NCERT Solutions for Class 12 Business Studies Chapter 1 Nature And Significance Of Mangement

Nature & Significance of 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.

Significance of Management: It helps in Achieving Group Goals - It arranges the factors of production, assembles and organizes the resources, effectively integrates the resources to achieve goals. Optimum Utilization of Resources - Management utilizes all the physical & human resources productively.