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“Failure is not the worst thing in the world. The very worst is not to try. So keep trying until you
succeed”.

Chapter 1: NATURE AND SIGNIFICANCE OF MANAGEMENT.

MANAGEMENT = MANAGE + MEN + T (THINGS)

Unit I: Nature and significance of Management.

 Management - concept, objectives and importance
 Management as Science, Art and Profession.
 Levels of management
 Management functions - planning, organising, staffing, directing and controlling.
 Coordination - concept, characteristics and importance.

 MANAGEMENT: Management has been defined as a process of getting things done with
the aim of achieving goals effectively and efficiently.

Process in the definition means the primary functions or activities that management performs to
get things done. These functions are planning, organising, staffing, directing and controlling.

 DEFINATION: Acc. to C.S.George, “Management consists of getting things done through

others; a manager is one who accomplishes objectives by directing the efforts of others”

Acc. to F.W.Taylor, “Management is the art of knowing what you want your men to do and then
seeing that they do in the best possible and cheapest way.”
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 EFFECTIVENESS VERSUS EFFICIENCY: These two terms are different but they are
interrelated. For mgt it is important to be effective and efficient.

a) EFFECTIVE:
 Being effective or doing work effectively basically means finishing the given tasks.
 Effectiveness in mgt is concerned with doing the given task, completing the activities
and achieving the goals.
 In other words it is concerned with the end results.

b) EFFECIENCY:
 Efficiency means doing the task correctly with minimum cost.
 There is a kind of cost-benefit analysis involved and the relationships between input
and output.
 If more benefits are derived by using fewer resources then efficiency is increased.

Effectiveness or Efficiency???? For management it is important to be both effective and

efficient. Effectiveness and Efficiency are two sides of the same coin.
 For ex—it is easier to be effective and ignore efficiency i.e. complete the tasks but at a high
cost.
 At times, a business may concentrate more on producing goods with fewer resources i.e.
cutting down costs but not achieving the target production. Consequently the goods do
not reach the market and demands for them declines and competitors enter the market.

Therefore, it is important for management to achieve goals with minimum resources i.e., as
efficiently as possible while maintaining a balance between effectiveness and efficiency.

 CHARACTERESTICS OF MANAGEMENT:

1.MANAGEMENT IS A GOAL-ORIENTED ACTIVITY:

 An organisation has a set of basic goals which are the basic reason for its existence.
 These should be simple and clearly stated.
 Management is always aimed at achieving these specified goals.
 EX—The goal of a retail store may be to increase sales.

2.MANAGEMENT INTANGIBLE FORCE:

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 Management is an intangible force that cannot be touched or seen, but its presence can
be felt in the way the organisation functions.
 The effect of management is noticeable in an organisation where targets are met
according to plans, employees are happy and satisfied.

3.MANAGEMENT IS A CONTINUOUS ACTIVITY:

 The process of management is a series of continuous, composite, but separate functions
(planning, organising, directing, staffing and controlling).
 These functions are simultaneously performed by all managers all the time.

4.MANAGEMENT IS PERVASIVE:
 The activities involved in managing an enterprise are common to all organisations
whether economic, social or political.
 A petrol pump needs to be managed as much as a hospital or a school.

5.MANAGEMENT IS A GROUP ACTIVITY:

 Every member of the group has a different purpose for joining the organisation but as
members of the organisation they work towards fulfilling the common organisational goal.
 This requires team work and coordination of individual effort in a common direction.
 At the same time management should enable all its members to grow and develop as
needs and opportunities change.

6.MANAGEMENT IS A DYNAMIC FUNCTION:

 In order to be successful, an organisation must change itself and its goals according to
the needs of the environment.
 For ex—McDonald’s the fast food giant, made, major changes to be able to survive in
the Indian Market.

7. Management is Multi-Dimensional: Management is a complex activity that has

three main dimensions (Extent).

A) Management of Work:
 All organisations exist for the performance of some work.
 In a factory, a product is manufactured, in a garment store a customer’s
need is satisfied and in a hospital a patient is treated.
 Management translates this work in terms of goals to be achieved and
assigns the means to achieve them.
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B) Management of People:
 Managing people has two dimensions (i) it implies dealing with employees
as individuals with diverse needs and behavior; (ii) it also means dealing
with individuals as a group of people.
 The task of management is to make people work towards achieving the
organisation’s goals, by making their strengths effective and their
weaknesses irrelevant.

