Practicing Success

Target Exam

CUET

Subject

Business Studies

Chapter

Nature and significance of Management

Question:

Match the following:

Nature Explanation
A)Art                                                1) Management is based on systematic body of knowledge comprising well defined principle based on variety of business situations.
B) Profession 2) Principles of Management are based on repeated experimentation and observations in different types of organisation.
C) Science 3) Managers applies the acquired knowledge in a personalized and skilled manner.

Options:

A-1, B-2,C-3

A-3, B-1, C-2

A-2, B-3,C-1

A-3,B-2,C-1

Correct Answer:

A-3, B-1, C-2

Explanation:

The correct answer is option 2- A-3, B-1, C-2.

* Art- Managers applies the acquired knowledge in a personalized and skilled manner. Art refers to personal and skillful application of existing knowledge to achieve desired results. It can be acquired through continuous practice, creativity, personal observation and experience.

* Profession- Management is based on systematic body of knowledge comprising well defined principle based on variety of business situations. Management as a Profession:All over the world there is marked growth in management as a discipline. It is based on a systematic body of knowledge comprising well-defined principles based on a variety of business situations.This knowledge can be acquired at different colleges and professional institutes and through a number of books and journals.The subject of management is taught at different institutions.Some of these have been set up with the specific purpose of providing management education such as the Indian Institutes of Management (IIMs) in India.

* Science- Principles of Management are based on repeated experimentation and observations in different types of organisation. Scienceis a systematic body of knowledge pertaining to a specific field of study that contains general facts which explains a phenomenon. The principles of management have evolved over a period of time based on repeated experimentation and observationin different types of organisations.However, since management deals with human beings and human behaviour, the outcomes  of these experiments are not capable of being accurately predicted or replicated. Therefore,management can be called an inexact science. Despite these limitations, management scholars have been able to identify general principles of management. For example, scientific management principles by F.W. Taylor and Functional Management principles by Henri Fayol.