Do you think management has the characteristics of a full-fledged profession?
Profession is an occupation for which specialized skills and knowledge are required. And entry in any profession is restricted as it requires specialized skills and some minimum educational qualification.
Characteristics of profession as a profession.
Well defined body of knowledge: Professions are based on a well-defined body of knowledge that can be acquired through instructions.
This characteristic of profession is applicable in management also as management is also based on a systematic body of knowledge comprising well-defined principles.
Restricted Entry: Entry to a profession is restricted through acquiring an educational degree or through examination.
This characteristic of the profession is not applicable in management as there is no restriction on anyone being designated or appointed as manager in any business firm. But in today's world the organisation gives more preference to management graduates for the need of specialization.
Professional association: Every profession is affiliated to a professional association which regulates entry and grants certificate of practice.
This characteristic of the profession is also not applicable in management. There are some associations of practising managers in India, like the AIMA (All India Management Association) that has laid down conduct to regulate the activities of their members. But there is no compulsion for a manager to be a member of the management association.
Service Motive: The main motive of a profession is to serve their client's by providing them committed service.
This characteristic is not purely applicable in management as the main motive of management is to achieve the specific goal of the organisation. And that may be profit maximisation.
However, profit maximisation as the objective of management does not hold and is fast changing.
So, finally it can be said that management does not fulfil all the characteristics of the profession. But in today's growing world for status and recognition management is moving towards profession.
What are the steps taken by management in the planning process?
Why is management considered to be a multi-dimensional concept?
Explain the procedure for selection of employees.
How would you characterize the business environment? Explain with examples, the difference between general and specific environment.
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.
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.
Define scientific management. State any three of its principles.
Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
Discuss the relevance of Taylor and Fayol’s contribution in the contemporary business environment.
Management is a series of continuous interrelated functions. Comment.
How would you characterize the business environment? Explain with examples, the difference between general and specific environment.
State any one situation in which an organisation’s control system loses is effectiveness.
Krishna Furnishers Mart started its operations in the year 1954 and emerged as the market leader in the industry because of their original designs and efficiency in operations. They had a steady demand for their products but over the years, they found their market share declining because of new entrants in the field. The firm decided to review their operations and decided that in order to meet the competition, they need to study and analyze the market trends and then design and develop their products accordingly. List any two impacts of changes in business environment on Krishna Furnishers Mart’s operations. (Hint: increase in competition and Market orientation).
What is meant by capital structure?v
Ramnath is into the business of assembling and selling of televisions. Recently he has adopted a new policy of purchasing the components on three months credit and selling the complete product in cash. Will it affect the requirement of working capital? Give reason in support of your answer.
Management is considered to be both an art and science. Explain.
What are the responsibilities of a consumer?
Draw a diagram depicting a functional structure.
Why delegation is considered essential for effective organising?
Distinguish between advertising and personal selling.