C) Management of Operations:
 No matter what the organization, it has some basic product or service to
provide in order to survive. This requires production process.
 This is interlinked with both the management of work and the
management of people.

 OBJECTIVES OF MANAGMENT:

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1. ORGANIZATIONAL OBJECTIVES: Management is responsible for setting and achieving

objectives for the organization. It has to achieve a variety of objectives.

a) SURVIVAL: Management must strive to ensure the survival of the organization.

Thus, organization must earn enough revenues to cover costs.

b) PROFIT: Management has to ensure that the organization makes a profit. Profit is
essential for covering costs and risks of the business.

c) GROWTH: To remain in the industry, management must exploit fully the growth
potential of the organization.

2. SOCIAL OBJECTIVES:
 It involves the creation of benefit for society.
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 This refers to consistently creating economic value for various constituents of

society.
 This includes using environmental friendly methods of production, giving
employment opportunities to the disadvantaged sections of society.

3. PERSONAL OBJECTIVES:
 Organizations are made up of people who have different personalities,
backgrounds, experiences and objectives.
 Management has to bring together personal goals with organizational objectives
for harmony in the organization.

 IMPORTANCE OF MANAGENT:

1. HELPS IN ACHIEVING GROUP GOALS:

 Management is required not for itself but for achieving the goals of the
organisation.
 The task of a manager is to give a common direction to the individual effort in
achieving the overall goal of the organisation.

2. OPTIMUM UTILISATION OF RESOURCES:

 Management utilizes available physical and human resources productively.
 It eliminates all types of wastages and leads to efficiency in all business operations.

3. MANAGEMENT INCREASES EFFECIENCY:

 The aim of the manager is to reduce costs and increase productivity
 This is done through better planning, organising, directing, staffing and controlling.

4. ESTABLISHES A DYNAMIC ORGANIZATION:

 All organisations operate in dynamic environment. It is generally seen that

individuals in an organisation resist change as it often means moving from a familiar,
secure environment into a newer and more challenging one.
 Management helps people adapt these changes so that the organisation achieves its
objectives.
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5. MANAGEMENT HELPS IN ACHIEVING PERSONAL OBJECTIVES:

 A manager motivates and leads his team members in such a way that individual
members are able to achieve personal objectives while contributing to the overall
organisational objectives.
 Through motivation and leadership management helps individuals develop team
spirit, commitment and cooperation.

6. Management helps in the development of society:

 Management helps in the development of the organisation and through that it helps
in the development of society.
 It helps to provide good quality products and services, creates employment
opportunities, adopts new techno-logy for the greater good of the people and leads
the path towards growth and development.

 MANAGEMENT AS AN ART:
 Art is the skillful and personal application of existing knowledge to achieve desired results.
It can be acquired through study, observation and experience.

1. EXISTANCE OF THEORTICAL KNOWLEDGE:

 Art presupposes the existence of certain theoretical knowledge.
 For example, literature on dancing, public speaking, acting or music is widely recognized.

2. PERSONALISED APPLICATION:
 The use of this basic knowledge varies from individual to individual.
 For e.g. two dancers, two actors, to writers will always differ in demonstrating their
art.

3. BASED ON PRACTICE AND CREATIVITY:

 All art is practical.
 Art involves the creative practice of existing knowledge.

WHY MANAGEMENT IS AN ART: Management is said to be an art because it fulfills the following
criteria.

1. A successful manager practices the art of management in the day-to-day job of managing
an enterprise based on study, observation and experience.
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2. There are various theories of management, as propounded by many management

thinkers. A good manager works through a combination of practice, creativity,
imagination, and innovation.

3. A manager applied this acquired knowledge in a personalized and skillful manner in

the light of the realities of given situation. This gives rise to different management styles.

CONCLUSION: On examination we find that management is an art.

 Management prescribes general principles for managing various aspects of business.
 All management practices are based on the same set of principles; what distinguishes a
successful manager from a less successful one is the ability to put these principles into
practice.

 MANAGEMENT AS A SCIENCE: Science is a systematized body of knowledge that explains

certain general truths or operation of general laws. It has following general features:

1. SYSYEMATIZED BODY OF KNOWLEDGE:

 Science is a systematized body of knowledge.
 Its principles are based on cause and effect relationships.

2. PRINCIPLES BASED ON EXPERIMANTATION:

 Scientific principles are first developed through observation and then tested through
repeated experimentation

3. UNIVERSAL VALADITY:
 Scientific principles have universal validity and application.

IS MANAGEMENT A SCIENCE: Management is said to be science because it fulfills the following

criteria.

