Q.The objective of management which consistently creates economic value for various constituents of society is : (A) Organisational objective (B) Social objective (C) Personal objective (D) Both Social and Personal objective
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Let’s start with something you already know. Think of a school trip. One person has to decide where the bus will go, another has to count heads so no one is left behind, someone else has to collect money and buy tickets. If everyone just does their own thing, the trip falls apart. That invisible force that makes sure the bus leaves on time, the money is collected, and everyone reaches the destination together — that is management in action.
Now, take that same idea and put it inside a business, a hospital, a cricket team, or even your own household budget. Management is the process of getting things done through and with people to achieve a goal efficiently and effectively. The NCERT textbook defines management as: “A process of getting things done with the aim of achieving goals effectively and efficiently.”
Let’s unpack that sentence because every word matters.
Process means it is not a one-time action. It is a continuous series of steps — planning what to do, organising who will do it, leading them to do it well, and then checking if it was done right. These steps are called the functions of management.
Effectively means doing the right things — reaching the goal. If your goal is to sell 100 units, and you sell 100, you have been effective. Efficiently means doing things with minimum waste of time, money, or effort. If you sell 100 units but spent double the budget on ads, you were effective but not efficient. Good management demands both.
Management is universal — it applies to every organisation, whether it is a government office, a small shop, a school, or a multinational company. The core idea remains the same: achieve goals with limited resources.
Why does this matter for you as a commerce or humanities student? Because management is not just a subject in a textbook. It is the engine behind every successful enterprise. When you study management, you are learning how to turn chaos into order, how to lead people, and how to make decisions under constraints. These are skills you will use whether you become a manager, an entrepreneur, or even a team leader in a college project.
The NCERT textbook also highlights three key characteristics of management: …
Why this formula?
Understanding the Definition of Management: The "Why" Behind the Concept
Management is not a formula-driven subject like physics or chemistry — it is a conceptual framework. However, there is a core logical structure that underpins every definition of management. Let's break down why this structure exists.
The Core Idea: Efficiency + Effectiveness
Every standard definition of management (from Henri Fayol to Peter Drucker) revolves around two pillars:
- Efficiency — doing things right (minimizing resource waste)
- Effectiveness — doing the right things (achieving goals)
Why these two together?
Imagine a factory:
- If you produce 1000 units but waste ₹50 lakh in raw materials → inefficient (even if effective)
- If you produce 10 units perfectly but the market needs 1000 → ineffective (even if efficient)
Management exists precisely because neither alone is sufficient. The definition must capture both to be complete.
The "Formula" of Management Definition
While there is no single mathematical formula, the logical equation that all definitions satisfy is:
Management=Planning+Organizing+Staffing+Directing+Controlling
Why these five functions? (The derivation)
Think of any goal you want to achieve with a group:
- Planning — Why? Without knowing where you're going, you cannot decide how to go. This is the foundation.
- Organizing — Why? Plans need resources (people, money, machines). You must arrange them logically.
- Staffing — Why? Resources don't work by themselves. You need the right people in the right roles.
- Directing — Why? People need guidance, motivation, and leadership to act toward the plan.
- Controlling — Why? Without checking progress, you cannot correct deviations. Plans fail without feedback.
These five are not arbitrary — they form a closed loop:
- Plan → Organize → Staff → Direct → Control → (feedback to) Plan again
The Key Insight: Why "Coordination" is Central
Many definitions say management is "getting things done through others." The hidden formula here is:
Management=Coordination of all resources
Why coordination?
Consider a cricket team:
- Batsman, bowler, fielder — each is skilled individually
- But without coordination, they lose matches
Coordination is the glue that makes the five functions work together. Without it:
- Planning ignores organizing
- Directing ignores controlling
- Staffing ignores planning
Exam-Relevant Takeaway …
NCERT distinguishes organisational (economic), social and personal objectives of management. Creating economic value for various constituents of society is precisely how NCERT frame …
Management's Social Objective is about creating economic value for the various constituents of society, distinct from its Organisational (survival/profit/growth) and Personal objectives.
Management is expected to pursue three broad categories of objectives. Organisational (economic) objectives are about the enterprise's own survival, profit and growth. Personal objectives relate to fulfilling the individual goals of employees who work in the organisation — salary, growth, recognition. Social objectives look outward: they require management to generate benefit for society at large — creating jobs, using environment-friendly methods, and, as this question phrases it …
- CGBSE Chhattisgarh Higher Secondary Class 12 (Commerce) 2025Set ANNUAL3 marksQ.“Management is a dynamic process.” Explain this statement.
›Reveal solutionSolution
Management is a dynamic process because it constantly changes and adapts to the changing environment.
Management is called a dynamic process for these reasons:
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Adapts to change — The business environment (economic, social, technological, legal) keeps changing, and management changes its plans, policies and methods to cope with these changes.
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Continuous and flexible — It is not a one-time act; managers keep taking fresh decisions and revising earlier ones as situations change, so the process never stays still.
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- CGBSE Chhattisgarh Higher Secondary Class 12 (Commerce) 2024Set ANNUAL3 marksQ.“Management is an Art as well as Science”, explain it briefly.
›Reveal solutionSolution
Management is a science (systematic, tested principles) and also an art (skilful, creative application of that knowledge).
Management as a science:
- It has a systematic body of knowledge — principles and theories developed over time.
- Its principles are based on observation and experiment and show a cause-and-effect relationship.
- The principles have universal validity and can be taught and learnt.
Management as an art:
- It requires the personal skill and judgement of the manager to apply knowledge to real situations.
- It involves creativity — managers find new and better ways to get work done.
- It improves with practice — the more a manager practises, the better he becomes. …
- CGBSE Chhattisgarh Higher Secondary Class 12 (Commerce) 2023Set ANNUAL3 marksQ.Why is management called a multiple concept ? Write any three reasons.
›Reveal solutionSolution
'Management' is a multiple concept because it is used as a process, as a group of persons, and as a discipline.
Management is described as a multiple (or multidimensional) concept for the following reasons (any three):
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Management as a process/activity — It refers to the series of functions — planning, organising, staffing, directing and controlling — performed to get work done through others.
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Management as a group of persons — The word 'management' is also used for the group of people (managers) who carry out these functions in an organisation.
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- CGBSE Chhattisgarh Higher Secondary Class 12 (Commerce) 2022Set ANNUAL3 marksQ.What are the five ‘M's’ of management?
›Reveal solutionSolution
The five M's of management are Men, Money, Materials, Machines and Methods.
Management is the art of getting things done through resources. The basic resources it has to manage are known as the five M's:
- Men — The human resource: managers and employees who do the work.
- Money — The finance required to run and expand the business.
- Materials — The raw materials and other inputs used in production.
- Machines — The plant, equipment and technology used. …
- CGBSE Chhattisgarh Higher Secondary Class 12 (Commerce) 2020Set ANNUAL3 marksQ.Management is universal. Explain.
›Reveal solutionSolution
Management is universal because its functions and principles can be applied to every organisation, every level and every nation.
Management is a universal activity. This is explained as follows:
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Universal functions — Every organisation, whether a factory, hospital, school or government office, has to plan, organise, staff, direct and control. These functions are common to all.
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Applicable at all levels — Top, middle and lower level managers all perform management, only the proportion of each function differs. So management exists at every level.
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