of efforts, resolving conflicts, and maximizing productivity. It is an essential function of management as it facilitates effective communication, collaboration, and cooperation among team members. Coordination is a key element in the successful implementation of plans and strategies, making it a vital aspect of management.

The process of creating an internal environment where individuals work effectively and efficiently for the achievement of goals is known as management. Management involves organizing, planning, coordinating, and delegating tasks to ensure that the resources of an organization are effectively utilized to achieve the desired objectives.

Top level management is responsible for establishing and maintaining relationships with external stakeholders such as customers, suppliers, government agencies, and the general public. They represent the organization in external meetings, negotiations, and partnerships. This role involves networking, communication, and building strategic alliances to ensure the organization's interests are protected and its objectives are achieved.

Management is considered a process because it involves a series of steps that need to be followed in order to achieve a desired outcome. These steps typically include planning, organizing, leading, and controlling. By going through these steps, managers are able to systematically work towards achieving their goals and objectives. This systematic approach helps ensure that resources are effectively utilized and tasks are completed in a coordinated manner. Therefore, the correct answer is that management involves a series of steps.

Coordination is not a random or spontaneous process, but rather a deliberate and intentional one. It requires careful planning, communication, and collaboration among individuals or groups to achieve a common goal. Deliberate coordination involves consciously organizing and aligning efforts, resources, and actions to ensure efficient and effective outcomes. It involves actively considering and making strategic decisions to synchronize activities, allocate responsibilities, and establish clear channels of communication. By being deliberate in the coordination process, individuals or groups can enhance productivity, minimize conflicts, and achieve desired results.

The correct answer is Organising. Organising is the function of management that involves creating various departments within an organization. It is the process of arranging resources and activities in a structured manner to achieve the goals and objectives of the organization. This includes determining the tasks to be performed, grouping them into departments, assigning responsibilities, and establishing relationships between different departments. Organising helps in creating a framework for effective coordination and collaboration among different parts of the organization.