Acronyms Remember Business Studies ClassXII CBSE.pptx

Acronyms

1. Acronyms to Remember Business Studies Class XII CBSE VERY IMPORTANT ACRONYMS PREPARED BY – ALOK NARAYAN ROY HOD COMMERCE & EXAMINATION INCAHARGE VASISHTHA GENESIS SCHOOL, BARDOLI

2. CHAPTER-1 NATURE AND SIGNIFICANCE OF MANAGEMENT FEATURES OF MANAGEMENT M y C harming D ad I s G iving G rand P arty(MCDIGGP) 1. M ulti Dimensional 2. C ontinous 3. D ynamic 4. I ntangible 5. G roup Activity 6. G roup Goals 7. P ervasive

3. CHAPTER-1 NATURE AND SIGNIFICANCE OF MANAGEMENT IMPORTANCE OF MANAGEMENT (GDP depends upon Efficient Society) 1. Achieving G roup Goals 2. D ynamic Organisation 3. Achieving P ersonal Objectives 4. Increases efficiency 5. Helps in Development of Society

4. CHAPTER-1 NATURE AND SIGNIFICANCE OF MANAGEMENT NATURE OF MANAGEMENT MANAGEMENT AS AN ART ( CAT ) 1. Based on practice and C reativity 2. Personalised A pplication 3. Existence of T heoretical knowledge MANAGEMENT AS SCIENCE ( USP ) 1. U niversal validity 2. S ystematic Body of knowledge 3. P rinciples based on Experimentation

5. CHAPTER-1 NATURE AND SIGNIFICANCE OF MANAGEMENT FUNCTIONS OF MANAGEMENT ( P ost O ffice S ale D ebit C ard) (1) P LANNING (2) O RGANISING (3) S TAFFING (4) D IRECTING (5) C ONTROLLING

6. CHAPTER-1 NATURE AND SIGNIFICANCE OF MANAGEMENT NATURE OF COORDINATION ( P olice C ontrols DRUG ) 1. P ervasive Function 2. C ontinuous Process 3. D eliberate Function 4. R esponsibility of All Managers 5. U nity of Action 6. Integrates G roup Effort

7. CHAPTER-2 PRINCIPLES OF MANAGEMENT FAYOL’S PRINCIPLES OF MANAGEMENT ( DADU’S SUPPER PIC ) 1. D IVISION OF WORK 2. A UTHORITY AND RESPONSIBILITY 3. D ISCIPLINE 4. U NITY OF COMMAND 5. S UBORDINATION OF INDIVIDUAL INTEREST TO GENERAL INTEREST 6. S TABILITY OF TENURE OF PERSONNEL 7. U NITY OF DIRECTION 8. P RINCIPLE OF ORDER E SPIRIT DE CORPSE 9. P RINCIPLE OF SCALAR CHAIN 10. E SPIRIT DE CORPSE 11. R EMUNERATION OF EMPLOYEES 12. P RINCIPLE OF EQUITY 13. I NITIATIVE 14. C ENTRALISATION AND DECENTRALISATION

8. CHAPTER-2 PRINCIPLES OF MANAGEMENT NATURE OF PRINCIPLES OF MANAGEMENT ( GUFF ) 1 GENERAL GUIDELINES 2. UNIVERSAL APPICATION 3. FORMED BY PRACTICE AND EXPERIMENTATION 4. FLEXIBLE

9. CHAPTER-2 PRINCIPLES OF MANAGEMENT TAYLOR’S PRINCIPLES OF SCIENTIFIC MANAGEMENT ( SCIENCE leads to DEVELOPMENT by HARMONY and COOPERATION .) 1. Science , not rule of Thumb 2. Development of each person to his or her greatest Efficiency 3. Harmony not Discord 4. Cooperation , not individualism

10. CHAPTER-2 PRINCIPLES OF MANAGEMENT TAYLORS SCIENTIFIC TECHNIQUE – FUNCTIONAL FOREMANSHIP (DIRT – RIGS) D – DISCIPLINERIAN I – INSTRUCTION CARD CLERK R – ROUTE CLERK T – TIME AND COST CLERK R – REPAIR BOSS I – INSPECTOR G – GANG BOSS S – SPEED BOSS

