NATURE AND SIGNIFICANCE OF MANAGEMENT class 12 Business Studies ONE SHOT | chapter 1 bst

The video introduces a comprehensive study guide for chapter 1 of 12th-grade business studies, discussing 'Nature and Significance of Management'. The speaker emphasizes the importance of management as an art of getting things done through others and explains it through simple examples for effective and efficient achievement of goals.

Management is described as pervasive, required in every field from organizing a birthday party to running a hospital. It is an intangible process that cannot be seen directly but is felt through results. Management is dynamic, changing regularly and requiring a continuous process of strategic application and coordination to achieve organizational goals.

The speaker explains the multi-dimensional aspect of management involving the management of people, work, and operations. Each dimension requires careful handling to ensure tasks are completed efficiently. Furthermore, management is a composite process involving a series of steps for effective business operation.

The video further delves into the objectives of management, aligning them with organizational, societal, and personal expectations. For organizations, management aids survival, profitability, and growth; for society, it's about quality products and fair practices; while for employees, it's about fair remuneration and recognition.

The discussion on why management creates a dynamic environment essential for responding to changes, minimizing resource wastage, and ensuring timely achievement of goals is explored. The speaker emphasizes management's role in bringing harmony and helping in accomplishing socio-economic developments.

Management is illustrated as involving multiple levels within an organization: top, middle, and lower levels, each playing a distinct role. The top level focuses on setting goals and company policies, the middle level interprets these into departmental plans, and the lower level supervises daily activities ensuring efficiency.

The video's focus shifts to management as an art and science, where management is perceived partially as an art due to its creative and experiential application, and partially as a science through systematic knowledge application and principles.

Further, management is scrutinized as a profession, concluding it does not fit fully as there's no mandatory qualification or governing body like traditional professions. The focus remains on profit rather than service, contrasting it from professions like medicine or law.