Summary of "NIOS Class 12th Business Studies Most Important Questions with Answer | Tandav Batch Day 2nd"
Summary of the Video:
NIOS Class 12th Business Studies Most Important Questions with Answer | Tandav Batch Day 2nd
Main Topics Covered:
- Functions of Management: Planning, Organizing, Staffing, Directing, Coordination, and Controlling
- Types of Plans and Their Importance
- Delegation and Decentralization
- Organizational Structure: Functional vs Divisional
- Staffing Process and Recruitment
- Training and Development
- Motivation and Leadership
- Communication and Barriers
- Maslow’s Hierarchy of Needs
- Coordination and Controlling
Detailed Outline & Key Concepts:
1. Planning and Types of Plans
Planning is a fundamental management function involving setting objectives and deciding on actions.
Types of Plans:
- Objectives: Final goals an organization aims to achieve (e.g., training 1000 people in a year).
- Strategy: Long-term plans focusing on efficient resource use (Example: Tata Nano targeting middle-class customers).
- Policies: General rules guiding decisions (e.g., hiring candidates with 60% marks and above).
- Procedures: Step-by-step sequence to perform tasks (e.g., study routine or training process).
- Methods: Best ways to complete specific steps (e.g., driving school’s use of simulators before real driving).
- Rules: Fixed instructions on what to do or not do (e.g., no smoking inside factory).
- Budget: Financial plan estimating costs and resources needed.
- Programs: Detailed plans for completing specific projects stepwise.
Features of Planning:
- Goal-oriented
- Continuous process
- Involves decision-making (choosing best alternative)
Limitations of Planning:
- Time-consuming
- Rigidity (difficulty to change plans when circumstances change)
Planning Premises: Assumptions about future conditions (market demand, government policies, competition).
2. Organizing
Organizing involves defining responsibilities, duties, and authority.
Steps in Organizing Process:
- Identify activities
- Group activities into departments (e.g., finance, marketing, production)
- Assign duties based on skills
- Delegate authority
- Establish relationships for smooth coordination
Organizational Structures:
- Functional Structure: Work divided by functions (marketing, finance, production). Suitable for small to medium-sized businesses.
- Divisional Structure: Work divided by products, regions, or customers. Suitable for large-scale businesses with diversified products.
3. Delegation and Decentralization
Delegation: Manager (superior) assigns responsibility and authority to subordinates but retains accountability.
- Reduces workload
- Improves efficiency
- Encourages leadership and decision-making skills
- Provides freedom to subordinates in how to perform tasks
Decentralization: Distribution of decision-making authority to lower levels without giving full freedom; subordinates must follow guidelines.
4. Staffing
Process of hiring and managing employees to fill organizational roles.
- Manpower requirement estimation
- Recruitment (internal and external)
- Selection (screening, tests, interviews, background checks, medical exams)
- Placement and orientation
- Training and development
- Performance appraisal and promotion
- Compensation
Recruitment Sources:
- Internal: Promotions, transfers within the organization.
- External: Job portals, campus recruitment, employment agencies, walk-in interviews.
Training vs Development:
- Training: Short-term, job-oriented, focuses on technical skills.
- Development: Long-term, focuses on managerial and conceptual skills.
5. Directing
Involves guiding, motivating, supervising employees to achieve organizational goals.
Elements of Directing:
- Communication (sender, receiver, feedback)
- Motivation (financial and non-financial incentives)
- Leadership (qualities include confidence, communication skills, decision-making ability, fairness, honesty)
Barriers to Communication:
- Semantic (language differences)
- Psychological (attitudes, misunderstandings)
- Organizational (ignoring messages, lack of attention)
- Personal (ego, interpersonal conflicts)
6. Motivation
Process of encouraging employees to perform well.
Types of Incentives:
- Financial: Salary, bonus, commission, profit sharing, medical allowance.
- Non-Financial: Recognition, job security, promotion, work-life balance, training, good work environment.
Benefits of Motivation:
- Increased productivity
- Job satisfaction
- Reduced absenteeism and turnover
Category
Educational
