NCERT Solutions Class 12 Business Studies Chapter 1

NCERT Solutions Class 12 Business Studies Chapter 1- Nature and Significance of Management

NCERT solutions of Business Studies Class 12 Chapter 1 by Extramarks combine all of the principles of Business Studies. They provide a fundamental grasp of management principles and policies in Business Studies. This will be really beneficial to students. All of the crucial aspects are explained thoroughly. After reading the concept, all points are clear and easy to comprehend, and there is no room for uncertainty. Students who are unfamiliar with the topic can study the fundamentals of management concepts and approaches. While classroom teaching helps with only so much of this knowledge transfer, students are accountable for the remaining. Extramarks specialists created the Class 12 Business Studies Chapter 1 NCERT Solutions to help students absorb this information.

NCERT Solutions for Class 12 Business Studies Chapter 1- Nature and Significance of Management are written in simple language with point-by-point explanations. Students can access a variety of additional study tools on the Extramarks website in addition to the NCERT Solutions. Students get access to all materials, including NCERT books, CBSE revision notes, CBSE sample papers, CBSE previous year question papers, and so on.

Key Topics Covered In NCERT Solutions Class 12 Business Studies Chapter 1

Following are the key topics covered in NCERT Solutions Class 12 Business Studies Chapter 1- Nature and Significance of Management. 

To go smoothly with all the Chapters of NCERT Class 12 Business Studies, students need to grasp Chapter 1- Nature and Significance of Management. Students should utilise the NCERT Solutions Class 12 Business Studies Chapter 1 supplied by Extramarks to assist them in preparing for their examinations if they want to gain more insights into this chapter. To help students comprehend the ideas, the principles are discussed in great depth. Students will gain a thorough understanding of all of the chapters with the help of these solutions. 

Here’s the detailed information on each subtopic in NCERT Solutions Class 12 Business Studies Chapter 1 Nature and Significance of Management.

Introduction to Management

Management is the process of effectively and efficiently planning, organising, staffing, directing, and regulating corporate resources in order to achieve the organisation’s goals. Doing the proper task, finishing tasks, and attaining goals are aspects of managerial effectiveness. Efficiency refers to doing a task correctly and at a low cost.

Basic features/characteristics of management

Some characteristics/basic features of management are

• Goal-oriented process
• Tangible force
• Dynamic function
• Group activity
• All pervasive
• Multidimensional
• Continuous processes

Functions of management 

The functions of planning, organising, staffing, leading, and managing are all part of management. Despite the fact that they are separate, they are usually performed at the same time. Let’s understand them in detail:

• Planning: It consists of developing organisational objectives, commercial targets, and the procedure for achieving them in the most effective and efficient manner possible. Planning requires selecting ahead of time what you want to do and how you want to accomplish it. It is a crucial management function.
• Organising: It involves coordinating human and physical resources in order to carry out decisions made at the planning stage. Organising is the process of identifying, classifying, and coordinating work to be done by establishing reporting relationships between people, establishing their responsibilities, and establishing their authorities in order to integrate human efforts collectively for the successful achievement of organisational goals.
• Staffing: Staffing is a management activity that comprises evaluating the skills of applicants and assigning them particular jobs based on their skill set to hire people who are a suitable match for the firm. It is engaged in fulfilling the human resource needs of an organisation.
• Directing: The process of directing is when a superior gives instructions, direction, and counseling to a subordinate in order to encourage and lead them to attain their goals.
• Controlling: Controlling is a procedure that involves comparing actual performance to the expected output in order to verify that goals are met. The managerial responsibility of the controlling function includes setting standards, assessing actual performance, and taking remedial action in the event of discrepancies.

Levels of management 

The measures that each level of management takes to boost product sales in the marketplace are mentioned under NCERT Solutions Class 12 Business Studies Chapter 1:

Top Level Management:

• They must assess the company environment and make judgments about the necessary changes.
• They must define the modification’s goals and the strategies and policies that will be used to carry out the change.
• They must organise all of the necessary physical and human resources for the alteration.
• Notify all departments of the change and coordinate their efforts.

Middle-Level Management:

• They must notify top-level management about the possible modifications and the market demand and expectations that must be met to execute the changes.
• They must interpret plans and policies and provide implementation instructions to lower-level management.
• To be able to take on modification, they must recruit, select, and train individuals.
• They must delegate tasks and responsibilities to lower-level managers.

Lower Level Management:

• They may express their opinions on the type of alteration or technology that is necessary before a choice is made.
• They must give commands and instructions to the workforce in order to put plans into action.
• To carry out industrial operations, they must train or lead the personnel.
• They must monitor work on a regular basis to ensure that it is completed successfully and efficiently.

