BASIC NOTES FEATURES NATURE OF MANAGEMENT BUSINESS STUDIES

BASIC NOTES FEATURES NATURE OF MANAGEMENT BUSINESS STUDIES

Here, we are trying to give you some information about basic notes for business studies, business studies tutorials, CBSE business studies notes for class 11 class 12 BBA MBA BCA MCA B.com M.com BMS MMS PGDM Entrepreneur other further management class.

Today, we are going to providing basic features nature of management notes CBSE study material for commerce students to become great and better managers in any organization. Previously, we studied BASIC NOTES NATURE SIGNIFICANCE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES CHARACTERISTICS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES CONCEPTS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES OBJECTIVES OF MANAGEMENT BUSINESS STUDIESBASIC NOTES FEATURES NATURE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES IMPORTANCE OF MANAGEMENT BUSINESS STUDIES.

Management is an old as civilization. Although modern organizations are of recent origin, organized activity has existed since the time of the ancient civilizations. In fact, organizations could also be considered the distinguishing feature that separated civilized society from uncivilized ones. The earliest management practices were a set of rules and regulations that grew out of the experiences of government and commercials activities. The development of trade and commerce gradually led to the event of management principles and practices.

The term ‘management’ today has several different connotations that highlight the various aspects of its nature. The study of management has evolved over a period of time along with modern organizations, based both on the experience and practices of managers and a set of theoretical relationships. Over a period of your time, it’s grown into a dynamic subject with its own special characteristics. However, one question that must be addressed concerning the character of management is whether or not it’s a science or an art or both? In order to answer this allows us to examine the features of both science and art to ascertain how far management fulfills them.

BASIC NOTES FEATURES NATURE OF MANAGEMENT BUSINESS STUDIES
BASIC NOTES FEATURES NATURE OF MANAGEMENT BUSINESS STUDIES

Basic Notes About Business Studies Management is an Art:

What is art? Art is that the skillful and private application of existing knowledge to realize desired results. It is often acquired through study, observation, and knowledge. Since art cares about the private application of data some quite ingenuity and creativity is required to practice the essential principles learned. The essential features of art are as follows:

Existence of theoretical knowledge:

Art presupposes the existence of certain theoretical knowledge. Experts in their respective areas have derived certain basic principles that are applicable to a specific sort of art. We will talk as an example of literature on dancing, speaking, acting, or music that is widely known.

Personalized application:

The utilization of this basic knowledge varies from individuals to individual. Art therefore may be a very personalized concept. Now, explain for example two dancers, two speakers, two actors or two writers will always differ in demonstrating their art.

It is based on practice and creativity:

All art is practical. Art involves the creative practice of existing theoretical knowledge. We all know that everyone’s music is predicated on seven basic notes. However, what makes the composition of a musician unique or different is his use of those notes in a creative manner that’s entirely his own interpretation.

Here, we are trying to give you some information about basic notes for business studies, business studies tutorials, CBSE business studies notes for class 11 class 12 BBA MBA BCA MCA B.com M.com BMS MMS PGDM Entrepreneur other further management class.

Today, we are going to providing basic features nature of management notes CBSE study material for commerce students to become great and better managers in any organization. Previously, we studied BASIC NOTES NATURE SIGNIFICANCE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES CHARACTERISTICS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES CONCEPTS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES OBJECTIVES OF MANAGEMENT BUSINESS STUDIESBASIC NOTES FEATURES NATURE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES IMPORTANCE OF MANAGEMENT BUSINESS STUDIES.

Management can be said to be an art since it satisfies the following criteria:

  • A successful manager practices the art of management in the day-to-day job of managing an enterprise based on study, observation, and experience. There is tons of literature available in various areas of management like marketing, finance, and human resources which the manager needs to focus on. There is the existence of theoretical knowledge.
  • There are many theories of management, as propounded by many management thinkers, which prescribe certain universal principles. A manager applies these scientific methods and body of data to a given situation, an issue, or a drag, in his own unique manner. A good manager works through a mixture of practice, creativity, imagination, initiative, and innovation. A manager achieves perfection after long practices. Students of management also apply these principles differently counting on how creative they’re.
  • A manager applies this acquired knowledge in a personalized and skilled manner in the light of the realities of a given situation. He is involved in the organization, studies critical situations, and formulates his own theories for use in a given situation. This gives rise to different styles of management.

The best managers are committed and dedicated individuals; highly and educated, with personal qualities such as ambition, self-motivation, creativity and imagination, a desire for the development of the self and the organization they belong to. All the management practices are based on a set of principles; what distinguishes a successful one is the ability to put these principles into practice.

Business Studies Notes Tutorials Management is a Science:

Science could be a systematized body of information that explains certain general truth or the operation of general laws. The basic features of science are as follows:

Systematized body of knowledge body:

Science is a systematic body of knowledge. Its principles are supported on a cause and effect relationship. For example, the phenomenon of an apple falling from a tree towards the bottom is explained by the law of gravity.

