12 class business studies chapter 1 notes

<p>The nature of management encompasses those underlying principles that govern business operations. Management refers to an individual's ability to work through and with others to achieve a desired outcome. Management can be broken down into five primary functions: developing a plan, organising resources, training personnel, directing operations and controlling results. With a focus on co-ordination and balancing the competing demands of efficiency and effectiveness, the management process is viewed as a universal activity and is categorised as a continuous process rather than a series of individual events. Thus, effective management may be defined as both Science and art; that is, successful managers draw upon both creative thinking and systematic knowledge to be successful. Consequently, this chapter establishes a clear understanding of how businesses operate, succeed, and function.</p>

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