latest Syllabus 2022-23( Click Here ) Unit 1 NATURE AND SIGNIFICANCE OF MANAGEMENT Management is an art of getting things done with and through others. Management can be defined as, the process of getting things done to achieve organizational goals effectively and efficiently. Efficiency and Effectiveness Efficiency (completing the work at low cost) means doing the task correctly at minimum cost through optimum utilization of resources while effectiveness (Completing the work on time) is concerned with the end result means completing the task correctly within a stipulated time. Although efficiency and effectiveness are different yet they are interrelated. It is important for management to maintain a balance between the two. 1. Renisha prepared a well-documented and factual report on Co’s performance but she could not present it in the Board meeting as she could not complete it on time. [Hint: Efficient but not effective] 2. Best roadways promised to deliver g...
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