11. CHAPTER-2 PRINCIPLES OF MANAGEMENT TAYLOR’STECHNQUESOFSCIENTIFICMANAGEMENT ( M y S weet S imple Mother and Father Taught Taylor’s Different Functions ) 1. M otion Study 2. S tandardization and S implification 3. M ethod Study 4. F atigue Study 5. T ime Study 6. Differential Piece Wage System 7. Functional foremanship

12. CHAPTER-3 BUSINESS ENVIRONMENT Features of Business Environment (DISCURT) 1 . D –Dynamic 2. I –Interrelated 3. S –Specific and general forces 4. C –Complex 5. U – Uncertainity 6. R –Relativity 7. T –Totality of External forces

13. CHAPTER-3 BUSINESS ENVIRONMENT Dimensions of Business Environment ( PESTEL MODEL) 1. P –Political 2. E –Economic 3. S –Social 4. T –Technological 5. E - Ecological 6. L –Legal

14. CHAPTER-4 PLANNING Process of Planning ( SPICSIF ) 1. S –Setting Objectives 2. P –Developing Premises 3. I –Identify alternate course of action 4. C –Evaluating alternative courses 5. S –Selecting an alternative 6. I –Implementation of plan 7. F –Follow up action

15. CHAPTER-4 PLANNING Features of Planning DCP of MP 1. D – D ecision Making 2. C – C ontinuous Process 3. P – P ervasive 4. O – O bjective achievement 5. F – F uturistic 6. M – M ental Exercise 7. P – P rimary Function

16. CHAPTER-4 PLANNING Importance – DRDO - SI 1. D – it provides d irection 2. R – Reduce the r isk of uncertainty 3. D – D ecision Making 4. O – Reduces o verlapping 5. S – Establishes s tandard of controlling 6. I – Promotes I nnovative Ideas

17. CHAPTER-4 PLANNING Limitations NCRT - DC 1. N– N o guarantee of success 2. C–Involves huge C ost 3. R–It creates R igidity 4. T– T ime consuming Process 5. D–Does not work in D ynamic environment 6. C–Reduces C reativity

18. CHAPTER-5----ORGANISING PROCESS OF ORGANISING IDEA 1. I – Identification and division of work 2. D – Departmentalisation 3. E – Establishing reporting relationships 4. A - Assigning of duties

19. CHAPTER-5 ORGANISING Importance of organizing AB - CODE 1. A - Adaptation to changes 2. B - Benefits of specialization 3. C - Clarity in working relationships 4. O - Optimum utilization of resources 5. D - Development of personnel 6. E -Expansion and growth

20. CHAPTER-5 ORGANISING Delegation – ARA 1. A - AUTHORITY 2. R - RESPONSIBILITY 3. A - ACCOUNTABILITY

21. CHAPTER-6 Staffing Staffing process- MRS. POT PPC 1. M - Estimating Man Power Requirements 2. R - Recruitment 3. S - Selection 4. PO - Placement and orientation 5. T - Training and development 6. P - Performance appraisal 7. P - Promotion and career planning 8. C - Compensation

22. CHAPTER-6----Staffing Training methods - APP. IVI 1. APP - Apprenticeship training 2. I - Induction training 3. V - Vestibule training 4. I - Internship training

23. CHAPTER-6----Staffing COMPONENTS OF STAFFING - REST 1. RE - RECRUITMENT 2. S - SELECTION 3. T - TRAINING INTERNAL SOURCES - TP 1. T - TRANSFER 2. P - PROMOTION

24. CHAPTER-6 Staffing IMPORTANCE OF STAFFING - APCOST 1. A - Ensures availability of competent personnel 2. P - Higher performance 3. C - Ensures continuous survival and growth 4. O - Ensures optimum utilization of human resources 5. S - Improves job satisfaction and morale 6. T - Advancement of technology

25. CHAPTER-7 Directing Features of Directing : (CIFT) 1. C - Continuous process: 2. I - Initiate’s action: 3. F - Flows from top to bottom: 4. T - Takes place at every level of management:

