s.y.b.com. semester - iii commerce important questions and answers



The Features of management are as follows: -
1.       Management is a continuous and never-ending process:
As stated, above management is a process. It includes four basic functions like planning organizing directing and controlling. It is a continuous and never-ending process as it does not come to an end like the accomplishment of organizational goals.

2.       Management deals with the people:
Management involves people who are directly or indirectly involves with the organization effective management requires teamwork the collective efforts of all the people to bring success to the organization.

3.       It involves getting things done through people:
 Management involves people to get the thing done effective and efficient system of management maintain qualified and knowledgeable staff to whom a proper direction is given to implement the plans of an organization.

4.       Management is goal-oriented:
Management places emphasis on the accomplishment of an organization's goal. Every managerial activity results in the achievement of well-defined objectives.

5.       Management is a system of activity:
Management is an integral part of the system. A system may be defined as a set of various departments working in an organization to achieve a common objective.

6.       Management is an art, science as well as profession.

7.       Management is innovative:
Management techniques are creative and innovative. Every manager in the organization uses their innovative skills and talent to make better things with higher efficiency at minimum cost.

8.       Management has a different operation level:
Such as higher level, middle level, and lower level. All the managers at different levels have to work with adequate authorities and responsibilities.

9.       Management is dynamic:
 Business is influenced by economics, social, political, and technological and changes in human resources. Management adjusts itself to the changing atmosphere. Management has to make suitable forecasts and make the changes in the existing policies, therefore it is a dynamic activity.

10.   Management follows well-established principles:
It follows well-established principles in managing the organization. The principals include:-
· Division of work
· Authority and responsibility
· Discipline
· Unity of command
· Unity of direction etc.
These principles help to solve the problems of the organization.

11.   Management is universal:
It is all-pervasive. It applies not to business organizations, but also to other organizations such as educational institutions charitable trusts, hospitals, etc. Management is a must for all activities.  

12.   Management adopts professional approach:
Nowadays managers use a professional approach for getting the work done by their subordinates. The delegates' authority and responsibility to their subordinates give direction and guidance and also accept the suggestion from the subordinates for improving their work.

13.   Management adopts multi-disciplinary approach:
Management has to manage people. It is very difficult for managers to handle people of different backgrounds without the knowledge of different subjects such as economics, Information Technology, psychology, sociology, etc.

14.   Ownership and management are separated from each other.

15.   Management is an intangible activity.

16.   Management is aided by computers but cannot be replaced-

As managers can use computers to make quick decisions, computerized data can be used. But the judgment and experience of managers are required to use computerized data to take quick decisions.

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