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What is meant by ‘Efficiency’ in management?
The ability of a management to achieve the organisational goals with minimum resources is called the efficiency of management.
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How does co-ordination integrates group efforts? State.
Coordination integrates group efforts by combining unrelated or diverse interests into purposeful work activity. It gives a common focus to group effort by ensuring that the performance and the objective goes in the same direction.
Give the meaning of ‘Method’ as a type of plan.
Methods prescribes the way or manner in which a task has to be performed to achieve the desired objective. It deals with a task stating one step of a procedure and specifying how it is to be performed.
To make the annual function of the school successful the principal of the school divided all the activities into task groups each dealing with a specific area like rehearsals, decoration, stage management, refreshments etc. Each group was placed under the overall supervision of a senior teacher. Identify the function of management performed by the Principal in doing so.
The function of management performed by principal is organising. Organising is the management function of assigning duties, grouping tasks, establishing authority and allocating resources required to carry out a specific plan.
Besides the investment decision the finance function is concerned with two other broad decisions. Name these decisions.
Besides investment decision, the finance function is concerned with
(a) Financing decision and
(b) Dividend decision.
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