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NCERT 2021 Solutions For Class 12 Business Studies Chapter 1

NCERT 2021 Solutions For Class 12 Business Studies Chapter 1

CBSE class 12 business studies NCERT solution for Chapter 1 Nature and Significance of Management with solved pdf is now available here at Vidya Setu. Solution notes for CBSE class 12 business studies chapter 1 will help students to score good marks in the upcoming exams. Every student who opted for Commerce Stream has to appear for business studies exams. Business studies are the main subject for the commerce stream students. Vidya Setu provides free online classes for class 12 Business studies. JOIN NOW!

The important Chapters of the 2021 CBSE Class 12 Business Studies Syllabus are mentioned below:

Important chapters of Business Studies

Part A: Principles and Functions of Management

  1. Nature and Significance of Management 
  2. Principles of Management 
  3. Business Environment
  4. Planning
  5. Organizing
  6. Staffing 
  7. Directing 
  8. Controlling

Part B: Business Finance and Marketing

  1. Financial Management
  2. Financial Markets
  3. Marketing Management
  4. Consumer Protection

 NCERT Solution for Class 12 Business Studies of Chapter 1 Nature and Significance of Management 

Short Answer Type

 1. Define management.

 According to Marrie and Douglas, “Management is the process by which a co-operative group directs actions of others toward common goals.”

Management is defined as the process of planning, organizing, and controlling an organization’s operations in order to achieve the target efficiently and effectively. It is essential for all organizations.

Management is essential for all organizations big or small, profit or non-profit, services, or manufacturing. Management is necessary so that individuals make their best contribution towards group objective

Watch the full video for learning more about What is Management? 

 2. Name any two important characteristics of management.

We find some elements that may be called the basic characteristics of management:

(i) Management is a goal-oriented process: An organization has a set of basic goals which are the basic reason for its existence. These should be simple and clearly stated. Different organizations have different goals. For

example, the goal of a retail store may be to increase sales, but the goal of The Spastics Society of India is to impart education to children with special needs. Management unites the efforts of different individuals in the organization towards achieving these goals.

(ii) Management is all-pervasive: The activities involved in managing an enterprise are common to all organizations whether economic, social or political. A petrol pump needs to be managed as much as a hospital or a school. What managers do in India, the USA, Germany or Japan is the same.

How they do it may be quite different. This difference is due to the differences in culture, tradition, and history.

(iii) Management is multidimensional: Management is a complex activity that has three main dimensions.

Watch the full video for learning more about Characteristic of  Management 

 3. Ritu is the manager of the northern division of a large corporate house. At What level does she work in the organization? What are her basic functions?

 The time spent by managers in different functions however is different. Managers at the top-level spend more time in planning and organizing than managers at lower levels of the organization. Management consists of a series of interrelated functions that are performed by all managers. Shiv Nadar, the CEO of HCL Enterprises Performs all these functions and so does Ritu. Management is a universal term used for certain functions performed by individuals in an enterprise who are bound together in a hierarchy of relationships. Every individual in the hierarchy is responsible for the successful completion of a particular task. To be able to fulfill that responsibility he is assigned a certain amount of authority or the right to make a decision. This authority-responsibility relationship binds individuals as superiors and subordinates and gives rise to different levels in an organization. Generally speaking, there are three levels in the hierarchy of an organization.

Watch the full video for CBSE/NCERT Class12 B.St Chapter 1, Level of Management, Lecture- 7

 4. Why is management considered a multi-faceted concept?

The activities involved in managing an enterprise are common to all organizations whether economic, social, or political. A petrol pump needs to be managed as much as a hospital or a school. What managers do in India, the USA, Germany or Japan is the same.

How they do it may be quite different. This difference is due to the differences in culture, tradition, and history. Management is Multifaceted. Management is a complex activity that has three main dimensions.

5.Discuss the basic features of management as a profession.

 

Long Answer Type

1. Management is considered to be both an art and science. Explain. Does this imply that management is a profession?

 2. Do you think management has the characteristics of a full-fledged profession?

Art is the skillful and personal application of existing knowledge to achieve desired results. It can be acquired through study, observation and experience.

Science is a systematized body of knowledge that explains certain general truths or the operation of general laws.  You would also have observed that organisations look for individuals with specific qualifications and experience to manage them. It has also been

observed that there has been an increase in the corporate form of business on the one hand and increasing emphasis on managed business concerns.

Watch the full video for CBSE/NCERT Class12 B.St Chapter 1, Management As an Art, Science, Profession, Lecture- 8

 3. Coordination is the essence of management. Do you agree? Give reasons.

The definitions are given above highlight the following features of coordination:

(i) Coordination integrates group efforts: Coordination unifies unrelated or diverse interests into purposeful work activity. It gives a common focus to a group effort to ensure that performance is as it was planned and scheduled.

