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Basic of Management & Planning
What is the primary purpose of management in a banking organization?
Management coordinates human, financial, and physical resources to achieve organizational goals efficiently while ensuring regulatory compliance and stakeholder value creation.
What is the primary difference between efficiency and effectiveness in management?
Efficiency means doing things right; effectiveness means doing right things.
Which classic management theorist defined management as 'to forecast and plan, to organize, to command, to coordinate and to control'?
Henri Fayol defined management using these five functions, forming the foundation of classical administrative management theory widely applied in banking institutions.
What does Henri Fayol's principle of 'esprit de corps' mean in banking management?
It means promoting team spirit and unity among bank employees.
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