CBSE business studies
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Your grandfather has retired as the Director of a manufacturing company. At which level of Management was he working? Different type of functions are performed at this level. State anyone function.
As he retired as director of company, he belongs to top level management. The functions performed at this level include strategic decision making.
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What is meant by management?
Management is the act of getting people together to accomplish desired goals and objectives using available resources effectively and efficiently.
What is meant by principles of management?
Management Principles are guidelines to take decisions or actions while practicing managerial techniques. They are basic truths or guidelines for behavior.
State anyone principle of scientific management.
Science, Not Rule of Thumb: This principle says that we should not get stuck in a set routine with the old techniques of doing work, rather we should be constantly experimenting to develop new techniques which make the work much simpler, easier and quicker.
'The understanding of business environment helps the managers to identify 'threats'.' What is meant by 'threats' here?
An organization is exposed to external environment, which is dynamic in nature. Threats are anything from an organization's external environment that can adversely affect its performance or achievement of goals.
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