Key Terms

The key terms below are from Chapter 1 (Nature and Significance of Management) of the NCERT Class 12 Business Studies textbook, as prescribed in the CBSE commerce syllabus.

• Management: The process of getting things done through others to achieve organizational goals efficiently and effectively.
• Process: A series of interrelated functions—planning, organizing, staffing, directing, controlling—that form a continuous cycle.
• Efficiency: Doing tasks correctly with minimum waste of resources (time, money, materials); it compares the output achieved against the input used.
• Effectiveness: Doing the right tasks to achieve goals; focuses on end results rather than resource usage.
• Art: A practical skill requiring creativity, personal judgment, and continuous practice to apply knowledge.
• Science: A systematized body of knowledge based on cause-and-effect relationships, tested and universally applicable.
• Profession: An occupation requiring specialized knowledge, formal training, ethical code, and service motive.
• Planning: Deciding in advance what to do, how to do it, when to do it, and who will do it.
• Organising: Grouping activities, assigning duties, and allocating resources to implement plans.
• Staffing: Filling and keeping filled positions in the organization through recruitment, selection, training, and development. …