21st century modern management - class-XII

Mental revolution implies change in the attitude of workers and management towards one another. Success of implementation of scientific management depends upon the mental revolution of management and workers coordinating their efforts for producing the largest possible surplus. 

Long-term organizational success requires a holistic approach, including goal setting, cost management, and adaptability to the external environment.

Management theory is not strictly universal; it must be adapted to the specific culture, size, and goals of an organization. This is often referred to as the contingency approach.

Management theory is interdisciplinary, drawing heavily from fields like psychology (human behavior), sociology (group dynamics), and philosophy (ethics and logic).

While mismanagement can be harmful, it is generally considered a business failure rather than 'unfairly prejudicial conduct' under corporate law, which usually refers to specific actions that unfairly harm minority shareholders.

Management theory provides a framework that helps improve research, increase operational efficiency, and align organizational activities with broader social goals.

Leadership involves both the character to inspire others and the ability to make effective decisions, both of which are essential for managerial success.

The major management schools developed in the early 20th century include Scientific Management (Taylor), General Administrative (Fayol), Quantitative (Operations Research), and Organizational Behavior (Human Relations).

Personal management involves administrative tasks, specific operational duties, and the monitoring of employee performance. Since all these components are integral to the function, 'All of the above' is the correct choice.

The directing function in management encompasses issuing orders, guiding and teaching subordinates, supervising performance, motivating behavior, and maintaining discipline. All five listed activities are essential components of effective direction.

A risk management system should mean that a company will consider the likelihood of risks materializing. Risk management system deals with identifying and controlling threats to an organization's earnings.

Globalization, access to greater markets and coordination help in making a global village. Global village can be defined as a phenomenon of the world becoming more independent because of progress and technological advancement.

Cooperation is a number of individuals working together to be more efficient. Cooperation is a voluntary effort of
employees. Co-ordination deals with harmonizing the work relations and
efforts at all levels for common purpose.

Managerial diseconomies occur when a firm grows so large that it becomes difficult for management to coordinate and control operations effectively. This leads to inefficiencies due to the complexity of the organizational structure.

Management qualifies all tests of profession except restricted entry.Management as profession: Specialized
knowledge, use of code of conduct, restricted entry and association
indicate management as profession.The basic features of management as a profession are: 

Scholars
belonging to Mathematics Approach are of the opinion that if planning,
decision-making, organizing etc., conform to logical processes then the
same can easily and suitably be presented in mathematical symbols. Operation researchers and analyst primarily belong to group of mathematics approach.

Emprirical approach
or its scholars believe that clear understanding of the management
theories can only be developed by the study and analysis of cases and
comparative approach. Emprical approach is based on scientific methods.