Business studies II Unit-1 nature and significance of management will help you to understand the meaning, importance, features, and levels of managenment.

1. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
Business Studies II
Lecture1
By: Dr Manpreet Kaur
Assistant Professor in Commerce,
Guru Nanak College, Sukhchainana Sahib

2. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
UNITI
NATUREANDSIGNIFICANCEOF
MANAGEMENT

3. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
The Management

4. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
The word management is derived from the Latin word „MANUS‟
which means hands. It means management is handling some
activity.
DEFINITIONS
HENRY FAYOL “To manage is to forecast , to plan , to
organize, to command , to co-ordinate and to control.”
Management can be defined as, the PROCESS of getting
things done with the aim of achieving organizational goals
EFFECTIVELY and EFFICIENTLY.
Meaning of management

5. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
1. PROCESS
It is a primary function that
management perform to get the things
done or we can say to achieve their
goals.
2. EFFECTIVENESS
It is concerned with END RESULT
means completing the task correctly
within stipulated time
3. EFFICIENCY
Efficiency means doing the task
correctly at minimum cost through
optimum utilization of resources
Concept of management
PROCESS EFFECTIVENESS
EFFICIENCY

6. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
Characteristics / Features of Management
Goal oriented
Intangible force
Multidimensional – management of work,
people and operations.
Continuous
Group Activity
Pervasive
Dynamic function

7. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
Management as an

8. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
Art refers to skillful and personal
application of existing knowledge to
achieve desired results. It can be acquired
through study, observation
and experience.
Science is a systematised body of
knowledge that is based on general
truths which can be tested anywhere,
anytime.
Profession means an occupation for which
specialized knowledge and
skills are required and entry is restricted.
Management As An Art,
Science And Profession

9. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
OBJECTIVES AND IMPORTANCE OF
MANAGEMENT

10. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
• To earn profit for
business.
• To get maximum
results with
minimum efforts.
• To co-ordinate the
various activities
departments.
• To interact with
outsiders.
• To fulfill social
responsibility.
OBJECTIVES
OF
MANAGEMENT
We are looking for 12 months financing to reach 810,000 transactions
$800K
90K $23
Revenue over 12 month
Office booked Revenue

11. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
• Helps to achieve
goals.
• Ensures optimum
use of resources.
• Motivates people.
• Establishes a
sound
organization.
• Helps in the
economic-
development.
IMPORTANCE OF
MANAGEMENT

12. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
Levels of
Management

13. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib
LEVELS OF MANAGEMENT
TOP LEVEL
MANAGEMENT
• Decision of
Objectives.
• Framing Plan
and Policies.
• Creation of
positions for
doing
activities.
• Appointing
middle level
employees.
MIDDLE
MANAGEMENT
• To Link between
top and lower
management.
• co-ordinate with
top level
managers for
activities.
• To appoint lower
level staff.
• To understand
policies of top
level managers.
LOWER
MANAGEMENT
• To work
according to the
instructions of
middle
management.
• To conduct
quality check of
the product .
• To check service
of the product
time to time.
• To assign works
to the sub-
ordinates.

14. Dr Manpreet Kaur Assistant Professor in Commerce, Guru Nanak College, Sukhchainana Sahib