basic of management
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Advanced Business and Financial Management — CAIIB.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is the primary purpose of management in an organisation?
Management coordinates human and material resources to achieve organisational goals efficiently and effectively through planning, organising, leading, and controlling.
What is the concept of 'Division of Labour' in management theory?
Splitting tasks among workers to increase specialisation and efficiency.
Which theorist is credited with developing the principles of Scientific Management?
Frederick Winslow Taylor developed Scientific Management, emphasising time-and-motion studies, standardisation, and selecting the right worker for the right job.
What is the meaning of 'Esprit de Corps' in Fayol's 14 principles?
Team spirit and unity among employees for organisational harmony.
What are the five functions of management identified by Henri Fayol?
Fayol identified Planning, Organising, Commanding, Coordinating, and Controlling as the five core functions of management.
What does the principle of 'Remuneration of Personnel' state in Fayol's principles?
Employees must receive fair and satisfactory compensation for their services.
What does the principle of 'Unity of Command' mean in management?
Unity of Command states that each employee should receive orders from only one superior to avoid confusion and conflicting instructions.
What is 'Unity of Direction' as a principle of management?
All activities with the same objective should be directed by one manager.
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