Business Studies

Art is something creative , something that come from personalised application , varies from person to person because they apply their personalised experience, practice and creativity .

Science is something that derived from logical experiment , straight forward rules form our county to anywhere in this world .

No change at all weather applied at one person on another . In simple word it is static and can't be changed in any situations.

So know let's  compare the management with the art and science :

Common in art and science,

Systematic body of knowledge : In art and science there is a systematic books and study material to acquire knowledge of art and science , likewise in management also there and many book , also many courses which helps manager a lot to get knowledge of management.

AS AN ART

Based on practice and creativity : Practice makes a man perfect , this idioms is applied in every field weather he is any artists or manager , now creativity means something extraordinary or different which must be present in artist , same with management that's why different manager react in one situation differently . So this feature of art is present in MANAGEMENT

Personalised application : it means the application which was applied by individuals themselves and differs from person to person let's take example of singer every singer have their own style of singing , different tones etc .

Same case applied in terms of management , manager has to use his own personalised application and creativity to handle every situation.

As a science 

Based on repeated experiments : Scientific principle are based on several repeated experiments in different conditions.

Same in case of management principle they are derived after being in various situations.

Derived from logical experiment : Scientific principles are derived from logical experiment means it is objective and straight forward in all situation . But this is not in case of management principle as they are based on human being which vary from person to person , so this feature is not present in management .

Universal applicable : Scientific principles applied universally as it is formed without any change but this is not in case of management as it has to be applied on human beings and human behavior is dynamic and have to modify according to situation demands . So this feature of science is not present in management .

   

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1. It effects the GDP of the country. It effects the industrial growth and production of the country.

 

 

2. Effects the export and imports of the country.

 

 

3. Overall it effects the balance sheet of the country. It effects the living standards of the people.

 

 

4. Balance trade also effects.

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1-Makes the organisation goal oriented.

 

 

2. Creates a motivated workforce.

 

 

3. Ensures conformity and facilitates Controlling and Coordination.

 

 

4. Initiates action.

 

 

5. It create adaptability.

 

 

6. Ensure employ discipline.

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Improves Understanding: 1. Direction for Training of Managers. 2. Role of Management. 3. Guide to Research in Management. 4. Improves Understanding: From the knowledge of principles, managers gets an indication of how to manage an organization. The principles enable managers to decide what should be done to accomplish given tasks and to handle situations which may arise in management. These principles make managers more efficient. Direction for Training of Managers - Principles of management provides an understanding of management process what managers would do to accomplish what. Thus, these are helpful in identifying the areas of management in which existing & future managers should be trained. 5. Role of Management: Management principles makes the role of managers concrete. Therefore these principles act as a ready reference to the managers to check whether their decisions are appropriate. Besides these principles define managerial activities in practical terms. They tell what a manager is expected to do in the specific situation. 6. Guide to Research in Management: The body of management principles indicate lines along which research should be undertaken to make management practical and more effective. The principles guide managers in decision making and action. The researchers can examine whether the guidelines are useful or not.

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Cost of debt is lower than the cost of Equity share capital. Give full explanation why even then a company cannot work only with the debt? read less

Cost in this context refers to the cost of obtaining capital. In the case of debt, the cost is interest whereas in the case of equity share capital, it is the share in the profits of the company. Suppose, a company has a profit of Rs 6,00,000 and Equity capital of Rs 50,00,000, requires funds has to choose between taking a debt of Rs 10,00,000 carrying interest at 10% or giving out a equity stake of 20%. If the debt option is chosen, the cost of the debt will be 10% of Rs 10,00,000 which is 1,00,000 and that leaves Rs 5,00,000 to the equity shareholder. If the equity financing choice is opted then new shareholder will get 20% of the profits which is Rs1,20,000 which is clearly higher than the cost of the debt. Additionally, interest on debt is a tax deductible expense, whereas, dividend paid to shareholders is charged under corporate tax. A company cannot work only with debt because of the risk that a company may fail to generate enough cash flows to pay interest and repay debt.

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Name the process which provides the requisite amount, quality, timing and sequence of efforts and ensures that planned objectives are achieved with a minimum of conflict. read less

The IT major GIPRA is terminating the employment of its senior managers, if after evaluating their performance against pre-determined standards if it is found lacking. With this disruption analysts say a large portion of the employees may become irrelevant unless they learn new skills and apply the knowledge to work on emerging technologies. GIPRA is ready to facilitate employee learning, through its in-house centers. a. Name the function of management performed by GIPRA to maintain a satisfactory work force. b. Identify and explain the two steps in the process of the function of management discussed above. read less

a. This is an extreme example of Management by Objective process of HR Department. 

b.

Step 1 is setting of objectives. That is usually done together with the Manager concerned by his immediate line boss

Step 2 is evaluation of actual results with the targets set again through a face-to-face interview process.

However if the top management of GIPRA continues this process without applying its mind, there will be marge scale sagging of moral among the employees and the high turnover will be commented by other industries and the company will soon be an example of how not to do the Management Development Process. New skills development and training in emerging technologies are very good damage control measures but the root cause of why a large number of senior managers did so bad during Annual Performance Evaluation must be examined by the Chief Executive. 

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Planning is the first step in management. If you plan an activity well and in advance you will face less difficulty when it is being implemented. If you list the possible difficulties that may arise and take sufficient preventive actions, you will easily circumvent when the difficulties arise. While uncertainty can not be totally avoided, by planning you can foretell and take care of many uncertain events and this reduce the risks of uncertainty

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