NCERT Books Class 12 Business studies Chapter 1- Nature and Significance of Management

Safalta Expert Published by: Noor Fatima Updated Thu, 14 Jul 2022 03:02 PM IST

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Table of Content-
Topics Covered
Starting of the Chapter
Glimpses of the Chapter
PDF Link


NCERT Books Class 12 Business studies Chapter 1- Nature and Significance of Management  is available here. You may find links to Class 12 Business Studies Notes, NCERT Solutions, Important Questions, Practice Papers, and more after each chapter.

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The Chapter contains-

  • Meaning of Management
  • Characteristics of Management
  • Objectives of Management
  • Importance of Management
  • Nature of Management
  • Levels of Management
  • Functions of Managements
  • Coordination
 


Nature and Significance of Management Goes Like This-


Learning Objectives
  • After studying this chapter, you should be able to:
  • Describe the characteristics of management and its importance in an organisation
  • Explain the nature of management as an art, science and profession
  • Explain the functions of management
  • Appreciate the nature and importance of coordination.


Management at Tata Steel

Founded in 1868, by Jamsetji Nusserwanji ,Tata the Tata Group is a global business conglomerate operating in over 100 countries across 5 continents. His strong sense of values and spirit of innovation and entrepreneurship are a legacy that continues to guide Tata companies till date. He had four goals in life: setting up an iron and steel company, a world-class learning institution, a unique hotel and a hydro-electric plant. Only the hotel became a reality during his lifetime, with the inauguration of the Taj Mahal Hotel at Colaba waterfront in Mumbai on 3 December 1903 at the cost of 11 million (worth 11 billion in 2015 prices). At that time it was the only hotel in India to have electricity. 

He believed that satisfied workers create satisfied workers and in lieu to this principle he paid all his workers gratuity, provident fund well before it was made mandatory. His management skills were clearly evident when minute details were chalked in planning and building the entire city of Jamshedpur. The values and principles that have governed the business for a century are enshrined in the Tata Code of Conduct (TCOC). 

From an early foray into steel and automobiles, to staying abreast of the latest technologies, the Tata Group today has 29 publicly-listed Tata enterprises, which include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels. The group has a combined market capitalisation of around $103.51bn (2016-17).

Tata has a strong sense of social responsibility. They balance economic prosperity, environmental responsibility and social benefits for the community. In India, they are a partner in progress with Odisha, and believe in taking its stakeholders forward in its journey of growth. Tata Steel Thailand is one of the first 30 companies that joined UNICEF in Child Friendly Business in “The Children Sustainability Forum” to make a commitment in protecting children’s rights. Tata Steel Europe’s Community Partnership Programme- ‘Future Generations’, with sub-themes of education, environment, health and Well-being works across the UK, assisting job and wealth creation by supporting small and medium businesses with finance and business premises.

They also play a constructive role in addressing climate change – both by reducing carbon footprint, and by creating high performance steels that lead to fuel-efficient vehicles and energy-efficient buildings. Their Environmental Management Systems meet the ISO 14001 standards at all of their main manufacturing sites. 

Shaped by a lineage of sound and straightforward business principles, the Tata Group is built on a foundation of trust and transparency. Building such huge enterprises, sustaining and running them profitably are possible only through effective and efficient management and co-ordination at all levels.


Introduction

The above case is an example of a successful organisation which is amongst the top companies in India. It has risen to the top because of its quality of management. Management is required in all kinds of organisations — those manufacturing handlooms, trading in consumer goods or providing hairstyling services and even in non-business organisations. Let us take another example.

Smita Rai is a 38-year old entrepreneur who grew up in a rural district called Namchi, South Sikkim. She was very good in art and craft particularly, Wax moulds. She loved to make candles, often she make into toys and small pieces of art with wax and used it as a gift for her friends and relatuves. She was loved and appreciated for these. Smita was never happy with the conditions of the women in her district as most were poor and jobless, so she planned to do something to solve their problems because she knew that imparting skills for livelihood is needed but she had no idea of how to implement her idea.


Some Glimpses of the Chapter are-
 





 

NCERT Books Class 12 Business studies Chapter 1- Nature and Significance of Management - PDF Download

Chapter 1- Nature and Significance of Management

Where can you download 'Nature and Significance of Management' PDF?

Candidates can download NCERT Books Class 12 Business studies Chapter 1- Nature and Significance of Management PDF for free on our page. Links are given below.

Chapter 1- Nature and Significance of Management

What is Nature and Significance of Management all about?

The Chapter contains-
  • Meaning of Management
  • Characteristics of Management
  • Objectives of Management
  • Importance of Management
  • Nature of Management
  • Levels of Management
  • Functions of Managements
  • Coordination

Is NCERT enough for Business Studies Class 12?

Yes, these are. The book can also assist in dispelling uncertainties. Studying from the NCERT Class 12 Books Accountancy also has the following advantages:
  • The NCERT Books Class 12 Business studies provides students with in-depth knowledge of accounting.
  • The course books include illustrations that might aid students in comprehending the chapters.
  • These books can aid learners in independent study

Why is NCERT Books Class 12 Business studies recommended so highly for board exams?

Nearly majority of the questions for board exams are taken from the NCERT Books Class 12 Business studies. A group of qualified professors, making them a dependable resource for pupils, also writes these books.
 

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