1. Management has a systematized body of knowledge. It has own theory and principles that
have developed over a period of time. For ex—the cricketers use certain terms to
communicate with each other.

2. The principles of management have evolved over a period of time based on repeated
experimentation and observation.

3. The principles of management are not exact their application and use is not universal.
They have to be modified acc. to a given situation.
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CONCLUSION:
 Managers can work better if their practice is based on the principles of
management.
 These principles constitute the science of management.
Management as an art and a science are therefore not mutually exclusive, but complement
each other.

 MANAGEMENT AS A PROFESSION:
 Profession means an occupation for which specialized skills are required.
 These skills are not meant for self satisfaction, but are used for the larger interests of the
society.
 The successes of these skills are not measured in terms of money alone. It has the
following features.

1. WELL-DEFINED BODY OF KNOWLEDGE:

 All professions are based on well-defined body of knowledge which can be acquired
through instruction.

2. RESTRICTED ENTRY:
 The entry to a profession is restricted through an examination or through acquiring
an educational degree.
 For example, to become a chartered accountant in India a candidate has to clear a
specified examination conducted by the Institute of Chartered Accountants of India

3. PROFESSIONAL ASSOCIATION:
 All professionals are affiliated to a professional who regulates entry, grants
certificate of practice and formulates and enforces a code of conduct.

4. ETHICAL CODE OF CONDUCT:

 All professionals are bound by the code of conduct which guides the behavior of its
members.
 All doctors, for example, take the oath of ethical practice at the time they enter the
profession.

5. SERVICE MOTIVE:
 The basic motive of a profession is to serve their client’s interests by rendering
committed and dedicated service.
 The task of a lawyer is to ensure that his client gets justice.
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IS MANAGEMENT A PROFESSION? Management does not meet the exact criteria of a

profession:

1. All over the world there is marked growth in management as a discipline. It is based on a
systematic body of knowledge comprising well defined principles based on a variety of
business situations.

2. There is no restriction on anyone being appointed as manager in any business enterprise.

Anyone can be called a manager irrespective of educational qualifications possessed.

3. There are several associations of practicing managers in INDIA, like the AIMA (all India
management association) that has laid down a code of conduct to regulate the activities of
their members.

4. Both at the national and international levels, management associations have been formed
with code of conduct, for ex—AIMA, ICAI etc. But legally it is not compulsory for a
manager to be a member of any recognized management association.

CONCLUSION: Management does not meet the exact criteria of a profession. However, it does
have some of the features of a profession: Thus management is not a fully recognized profession
but it is fast moving in that direction.

 LEVELS OF MANAGEMENT:

TOP LEVEL MANAGEMENT:

 Top management consists of the board of directors, chief executives, departmental heads,
chief operating officer, chairman, managing director, general manager, president and vice-
president etc. The main functions performed by the top management are:

1. Their basic task is to integrate diverse elements and coordinate the activities of different
departments according to the overall objectives of the organisation.
2. These top level managers are responsible for the welfare and survival of the organisation.
3. They analyse the business environment and its implications for the survival of the firm.
4. They formulate overall organisational goals and strategies for their achievement.
5. They are responsible for all the activities of the business and for its impact on society.

MIDDLE LEVEL MANAGEMENT:

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 They are usually known as division heads, operations manager or plant superintendent.
This level consists of departmental managers, sectional officers such as plant manager,
area sales manager, branch manager; the main functions are as follows:

1. Middle management is responsible for implementing and controlling plans and strategies
developed by top management.
2. At the same time they are responsible for all the activities of first line managers.
3. Their main task is to carry out the plans formulated by the top managers. For this they
need to: (i) interpret the policies framed by top management, (ii) ensure that their
department has the necessary personnel, (iii) assign necessary duties and responsibilities
to them, (iv) motivate them to achieve desired objectives, and (v) co-operate with other
departments for smooth functioning of the organisation.
4. At the same time they are responsible for all the activities of first line managers.

Supervisory or Operational Management:

 The lowest level of management consists of first line supervisors. They generally have
designations as section officers, foreman, supervisors etc. they are directly in touch with
the workers, clerks, salesmen, etc. The main functions performed by them are:

1. Supervisors directly oversee the efforts of the workforce..

2. Supervisory management plays a very important role in the organisation since they
interact with the actual work force and pass on instructions of the middle management
to the workers.
3. Through their efforts quality of output is maintained, wastage of materials is minimised
and safety standards are maintained.

