Management primarily aims to:

Achieve objectives effectively. It is goal-oriented.

Which is NOT a function of management?

Ignoring. Planning, organising, staffing, directing and controlling are the functions.

Policy making is mostly done by the:

Top level management. Top management frames policies.

A family budget is an example of:

Management in daily life. Planning income and expenses is management.

14 principles of management. Henri Fayol gave 14 principles.

Maharashtra State Board · HSC Commerce · Class 11 (Std XI)

Class 11 OCM Chapter 8: Introduction to Management

Short notes, key concepts, quick revision and practice MCQs with answers

Management means using resources effectively to achieve objectives. Just as a family balances income, expenses and savings by planning and reviewing, every business needs management to reach its goals.

Key concepts: Introduction to Management

Meaning: The efforts taken to achieve objectives by planning, organising, staffing, directing and controlling the resources.
Functions: Planning, Organising, Staffing, Directing and Controlling (POSDC).
Levels: Top level (policy making), middle level (implementation) and lower/supervisory level (day-to-day operations).
Why it matters: Proper management principles and policies improve efficiency, expand business and raise profit (e.g. a modernised shop with CCTV, bar-code billing, staff incentives).
Management in daily life: Budgeting, classifying needs, arranging resources and reviewing results happen even in a family.

Quick revision: important points

Management is a goal-directed process.
Henri Fayol: 14 principles; F.W. Taylor: scientific management.
Modern departmental stores use discounts, offers and home delivery to attract customers.

Practice MCQs with answers

Management primarily aims to:
1. Achieve objectives effectively
2. Avoid all planning
3. Increase confusion
4. Reduce output
Show answer
Answer: A. Achieve objectives effectively
It is goal-oriented.
Which is NOT a function of management?
1. Planning
2. Staffing
3. Controlling
4. Ignoring
Show answer
Answer: D. Ignoring
Planning, organising, staffing, directing and controlling are the functions.
Policy making is mostly done by the:
1. Top level management
2. Lower level management
3. Customers
4. Suppliers
Show answer
Answer: A. Top level management
Top management frames policies.
A family budget is an example of:
1. Management in daily life
2. Barter
3. Trade war
4. Export
Show answer
Answer: A. Management in daily life
Planning income and expenses is management.
Fayol is known for:
1. 14 principles of management
2. Barter system
3. Law of demand
4. Census
Show answer
Answer: A. 14 principles of management
Henri Fayol gave 14 principles.

All Class 11 OCM chapters

Class 11 OCM notes: all chapters