BASIC OF MANAGMENT
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 management in the context of banking organizations?
Management is the process of planning, organizing, directing, and controlling resources to achieve organizational goals efficiently and effectively within a banking or financial institution.
What is the planning function in management?
Setting objectives and deciding how to achieve them
What are the four primary functions of management identified by Henri Fayol?
The four primary functions are Planning, Organizing, Directing (Leading), and Controlling, collectively known as the PODC framework applicable to all organizations including banks.
What is organising as a function of management?
Arranging resources and tasks to achieve goals
What is the difference between efficiency and effectiveness in management?
Efficiency means doing things right (optimal use of resources with minimum waste), while effectiveness means doing the right things (achieving intended organizational goals and outcomes).
What is staffing in the context of management?
Recruiting, selecting, and placing right people in jobs
What is the scalar chain principle in management?
The scalar chain principle states that authority and communication should flow in a clear, unbroken line from the top level of management down to the lowest level, establishing a clear hierarchy.
What is directing as a management function?
Guiding and leading employees toward organizational goals
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