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CMA Foundation · Fundamentals of Business Economics and Management · Introduction to Management

Which statement best describes management as a process in an organisation such as Tata Steel?

Management is the process of working with and through people to achieve organisational goals by using resources efficiently and effectively. It is not ownership, routine clerical work or just preparing accounts, which are narrower activities or relate to proprietors rather than the management function.

  1. AWorking with others to achieve organisational goals by using resources effectively and efficientlyCorrect
  2. BOwning the capital of a company and bearing all its business risks
  3. CCarrying out only routine clerical work under the supervision of others
  4. DPreparing the final accounts of the firm at the end of each year

Explanation

Management is commonly defined as getting things done through others, by planning, organising, staffing, leading and controlling resources to reach goals efficiently and effectively. Ownership and risk bearing belong to the proprietors, not to the management function. Clerical work and account preparation are only specific tasks.

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