State the basic features of management as a profession.
Following are the basic features according to which management can be viewed as a profession:
a. Systemised Knowledge: Every profession is based on a well-defined body of knowledge. So as in management a systemised and well-defined of knowledge is required. And this knowledge can be acquired from management colleges and professional institutes.
b. Restricted Entry: Entry in any profession is restricted as it requires specific qualifications and degrees. But in management there is no need for any specific qualifications and degree. But professional knowledge and training is required to be a manager. Therefore as some extent this restricts the entry as the person with management degree and diplomas are preferred.
c. Code of Conduct: Every profession needs to follow a specific code of conduct to guide the behaviour of its members. Therefore if an organisation with a good management team. Which works effectively will automatically provide good quality of product at reasonable prices.
Popular Questions of Class 12 Business Studies
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What are the steps taken by management in the planning process?
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Why is management considered to be a multi-dimensional concept?
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Explain the procedure for selection of employees.
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How would you characterize the business environment? Explain with examples, the difference between general and specific environment.
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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.
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The government of India announced Demonetization of ₹ 500 and ₹ 1,000 currency notes with effect from the midnight of November 8, 2016. As a result, the existing ₹ 500 and ₹ 1,000 currency notes ceased to be legal tender from that date. New currency notes of the denomination of ₹ 500 and ₹ 2,000 were issued by Reserve Bank of India after the announcement.
This step resulted in a substantial increase in the awareness about and use of Point of Sale machines, e-wallets, digital cash and other modes of cashless transactions. Also, increased transparency in monetary transactions and disclosure led to a rise in government revenue in the form of tax collection.
a. Enumerate the dimensions of the business environment highlighted above.
b. State the features of Demonetization. - Q:-
Define scientific management. State any three of its principles.
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Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
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Discuss the relevance of Taylor and Fayol’s contribution in the contemporary business environment.
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Management is a series of continuous interrelated functions. Comment.
Recently Viewed Questions of Class 12 Business Studies
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Explain the importance of consumer protection from the point of view of a business.
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Identify and state the force that binds all the other functions of management.
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Explain the procedure for selection of employees.
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State the type of plan and state whether they are Single use or Standing plan:
a. A type of plan which serves as a controlling device as well.(budget)
b. A plan based on research and analysis and is concerned with physical and technical tasks. (Method). - Q:-
“A successful enterprise has to achieve its goals effectively and efficiently.” Explain.
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Name the principle that is an extension of the ‘harmony, not discord’.
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If planning involves working out details for the future, why does it not ensure success?
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Aval Ltd. is engaged in the business of export of canvas goods and bags. In the past, the performance of the company had been upto the expectations. In line with the latest demand in the market, the company decided to venture into leather goods for which it required specialised machinery. For this, the Finance Manager Prabhu prepared a financial blueprint of the organisation’s future operations to estimate the amount of funds required and the timings with the objective to ensure that enough funds are available at right time. He also collected the relevant data about the profit estimates in the coming years. By doing this, he wanted to be sure about the availability of funds from the internal sources of the business. For the remaining funds, he is trying to find out alternative sources from outside.
a. Identify the financial concept discussed in the above paragraph. Also, state the objectives to be achieved by the use of financial concept so identified. ( Financial Planning).
b. ‘There is no restriction on payment of dividend by a company’. Comment. ( Legal & Contractual Constraints)
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India’s largest domestic investor Life Insurance Corporation of India has once again come to government’s rescue by subscribing 70% of Hindustan Aeronautics’ ₹4,200-crore initial public offering.
a. Which market is being reflected in the above case?
b. State which method of floatation in the above identified market is being highlighted in the case? (Primary Market)
c. Explain any two other methods of floatation. (Private Placement, Offer through prospectus, offer for sale). - Q:-
Do you think management has the characteristics of a full-fledged profession?
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