(ii) Coordination ensures the unity of action: The purpose of coordination is to secure unity of action in the realization of a common purpose. It acts as the binding force between departments and ensures that all action is aimed at achieving the goals of the organization. You have observed that at Fabmart, the production and sales departments have to coordinate their work, so that production takes place according to the demand in the market. So yes coordination is the essence of management.

Watch the full video for CBSE/NCERT Class12 B.St Chapter 1, Nature of Coordination: Significance of Management, Lect-9

 4. “A successful enterprise has to achieve its goals effectively and efficiently.” Explain.

Management is a goal-oriented process: An organization has a set of basic goals which are the basic reason for its existence. These should be simple and clearly stated. Different organizations have different goals. For example, the goal of a retail store may be to increase sales, but the goal of The Spastics Society of India is to impart education to children with special needs. Management unites the efforts of different individuals in the organization towards achieving these goals.

Management seeks to achieve certain goals which are the desired result of any activity. They must be derived from the basic purpose of the business. In any organization, there are different objectives and management has to achieve all objectives in an effective and efficient manner. Objectives can be classified into organizational objectives, social objectives, and personal or individual objectives. management is a universal activity that is integral to any organization

Watch the full video for CBSE/NCERT Class12 B.St Chapter 1 Objectives, Lecture- 4

5. Management is a series of continuous interrelated functions.

Management is described as the process of planning, organizing, directing, and controlling the efforts of organizational members and of using organizational resources to achieve specific goals.

Planning is the function of determining in advance what is to be done and who is to do it. This implies setting goals in advance and developing a way of achieving them efficiently and effectively.

Organizing is the management function of assigning duties, grouping tasks, establishing authority, and allocating resources required to carry out a specific plan.

Staffing simply stated, is finding the right people for the right job. A very important aspect of management is to make sure that the right people with the right qualifications are available in the right places.

Directing involves leading, influencing, and motivating employees

to perform the tasks assigned to them. 

Controlling is the management function of monitoring organizational performance towards the attainment of organizational goals. 

Watch the full video for CBSE/NCERT Class12 B.St Chapter 1 Functions of Management, Lecture- 8

Download the PDF of NCERT Solution for Class 12 Business Studies of Chapter 1 Nature and Significance of Management

Short Answer Type

 1. Define management.

 2. Name any two important characteristics of management.

 3. Ritu is the manager of the northern division of a large corporate house. At what level does she work in the organization? What are her basic functions?

 4. Why is management considered a multi-faceted concept?

 5. Discuss the basic features of management as a profession.

Long Answer Type

1. Management is considered to be both an art and science.

Explain.

 2. Do you think management has the characteristics of a full-fledged profession?

 3. Coordination is the essence of management. Do you agree?

Give reasons.

 4. “A successful enterprise has to achieve its goals effectively

and efficiently.” Explain.

5. Management is a series of continuous interrelated functions.

Why are Students advised to study from  CBSE class 12 business studies NCERT solutions?

  • It helps students by knowing what kind of questions can come in the business studies examination.
  • Students will be aware of the marking scheme and the question pattern.
  • Candidates can analyze their preparation for the coming exam by solving the business studies previous year’s question papers.
  • Candidates even practice how to manage time during exams. 

We hope that class 12th students have found the CBSE class 12 business studies  NCERT Solution for Chapter 1 Nature and Significance of Management beneficial for preparation for the upcoming business studies exam. Chapterwise Solution of CBSE class 12 from this page and achieve the best out of it. Stay tuned with VidyaSetu, and it will keep you updated and tuned for all the information regarding CBSE class 12th business studies exams, students should also make sure to practice the Business Studies Sample Paper for better results.

Students also Asked

Q.Which are the subjects in 12th commerce?

  1. The students of commerce stream have to choose 1 language subject from Hindi and English. Accounts, Economics, and Business studies are 3 compulsory subjects for commerce students.  Students prefer to choose an Entrepreneurship subject to enhance their managerial and business skills. 

Q.How can I prepare for the 12th Business Studies chapters?

While studying for a Business Studies subjects student should consider the following points that can help them achieve good marks in exams:

  • Make individual notes of every topic of business studies and  which define their role, their properties, their advantage, and more
  • Make charts of topics for quick references.
  • Should practice more problems from the exercises.
  • Students should prepare notes to understand the basic concepts of business.
  • Should have a clear understanding of all the chapters
  • Should follow the word limit while answering questions.
  • Should go through entire NCERT recommended books.
  • Watch VidyaSetu videos for better learning.

Q.How many books are there for Business Studies commerce Class 12?

A.Books for commerce subjects are provided by NCERT in both Hindi and English language. F

Code 054

Subject

Business Studies

Business Studies

Vyavsay Adhyayan in Hindi 

 Q. Which is the best guide for Class 12 CBSE Commerce Subjects?

A Join Vidyasetu for a clear and proper understanding of Commerce subjects. We are the best guide for students of class XI and XII of the CBSE  board.

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