Nature and Significance of Business-Important Questions


CHAPTER 1: Nature & Significance of Management

  1. Define management?
  2. What do you mean by efficiency? How does it differ from effectiveness?
  3. Management is a continuous process”. Explain the statement.
  4. Briefly explain the importance of management?
  5. Is management a pure science? Give reason in support of your answer.
  6. Rohan was working in Wills Ltd., a manufacturer of air conditioners. He found that the sales of the company was declining since 9 months resulting in reduction of profits, so he analyzed the business environment to find the reasons :-
    1. Identify the level of management at which he is working
    2. State the functions performed by him
  7. Write the steps involved in the process of management?
  8. Briefly explain coordination as essence of management?
  9. Explain management as an ‘art’?