 MANAGEMENT FUNCTIONS: The process of Mgt. consists of a series of actions. The

actions required to be taken may be referred as functions of Mgt.

1. PLANNING: It is the function of determining in advance what is to be done and who is to do it.
This implies setting goals in advance and developing a way of achieving them efficiently and
effectively.

2. ORANISING: It is the management function of assigning duties, grouping tasks, establishing

authority and allocating resources required to carry out a specific plan.

3. STAFFING: Staffing simply stated, is finding the right people for the right job. A very
important aspect of management is to make sure that the right people with the right
qualifications are available at the right places and times to accomplish the goals of the
organisation.
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4. DIRECTING: Directing involves leading, influencing and motivating employees to perform the
tasks assigned to them. This requires establishing an atmosphere that encourages employees
to do their best.

5. CONTROLLIN: Controlling is the management function of monitoring organisational

performance towards the attainment of organisational goals.

 CO-ORDINATION:
 Coordination is the force that binds all the other functions of management. It is the
common thread that runs through all activities such as purchase, production, sales, and
finance to ensure continuity in the working of the organisation.
 Coordination therefore involves synchronisation of the different actions or efforts of the
various units of an organisation.

Acc. to Mooney and Reelay, “Co-ordination is the orderly arrangement of group efforts to
provide unity of action in the pursuit of a common purpose”

 NATURE OF CO-ORDINATION:

1. CO-ORDINATION INTEGRATES GROUP EFFORTS:

 It unifies unrelated or diverse interests into purposeful work activity.

2. CO-ORDINATION ENSURES UNITY OF ACTION:

 It acts as a binding force between departments and ensures that all actions are aimed
achieving the goals of the organization.
 The purpose of coordination is to secure unity of action in the realisation of a common
purpose.

3. CO-ORDINATION IS CONTINUOUIS PROCESS:

 Co-ordination is continuous process;
 it is not a onetime function. It starts at the planning stage and continues till
controlling.

4. CO-ORDINATIONIS IS AN ALL PERVASIVE ACTIVITY:

 Co-ordination is required at all levels of management due to the interdependent
nature of activities of various departments.
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 It integrates the efforts of various departments and different levels.

5. CO-ORDINATION IS THE RESPONSIBILITY OF ALL MANAGERS:

 Co-ordination is function of every manager in the organization.
 Top level, middle level and lower level managers must co-ordinate to achieve
predetermined goals and objectives of an organization.

6. CO-ORDINATION IS A DELIBRATE FUNCTION:

 A manager has to coordinate the efforts of different people in a conscious and
deliberate manner.
 Even where members of the department willingly cooperate and work coordination
gives a direction to that willing spirit.

 IMPORTANCE OF CO-ORDINATION:

1. GROWTH IN SIZE:
 As organizations grow in size, the no. of people employed by the organization also
increases.
 At times it becomes difficult to integrate their efforts and activities.
 Therefore, organizational efficiency it is important to harmonies individual and
organizational goals through coordination.

2. FUNCTIONAL DIFFERENTATION:
 Functions of an organization are dividing into departments, divisions and sections.
 All these departments may have their own objectives, policies etc.
 The process of linking the activities of various departments is done by coordination.

3. SPECIALISATION:
 Modern organizations are characterized by a high degree of specialization.
 Specialists usually think that they only are qualified to evaluate, judge and decide acc.
to their professional criteria.
 Therefore, some coordination is required to reconcile the differences in approach,
interest and opinion of the specialists.

Coordination is the not a Separate Function of Management but it’s very ESSENCE:
Coordination is the essence of management because of the following reasons:

1) The process of coordinating the activities of an organization begins at the planning stage
itself.
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2) Acc to plans, the organisational structure is developed.

3) In Staffing, coordination is required between skills of a person and job assigned to him.
4) In order to ensure that the plans are executed according to plans, directing is required.
Coordination is required between superior and subordinates.
5) Any difference between actual and standard performance are then taken care of at the
stage of controlling.

Conclusion: Coordination is not a separate function of management but its very essence. For an
organization to effectively and efficiently achieve its objectives, coordination is required.

Example- Unless goods are produced in adequate quantities and as per the demand of customers
by Production department, sales target cannot be achieved by Marketing department and if
these departments don’t operate within budget of Finance department, Proper supply of funds is
not possible. So, Coordination is required in activities of all departments.
Coordination is, therefore regarded as the essence of management rather than a separate
function of management.