Principles based on experimentation:

Scientific principles are first developed through observation then tested through the repeated experimentation under controlled conditions.

Universal validity:

Scientific principles have universal validity and application. Based on the above features we are able to say that management has some characteristics of science:

  • Management has a systematized body of knowledge. It has its own theory and principles that have developed over a period of your time, but it also draws on other disciplines like Economics, Sociology, Psychology, Maths. Like all other organized activities, management has its own vocabulary of terms and ideas.  Managers need to communicate with each one another with the help of the common vocabulary for a better understanding of their work situation.
  • The principles of management have evolved over a period of tie supported repeated experimentation and observations within the different organizations. However, since management deals with the citizenry and human behavior, the outcomes of those experiments aren’t capable of being accurately predicted or replicated. Therefore, management can be called an inexact science. Despite these limitations management scholars are able to identify general principles of management.
  • Since the principles of management are not as exact as the principles of science, their application and use are not universal. They have to be modified consistent with a given situation. However, they give managers with certain standardized techniques that may be utilized in different situations. These principles are also used for the training and development of managers.

You must have understood the foregoing discussion that management has the features of both art and science. The practice of management is an art. However, managers can work better if their practice is predicated on the principles of management. These principles constitute the science of management. Management is as an art and science, therefore, not mutually exclusive, but complements one another.

Here, we are trying to give you some information about basic notes for business studies, business studies tutorials, CBSE business studies notes for class 11 class 12 BBA MBA BCA MCA B.com M.com BMS MMS PGDM Entrepreneur other further management class.

Today, we are going to providing basic features nature of management notes CBSE study material for commerce students to become great and better managers in any organization. Previously, we studied BASIC NOTES NATURE SIGNIFICANCE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES CHARACTERISTICS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES CONCEPTS OF MANAGEMENT BUSINESS STUDIESBASIC NOTES OBJECTIVES OF MANAGEMENT BUSINESS STUDIESBASIC NOTES FEATURES NATURE OF MANAGEMENT BUSINESS STUDIESBASIC NOTES IMPORTANCE OF MANAGEMENT BUSINESS STUDIES.

Business Studies Notes Tutorials Management is a Profession:

You have understood so far that all forms to be managed. You would also have observed that organizations look for individuals with specific qualifications and experience to manage them. It has also been observed that there has been an increase in the corporate form of business on the one hand and increasing emphasis on managed business concerns. Does this imply that management is a profession? To answers this question let us examine the salient features of a profession and see whether management satisfies them.

You have understood so far that all forms to be managed. You would also have observed that organizations look for individuals with specific qualifications and experience to manage them. It has also been observed that there has been an increase in the corporate form of business on the one hand and increasing emphasis on managed business concerns. Does this imply that management is a profession? To answers this question let us examine the salient features of a profession and see whether management satisfies them.
A profession has the following characteristics:

Well-Defined Body of Knowledge:

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

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.

Professional Association:

All professions are affiliated to a professional association that regulates entry, grants certificate of practice, and formulates and enforces a code of conduct. To be able to practice in India lawyers have to become members of the Bar Council which regulates and controls their activities.
Ethical code of conduct:
All professions are bound by a code of conduct that guides the behavior of their members. All doctors, for example, take the oath of ethical practice at the time they enter the profession.

Service Motive:

The basic motive of a profession is to serve their client’s interests by rendering dedicated and committed service. The task of a lawyer is to ensure that his client gets justice.
Management does not meet the exact criteria of a profession.
However, it does have some of the features of a profession:

  • 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. This knowledge can be acquired at different colleges and professional institutes and through several books and journals. The subject of management is taught at different institutions. Some of these have been set up with the specific purpose of providing management education such as the Indian Institutes of Management (IIMs) in India. Entry to different institutes is usually through an examination.
  • There is no restriction on anyone being designated or appointed as a manager in any business enterprise. Anyone can be called a manager irrespective of the educational qualifications possessed. Unlike a profession such as medicine or law which requires a practicing doctor or lawyer to possess valid degrees, nowhere in the world is it mandatory for a manager to possess any such specific degree. But professional knowledge and training are considered to be desirable qualifications since there is greater demand for those who possess degrees or diplomas from reputed Institutions. Therefore, as such the second criterion has not been strictly meeting.
  • 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. There is, however, no compulsion for managers to be members of such an association nor does it have any statutory backing.
  • The basic purpose of management is to help the organization achieve its stated goal. This may be profit maximization for a business enterprise and service for a hospital. However, profit maximization as the objective of management does not hold and is fast changing. Therefore if an organization has a good management team that is efficient and effective it automatically serves society by providing good quality products at reasonable prices.

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