Business Studies introduces the concept of management as a vital function in all organizations. It defines management as the process of planning, organizing, staffing, directing, and controlling efforts to achieve organizational goals effectively and efficiently. The chapter explains the characteristics of management, such as being goal-oriented, dynamic, and a group activity. It highlights the importance of management in achieving objectives, improving efficiency, creating a dynamic environment, and helping in development.

Students learn about the three levels of management—top, middle, and operational—and their roles in an organization. The chapter also outlines the objectives of management, including organizational, social, and personal goals. One of the key ideas discussed is coordination, which is presented as the essence of management that integrates the efforts of all individuals and departments.

This chapter builds the foundation for understanding the broader functions and importance of management in business.