One mark Questions—Nature and Significance of

management
Q1: How do successful organizations achieve their goals?
Ans1: Successful organizations do not achieve their goals by chance but by following a deliberate process called
‘management’.
Q2: Which level of managers spent more time in planning and organising?
Ans2: Managers at the top level spend more time in planning and organising than managers at lower levels of the
organisation.
Q3: Define process.
Ans3: Process in means the primary functions or activities that management performs to get things done.
Q4: When does efficiency increases?
Ans: If by using less resources (i.e., the inputs) more benefits are derived (i.e., the outputs) then efficiency has
increased. Efficiency is also increased when for the same benefit or outputs, fewer resources are used and less cost
are incurred.
Q5: Give example of input resources.
Ans5: Input resources are money, materials, equipment and persons required to do a particular task.
Q6: What is the concern of mgt?
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Ans6: management is concerned with the efficient use of these resources, because they reduce costs and ultimately
lead to higher profits.
Q7: What is the reason for poor mgt?
Ans7: Poor management is due to both inefficiency and ineffectiveness.
Q8: What is interlinked with both mgt of people and mgt of work?
Ans8: Mgt of operations
Q9: Why mgt is a continuous process?
Ans9: The process of management is a series of continuous, composite, but separate functions (planning,
organising, directing, staffing and controlling). These functions are simultaneously performed by all managers all
the time.
Q10: How does the presence of mgt is felt in an organisation?
Ans10: The effect of management is noticeable in an organisation where targets are met according to plans,
employees are happy and satisfied, and there is orderliness instead of chaos.
Q11: What is the main objective of any organisation?
Ans11: The main objective of any organisation should be to utilize human and material resources to the maximum
possible advantage, i.e., to fulfill the economic objectives of a business. These are survival, profit and growth.
Q12: What should an organisation do to achieve its basic objective of survival?
Ans12: In order to survive, an organisation must earn enough revenues to cover costs.
Q13: What is essential for covering risks and costs?
Ans13: Profit.
Q14: How does the organisation measure growth?
Ans14: Growth of a business can be measured in terms of sales volume increase in the number of employees, the
number of products or the increase in capital investment, etc.
Q15: What are the various personal needs of employees?
Ans15: These vary from financial needs such as competitive salaries and perks, social needs such as peer
recognition and higher level needs such as personal growth and development.
Q16: How does a manager aim to increase productivity and reduce costs?
Ans16: The aim of a manager is to reduce costs and increase productivity through better planning, organising,
directing, staffing and controlling the activities of the organisation.
Q17: Why individual resist changes in an organisation?
Ans17: individuals in an organisation resist change as it often means moving from a familiar, secure environment
into a newer and more challenging one.
Q18: Give example of how mgt helps in development of society.
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Ans18: It helps to provide good quality products and services, creates employment opportunities, adopts new
technology for the greater good of the people and leads the path towards growth and development.
Q19: What led to the development of mgt principles and practices?
Ans19: The development of trade and commerce gradually led to the development of management principles and
practices.
Q20: What is required to practice the basic principles learnt?
Ans20: some kind of ingenuity and creativity is required to practice the basic principles learnt.
Q21: All art is practical. Why?
Ans21: Art involves the creative practice of existing theoretical knowledge.
Q22: What gives rise to different styles of mgt?
Ans22: Manager is involved in the activities of the organisation, studies critical situations and formulates his own
theories for use in a given situation. This gives rise to different mgt styles.
Q23: What are the qualities of best managers?
Ans23: The best managers are committed and dedicated individuals; highly trained and educated, with personal
qualities such as ambition, self motivation, creativity and imagination, a desire for development of the self and the
organisation they belong to.
Q24: What distinguishes a successful manager from a less successful one?
Ans24: It is the ability to put these principles into practice.
Q25: Why mgt is called an inexact science?
Ans25: since management deals with human beings and human behavior, the outcomes of these experiments are
not capable of being accurately predicted or replicated. Therefore, management can be called an inexact science.
Q26: Management as an art and a science are therefore not mutually exclusive, but complement each other. Give
reason.
Ans26: The practice of management is an art. However, managers can work better if their practice is based on the
principles of management. These principles constitute the science of management.
Q27: Which level of mgt is responsible for the welfare and survival of the organisation?
Ans27: Top level of mgt.
Q28: Which levels of managers are subordinate to top managers and superior to the first line managers?
Ans28: Middle level of managers.
Q29: How are middle managers usually known?
Ans29: Division heads.
Q30: Who are responsible for the activities of the first line managers?
Ans30: Middle mgt.
Q31: On what does quality of workmanship and the quantity of output depends?
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Ans31: It depends on the hard work, discipline and loyalty of the workers.
Q32: Define coordination.
Ans32: The process by which a manager synchronises the activities of different departments is known as
coordination.
Q33: What is the essence of mgt?
Ans33: Coordination.
Q34: What is inherent and implicit in all functions of organisation?
Ans34: Coordination.
Q35: What is the outcome in the absence of coordination?
Ans35: In the absence of coordination there is overlapping and chaos instead of harmony and integration of
activities.
Q36: What will happen in case, a) cooperation in absence of coordination and b) coordination without
cooperation?
Ans36: Cooperation in the absence of coordination may lead to wasted effort and coordination without cooperation
may lead to dissatisfaction among employees.
Q37: What is the primary reason for coordination?
Ans37: The primary reason for coordination is that departments and individuals in the organisation are
interdependent, i.e. they depend on each other for information and resources to perform their respective activities.

