Q2 of 17 Page 28

State the basic features of management as a profession.

The basic features of management as a profession are:

• Management is based on a systematic concept of a well-defined body of knowledge consisting of principles and theories. This knowledge can be attained through colleges, institutes, and books.


• Management is related to certain professional associates that regulate the functions of its members. It is not mandatory for every member to be a part of any such association.


• It is not compulsory to have any specific qualification or degree to become a manager. But, a degree in management is preferred. This puts a restriction on the entry of people in the management.


• Management has to follow a professional code of conduct that guides the people for their ethical behavior. This helps to ensure efficiency and effectiveness of the production process.


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5

Indian Railways has launched a new broad gauge solar power train which is going to be a path-breaking leap towards making trains greener and more environment-friendly. The solar power DEMU (Diesel Electric Multiple Unit) has 6 trailer coaches and is expected to save about 21,000 liters of diesel and ensure a cost saving of Rs 12, 00,000 per year. Name the objectives of management achieved by Indian Railways in the above case.

 1

Ritu is the manager of the northern division of a large corporate house. At what level does she work in the organisation? What are her basic functions?

 3

Why is management considered to be a multi-dimensional concept?

 4

Company X is facing a lot of problems these days. It manufactures white goods like washing machines, microwave ovens, refrigerators, and air conditioners. The company’s margins are under pressure and the profits and market share are declining. The production department blames marketing for not meeting sales targets and marketing blames production department for producing goods, which are not of good quality meeting customers’ expectations. The finance department blames both production and marketing for declining return on investment and bad marketing. State the quality of management that the company is lacking? What quality of management do you think the company is lacking?

Explain briefly. What steps should the company management take to bring the company back on track?