Code of Conduct

There will be rules and regulations addressing work style and practices at a firm. This will be constructed in such a way that no difficulties with behaviour will arise. This will assure the company’s proper operation and discipline. If any procedure is broken, there will be policies in place that will dictate the measures that should be taken. All personnel involved in the restructuring will adhere to the guidelines and ensure that no one in the firm has any problems.

Management as a multi-faceted concept

Management is seen as a multidimensional term due to the following reasons: 

• Every organisation has tasks to complete. The work is translated into goals and the methods employed to attain them by management.
• Human resource isa company’s most valuable asset. The duty of management is to create an environment where people can interact with each other and work together, The management should know the strengths and weaknesses of the employees and should give the employees an opportunity to work upon their weaknesses 
• Every organisation must supply certain essential products and services in order to stay afloat. This necessitates a transformation of the input elements into the required output.

Management as Art and Science

Management is viewed as both an art and science since it meets all of the criteria for art and just a few of the requirements for being a science.

MANAGEMENT AS AN ART:

• Existence of Theoretical Knowledge: It is a collection of pre-existing fundamental ideas that may be applied to any sort of organisation. A successful manager bases his daily operations on a few studies, experiences, and observations.
• Personalised Application: A manager applies universal principles in his or her own unique way, depending on the situation, which might change from time to time and case to case.
• Based on Practise and Creativity: A skilled manager uses a variety of theories and moulds them to fit the needs of the company.

MANAGEMENT AS A SCIENCE:

• Systemised Body of Knowledge: Management, like science, is a systematised body of knowledge. It has developed its own set of theories over time. It also has a common lexicon that managers utilise all throughout the world.
• Principles based on Experimentation: Management principles have evolved over time and are tailored to the needs of managers on a case-by-case basis, whereas scientific principles are established by observation, testing, and repeated experimentation.
• Universal Validity: Theories in science are set and generally valid. However, in management, just a few fundamentals are employed to teach managers. Although they may need to be tweaked to fit a specific circumstance, these are applicable to all organisations.

When we compare the characteristics of science to those of management, we may infer that management is not an accurate science like physics or chemistry. However, we might refer to it as “soft science” or “inexact science.”

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The essence of management – Coordination

Coordination is a procedure that begins with the planning stage. To achieve a shared goal, every action in an organisation must be carefully coordinated. It connects the organisation’s efforts in order to reach a single aim.

The following are some of the reasons why cooperation is so important in management:

• Unity of Action ensured by Coordination: All of the departments are bound together via coordination. It makes all departments aware of the shared goal that must be met.
• Coordination involves Group Efforts: It brings various interests of all the departments together to achieve a similar purpose.
• Coordination is a Continuous Process: The coordination of activities begins with the organisation’s planning and continues until it is controlled.
• Coordination is an All-Pervasive function: Because all activities are dependent on one another, it is essential at all levels of management.
• Coordination is a Responsibility of all the Managers: Managers at all levels of management, whether at the top, middle, or bottom, must guarantee that work is completed according to the plan.

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Management as a full-fledged profession

Management does not have all of the characteristics of a full-fledged career due to the following reasons:

• Well defined body of Knowledge: Every business has a defined body of information that may be learnt by the following instructions. This characteristic of the profession may be found in management since it entails a methodical understanding of concepts, theories, and principles.
• Restricted Entry: Although a professional degree is required to become a professional, an individual with managerial talents can become a manager without one. As a result, this attribute of the profession does not apply to management, as management is available to anybody who wants to master management skills.
• Professional Association: All professions are members of their respective professional societies, which govern admittance, issue practice certifications, and set behaviour codes. This characteristic does not apply to management because membership of a manager in a management association is not required.
• Ethical Code of Conduct: Every profession has a rigid code of behaviour. Because there is no explicit code of conduct for managers, this feature does not exist in management.
• Service Motive: Both a professional and a manager strive to give focused and committed services in order to expand the number of clients they serve. However, in the case of management, profit maximisation is usually the primary goal.

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NCERT Solutions Class 12 Business Studies Chapter 1 Nature and Significance of Management NCERT Solutions Article Links

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By referring to Extramarks NCERT Solutions Class 12 Business Studies Chapter 1, students can easily understand the Nature and Significance of Management.

Key Features of NCERT Solutions Class 12 Business Studies Chapter 1

Students must study all previous concepts in order to do well in the exam. As a result, NCERT Solutions Class 12 Business Studies Chapter 1 provides a detailed answer to all questions. Some of the major reasons you must choose Extramarks include:

• They cover all the solutions to the chapter related questions in the NCERT textbook as well as additional important questions. 

• The solutions are prepared by experts in the field of Business Studies.
• By laying a foundation and explaining the chapter’s fundamental principles, the answers help in eliminating the student’s questions and hurdles.
• All solutions are formed keeping in mind the guidelines laid by NCERT.