26. CHAPTER-7 Directing Importance of Directing: (SAIFI) 1. S – Stability in organization 2. A - Achieving Goal 3. I – Integrate employees efforts 4. F – Fuller utilization of employees capabilities 5. I – Introducing changes

27. CHAPTER-7 Directing Supervision Importance of Supervision (AADHIE) 1. A - Act as friend, philosopher and guide 2. A - Avoid misunderstanding and conflict among worker and management 3. D - Develop work skill 4. H - Harmony among workers 5. Increase morale of workers 6. Efficient team of workers

28. CHAPTER-7----Directing Motivation Features of Motivation (IPCC) 1. I - Internal feeling 2. P - Produces goal directed behaviour 3. C - Can be either positive or negative 4. C - Complex process

29. CHAPTER-7----Directing Motivation Process (STURDS) 1. S - Search behaviour 2. T - Tension 3. U - Unsatisfied need 4. R - Reduction of Tension 5. D - Drive Satisfied need 6. S - Search behaviour

30. CHAPTER-7 Directing Motivation Importance (PARA - C) 1. P - Improves performance level of employee 2. A - Negative attitude to positive attitude 3. R - Reduce employee turnover 4. A - Reduce absentism 5. C - Introducing change smoothly

31. CHAPTER-7----Directing Maslow’s Need Hierarchy Theory of motivation (PASSES) 1. P - Basic Physiological need 2. A - Affiliation and belongingness need 3. SS - Safety and security need 4. E - Esteem need 5. S - Self actualization need

32. CHAPTER-7----Directing Techniques of motivation: A. Financial Incentives ( P lease 4 ward, BRS) 1. P - Pay and allowances 2. P - Perquisites 3. P - Productivity linked wage incentives 4. P - Profit Sharing 5. B - Bonus 6. R - Retirement benefit 7. S - Stock option and co-partnership

33. CHAPTER-7 Directing Techniques of motivation: B. Non-Financial Incentives (ACE - PRESS) 1. A - Career advancement opportunities 2. C - Organization Climate 3. E - Job enrichment 4. P - Employee participation 5. R - Employee recognition programme 6. E - Employee empowerment. 7. S - Job security 8. S - Status

34. CHAPTER-7----Directing Leadership Features of leadership (BRICC) 1. B - Bring change in B ehaviour of other 2. R - Inter personal R elations between leader and follower 3. I - Ability to I nfluence other 4. C - Exercise for C ommon goal 5. C - C ontinuous process

35. CHAPTER-7----Directing Importance of Leadership (PCIMB) 1. P - Produces good results 2. C - Creates congenial work environment 3. I - Introduction of change with minimum discontentment 4. M - Maintain harmonious relations 5.B - Build up successor and help in smooth succession process

36. CHAPTER-7 Directing Qualities of good leader(MID- SPICKS) 1. M - Motivation skill 2. I – Integrity 3. D – Decisiveness 4. S - Social skill 5. P - Physical Features 6. I – Initiative 7. C - Communication Skill 8. K – Knowledge 9. S - Self Confidence

37. CHAPTER-7 Directing Communication Importance of Communication (BIE PAAS) 1. B - B oost morale and provide motivation 2. I - I ncrease Managerial efficiency 3. E - E stablish effective leadership 4. P - P romotes cooperation and peace 5. A - A ct as a basis of Decision making 6. A - A ct as a basis of coordination 7. S - Help in S mooth working of an enterprise

38. CHAPTER-7 Directing Barriers to communication process A. Semantic barriers (BSF-BUT) 1. B - Badly expressed message 2. S - Symbols with different meaning 3. F - Faulty translation 4. B - Body language and gesture decoding 5. U - Unclarified assumption 6. T - Technical jargon

39. CHAPTER-7 Directing Barriers to communication process B. Psychological Barriers(PLLD) 1.P - Premature evaluation 2. L - Lack of attention 3. L - Loss by transmission and poor retention 4. D - Distrust

40. CHAPTER-7 Directing Barriers to communication process C. Organisational barriers (PRS-CC) 1. P - Policy 2. R - Rules and regulations 3. S - Status 4. C - Complexities in structures 5. C - Communication facilities

