1) what is existence of theoretical knowledge?

2) what is personalised application?

3) what is based on practice and creativity?

4) what is systematised body of knowledge?

5) what is priciples based on experimentation?

6)what is universal validity?

7)what is well-defined body of knowledge?

8) what is restricted entry?

9) what is professional association?

10) what is ethical code of conduct?

11) what is service motive?

Dear Student, 
Answer to the first part of your question.
Theoretical knowledge is concerned with research and hypothesis, scientific facts and figures. This aims at understanding the fundamental principles rather than inculcating the practical application. Therefore, existence of theoretical knowledge in management implies various theories and principles have been developed in management. Such as Henry Fayol's Principles of Management, Taylor’s Scientific Management Theory. ‚Äč


Answer to the second part of your question.
Personalised application in management means that the managers can use the management principles in their own unique way. In this feature of management as an art, the practitioner studies the theory of art, by applies it in his own personalised way. Similarly each manager has his personalised way of applying management principles. Thus this feature of art is also applicable in management.


Answer to the third part of your question.
Management as an art is based on practice and creativity. Art involves practice and innovation. The artists use the existing literature as per his own creativity and innovation. For example, two writers can describe a given situation based on their unique interpretations. Similarly, in management, a manager applies the theories and principles of management to different situations as per his own creativity and imagination and some times even formulates new ways to address a situation.


Answer to the fourth part of your question. 
Management as a science is a systematised body of knowledge. Management as a Science has a specified body of knowledge which is based on cause and effect relationship. Similarly management has its own body of theories and principles that are developed over years. In addition, similar to other disciplines of science, management also has its own vocabulary.


Answer to the fifth part of your question. 
Priniciple based on experimentation implies those principles that have been developed after undertaing a regress research and experiments. In science the principles and theories are based on continuous observation and experimentation. In a same manner, the principles of management have also developed over several years based on repeated observations and experiments. However, as against science, in management no exact cause and effect relationship can be established. This is because management primarily deals with humans and human behaviour. As human behaviour is subject change, so, the outcome of these theories would also vary from one situation to another. Despite this, management fulfils this criterion of science to some extent as the scholars have been able to identify certain theories and principle that act as guidelines in management.


Answer to the sixth part of your question. 
Universal validity means that a theory or principle can be applied or used by anyone and anywhere. In science, the principles have universal validity. In management also the theories and principles are valid to some extent if not universal. Although the application of the theories and their outcomes vary from situation to situation, however they act as standards for actions in different situations. That is, these principles can be used for the basic training of the managers.



Answer to the seventh part of your question.
Well-defined body of knowledge means a complete set of actions, theories, principles that have evolved overtime. Management is based on well-defined body of knowledge comprising of principles and theories. This knowledge can be attained through various colleges, institutes and books.It is based on several theories and principles that are developed over years with continuous experimentation and observation. The knowledge of management can be attained through various colleges, institutes and books. Management as a course is offered by many colleges and professional institutes. For example, in India, the Indian Institute of Management (IIM) is the premier institute of management. 


Answer to the eighth part of your question.
Restricted entry implies that entry that is limited to a group of individuals. Management satisfies this criterion only to some extent. As against other professions such a doctor or a lawyer, no specific qualification or degree are required to be a manager. That is, any person holding any degree or qualification can be a manager. However, the entry is restricted to some extent as persons with professional management degree or diploma are preferred.


Answer to the ninth part of your question.
Professional Association implies the involvement of professionals in an activity. A professional has to be a member or should be associated with a statutory body which are responsible for stating the laws and authorities of that profession. For example, to be practice Chartered Accountancy, a person has to be a member of the Institute of Chartered Accounts of India. Similarly, management is also affiliated to a professional association that regulates the functions of the members. In India, the AIMA (All India Management Association) for its member managers. But, it is not requisite for managers to be a part of them.


Answer to the tenth part of your question.
Ethical code of conduct refer to the guiding principle that govern the ethical behaviour of individuals, groups or organisations. There are a set Code of Conduct which every profession has to follow for its smooth functioning. In management also we have a specific Code of Conduct but, it is not obligatory for the managers to abide by them. Unlike profession where the member violating the rules are punished, no such penalising is done in management if the managers do not obey the standards set by AIMA or AIPMA. However, alike other profession through management also the society is served. Through effective and efficient management of the organisation, quality products and services are provided at reasonable prices.


Answer to the eleventh part of your question.
Service motive can be defined as the objective of an enterprise to provide services to the consumers. The purpose of managers does not completely tallies with that of required in any other professions. There has been a recent shift in the purpose of managers from profit maximisation to rendering services and enhancing the welfare of the society as a whole. The service motive of managers aligns with the service motive of professionals of any other branch

 

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