Solution of Chapter 1. Nature and Significance of Management (NCERT - Business Studies Part-I Book)

What is meant by management?

Name any two important characteristics of management.

Identify and state the force that binds all the other functions of management.

List any two indicators of growth of an organisation.

Indian Railways has launched a new broad gauge solar power train which is going to be a path-breaking leap towards making trains greener and more environment-friendly. The solar power DEMU (Diesel Electric Multiple Unit) has 6 trailer coaches and is expected to save about 21,000 liters of diesel and ensure a cost saving of Rs 12, 00,000 per year. Name the objectives of management achieved by Indian Railways in the above case.

Ritu is the manager of the northern division of a large corporate house. At what level does she work in the organisation? What are her basic functions?

State the basic features of management as a profession.

Why is management considered to be a multi-dimensional concept?

Company X is facing a lot of problems these days. It manufactures white goods like washing machines, microwave ovens, refrigerators, and air conditioners. The company’s margins are under pressure and the profits and market share are declining. The production department blames marketing for not meeting sales targets and marketing blames production department for producing goods, which are not of good quality meeting customers’ expectations. The finance department blames both production and marketing for declining return on investment and bad marketing. State the quality of management that the company is lacking? What quality of management do you think the company is lacking?

Explain briefly. What steps should the company management take to bring the company back on track?

Coordination is the essence of management. Do you agree? Give reasons.

Ashita and Lakshita are employees working in Dazzling enterprises dealing in costume jewelry. The firm secured an urgent order for 1,000 bracelets that were to be delivered within 4 days. They were assigned the responsibility of producing 500 bracelets each at a cost of Rs 100 per bracelet. Ashita was able to produce the required number within the stipulated time at the cost of Rs 55,000 whereas, Lakshita was able to produce only 450 units at a cost of Rs 90 per unit. State whether Ashita and Lakshita are efficient and effective. Give reasons to justify your answer.

Management is considered to be both an art and science. Explain.

Do you think management has the characteristics of a fullfledged profession?

“A successful enterprise has to achieve its goals effectively and efficiently.” Explain.

Management is a series of continuous interrelated functions. Comment.

A company wants to modify its existing product in the market due to decreasing sales. You can imagine any product about which you are familiar. What decisions/steps should each level of management take to give effect to this decision?

A firm plans in advance and has a sound organisation structure with efficient supervisory staff and control system but on several occasion it finds that plans are not being adhered to. It leads to confusion and duplication of work. Advise remedy