BOARD QUESTIONS
2008
Q1: In an organisation employees are happy and satisfied, there is no chaos and the effect of management is
noticeable. Which characteristic of management is highlighted by this statement? 1
Q2: Name the process of working with and through others to effectively achieve organisational objectives by
efficiently using its limited resources in the changing environment? 1
Q3: Dheeraj is working as ‘Operations Manager’ in Tifco Ltd. Name the managerial level at which he is working.
State any four functions perform as ‘Operations Manager’ in this company. 5
2009
Q1: Why is it said that management is a goal oriented process? 1
Q2: “Management helps in development of society”. How? 1
Q3: “Coordination is a not a separate function of management, it is the essence of management.” Explain with the
help of a suitable example. 5
Q4: Why is it said that mgt is all pervasive? 1
Q5: “Coordination is an orderly arrangement of group efforts to provide unity of action in the pursuit of a common
purpose.” In the light of this statement, explain the nature of coordination. 5
2010
Q1: List two personal objectives of mgt. 1
Q2: Hero Ltd’s target is to produce 10,000 shirts per month at a cost of Rs 150 per shirt. The production manager
could achieve this target at a cost of Rs.160 per shirt. Do you think the production manager is effective? Give
reasons in support of your answer. 1
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Q3: “Art is concerned with personal application of knowledge.” In the light of this statement, compare all the
features of art with mgt and prove that it is an art. 5
Q4: List any two social objectives of mgt. 1
Q5: List any two organisational objectives of management. 1
2011
Q1: Your grandfather has retired from an organisation in which he is responsible for implementing the plans
developed by the top mgt. at which level of mgt was he working? State one more function performed at this level.1
Q2: List any two social objectives of mgt. 1
Q3: “Mgt is profession like medical or legal professions” do you agree with this statement? Give reasons in
support of your answer. 5
Q4: Mgt is regarded as an art by some, as a science or as an inexact science by others. The truth seems to be
somewhere in between.” In the light of this statement explain the true nature of mgt. 5
2012
Q1: Identify the level of mgt at which the managers are responsible for implementing and controlling the plans and
strategies of the organisation. 1
Q2: At which level of mgt the managers are responsible for the welfare and survival of the organisation? 1
Q3: Explain how mgt increases efficiency and helps in development of society. 5
Q4: Explain any five features of coordination 5
2013
Q1: State any five features of coordination. 5
Q2: State any five characteristics of mgt. 5
Q3: State any five importance of mgt. 5
2014
Q1: What is meant by management of work? 1
Q2: Mega ltd was manufacturing water heaters. In the first year of its operations, the revenue earned by the
company was just sufficient to meet its costs. To increase the revenue, the company analyzed the reasons of fewer
revenues. After analyses, the company decided:
1) To reduce the labor costs by shifting the manufacturing to a backward area where labor was available at a
very low rate.
2) To start manufacturing solar water heaters and reduce the production of electric water heaters slowly.
This will not only help in converting the risks, but also help in meeting other objectives too:
a) Identify and explain the objectives of mgt discussed above.
b) State any two values which the company wanted to communicate to the society. 4
2015
Q1: explain how mgt helps in the development of the society? 1
Q2: What do you mean by mgt? Explain any objectives of mgt. 4
2016