1. Define Management.
& WEIHRICH, “Management is
the process of designing and maintaining of an environment in which
individuals working together in groups efficiently
accomplish selected aims”. “Management is the art of getting things through and
with people in formally organized groups”.
Ex: Human Resource Management,
2. Is Management - an art or science?
as practice is an art; the organized knowledge underlying the practice is a
science. Managing has the following features that make it an art.
• Individual approach
• Application and dedication
• Initiative and
3. What are the essential skills of Managers?
skills required or expected out of managers are:-
ü Technical skills – Pertaining
to knowledge and proficiency in activities
involving methods and procedures;
ü Human skills – Ability to work effectively with
other persons and to build up
cooperative group relations to accomplish organizational objectives;
ü Conceptual skills – Ability
to recognize significant elements in a situation;
and to understand the relationship among those elements; and
ü Design skills – Ability to solve problems in ways
that will benefit the enterprise.
4. Define Scientific Management.
management involves specific method of determination of facts through
observation. The concept of scientific management was introduced by Frederick
Winslow Taylor in the USA in the beginning of 20th century. It was further
carried on by Frank and
Gilbreth, Henry Gantt, etc. It was concerned essentially with improving the operational efficiency at the shop floor
level. “Scientific Management is concerned with
exactly what you want men to do and then see in that they do it best and
5. List the principles of Scientific Management.
management was introduced by F.W Taylor who is known as the Father of
Scientific Management. He adopted scientific methods to increase the
productivity and greater efficiency in production.
principles of Scientific Management are:-
of planning and working
selection of training
and mental revolution
6. List the contributions of Fayol towards
Fayol is a French industrialist whose contributions are termed as operational
management or administrative management. He
followed ‘The Classical Approach’ to the
of management thought. His contributions are given as follows:-
of activities of an industrial organization into six groups, namely- Technical,
commercial, financial, security, accounting and managerial;
six types of qualities of a manager are- Physical, mental, moral, educational,
technical and experience;
principles of Management namely- Division of Work, Authority and responsibility
and so on; and
elements/functions of management- Planning,
organizing, commanding, coordinating
7. Functions of management
or Direction or Coordination
8. Management level and functions.
formulate goals and policies
appoint top executives
level management functions.
1. To train
motives &develop supervisory level
monitor and control the operations performance
1. To train
2. To assign
3. To give
orders and instructions
4. To report
the information about the workers
9. What are the roles played by a Manager?
10 Define ‘Sole proprietorship’
Business unit that is owned and controlled by a single individual is known as
sole trading or sole proprietorship concern. He uses his own savings for
running the business. The sole trader makes all purchases and sells on his own
and maintains all the accounts. He alone enjoys all the profits and bears all
Ex: A Fancy store.
11. What do you mean by a ‘Partnership firm’?
partnership is an association of two or more persons to carry on business and
to share its profit and losses. The relation of a partnership arises from
contract. The maximum number of partners is limited to 10 in the case of
banking business and 20 in the case of other business.
Ex: Chand & Co.
12. What do you understand by the term ‘Joint Stock
“By a Company we mean an association of many
persons who contribute money or money’s worth to a common stock and employs it
in some trade or business and also shares the profit and loss as the case may be arising there from”.
two types of Joint stock companies:-
Limited company – Ex: M/s Key Media
Limited company – Ex: M/s Pearl
13. Who is (i) an active partner (ii) a sleeping
Active partner: Any partner who is authorized by
others to manage the business is known
as active partner.
Sleeping partner: Any
partner who does not express his intention to participate in the business can be called as a sleeping
partner. He will be just an investor who has a right to share profits.
14. What is a Co-operative Enterprise?
Co-operative enterprise is a voluntary association of persons for mutual
benefit and its aims are accomplished through self-help and collective effort.
It may be described as a protective device used by the relatively less strong
sections of society to safeguard their economic interests in the face of
exploitation by producers and sellers working solely for maximizing profits.
Ex: AAVIN Milk Federation Cooperative
15. What is a Private limited company?
limited company is a company which has a minimum paid up capital as may be
prescribed. It can be incorporated with just two persons. It can have a maximum
of 50 members. It cannot go in for a public issue. It restricts the transfer of
its shares. It is particularly suitable for industrial ventures which can get
many concessions in respect of income tax.
Ex: M/s Key Media Pvt. Ltd.
16. What is a Public limited company?
limited company should have a minimum of 7 members and the maximum limit is
unlimited. It can issue shares to the Public. The financial statement should be
sent to all the members and to the Registrar of Companies. The shares of a
public limited company
transferred by the members to the others without any restriction by the
company. Such transfers are made through
organized markets called ‘stock markets’ or ‘stock exchanges’.
Ex: M/s Pearl credits Ltd.
17. What is a Public sector Enterprise?
enterprise or State enterprise is an undertaking owned and controlled by the
local or state or central government. They are financed and managed by the
government. They are started with a service motive.
Ex: NLC Ltd.
18. What is a Public Corporation?
corporation is an autonomous body corporate created by a special statute of a
state or central government. A public corporation is a separate legal entity
created for a specific purpose.