41. CHAPTER-7 Directing Barriers to communication process D. Personal Barriers (FULL) 1. F - Fear of challenge to authority 2. U - Unwillingness to communicate 3. L - Lack of incentives 4. L - Lack of confidence on subordinates

42. CHAPTER-7 Directing Measures to improve communications (BCCIFACT) 1. C larity of Message 2. Communicate according to the need of receiver 3. Consult other to develop plan for communication. 4. Beware of language, content and tone. 5. Communicate thing of value to others 6. Ensure proper feedback 7. Connect present with future 8. Follow up communication 9. Be a good listener

43. Chapter - 8 Controlling Stepsincontrollingprocess (Some Measurable CAT) 1. Settingupobjectives 2. Measurementofactualperformance 3. Comparisonwithstandardperformance 4. Analysisofdeviation 5. Takingcorrectiveaction

44. Chapter - 8 Controlling Importanceofcontrolling (First-I-EAT-Jam) 1. Accomplishingorganizationgoal 2. Judgingaccuracyofstandard 3. Efficientuseofresources 4. Improvesemployeemotivation 5. Ensureorderanddiscipline 6. Facilitatecoordinationinaction

45. Chapter - 8 Controlling Limitation of controlling (DLR) 1. Difficulty in setting quantitative standard 2. Little control on external factors 3. Resistance from employee

46. CHAPTER-9 AND 10 Financial Management & Financial Market Decisions - FDI 2. Trading Procedure - SOPE I. Selection of broker II. Opening DematA /c III. Placing the order IV. Executing the order

47. CHAPTER-9 AND 10 Financial Management & Financial Market Methods of Floatation - POORE I. Private Placement II. Offer through Prospectus III. Offer for sale IV. Right Issue V. E-IPOs

48. CHAPTER-9 AND 10 Financial Management & Financial Market 4. Factors Affecting Capital Structure DISC4 i . Debt- Service coverage ratio ii. Interest coverage ratio iii. Stock Market condition iv. Cost of equity v. Cost of Debt vi. Cash flow position vii. Control Consideration

49. CHAPTER-11: MARKETING MANAGEMENT 1. Features of Marketing - NCCE ( i ) Needs and Wants (ii) Creating a Market offering (iii) Customer Value (iv) Exchange Mechanism

50. CHAPTER-11: MARKETING MANAGEMENT 2. Marketing Management– Philosophies PPS-MT ( i ) Production concept (ii) Product Concept (iii) Selling concept (iv) Marketing Concept (v) The Social Marketing concept

51. CHAPTER-11: MARKETING MANAGEMENT 3. Elements of Marketing Mix - 4Ps ( i ) Product (ii) Price (iii) Place (iv) Promotion

52. CHAPTER-11: MARKETING MANAGEMENT 4. Characteristics of a Good Brand Name SSDAVC ( i ) Short and Simple (ii) Suggests the products and Qualities (iii) Distinctive (iv) Adaptable to packing or labelling (v) Versatile to accommodate new products (vi) Capable of being registered

53. CHAPTER-12 CONSUMER PROTECTION 1. Consumer rights CHERISH CH – Right to Choose E – Right to Consumer Education R - Right to Seek Redressal I - Right to be Informed S – Right to Safety H – Right to be Heard

54. CHAPTER-12 CONSUMER PROTECTION 2. Consumer Responsibilities – Honest CBSE: Fair SRCC HONEST - Be Honest in dealings C - Cautious consumers B - Be aware about various goods and services S - Form consumer Societies E - Respect the Environment FAIR - Assert yourself to ensure to get a Fair deal S - Buy only Standardized goods R - Learn about risk Associated C - Ready to file a Complaint C - Ask for Cash Memo

55. CHAPTER-12 CONSUMER PROTECTION 3. Role of Consumer Organizations and NGOs ( E MPLOYEES P AY C OMMISSION, E MPLOYEES P ROVIDENT F UND, T AX) Educating the consumers Publishing periodical and other publications Carrying and comparative testing of consumer products Encouraging consumer to protest Provide Legal assistance Filling Complaints Taking an Initiative in filing of case.

56. Thank you.. 