Acronyms to Remember

Business Studies
Class XII CBSE
PREPARED BY – ALOK NARAYAN ROY
HOD COMMERCE & EXAMINATION
INCAHARGE
VASISHTHA GENESIS SCHOOL, BARDOLI

VERY IMPORTANT ACRONYMS

CHAPTER-1 NATURE AND
SIGNIFICANCE OF MANAGEMENT

FEATURES OF MANAGEMENT
My Charming Dad Is Giving Grand Party(MCDIGGP)
1.Multi Dimensional
2.Continous
3.Dynamic
4.Intangible
5.Group Activity
6.Group Goals
7.Pervasive
CHAPTER-1 NATURE AND
SIGNIFICANCE OF MANAGEMENT

IMPORTANCE OF MANAGEMENT
(GDP depends upon Efficient Society)
1. Achieving Group Goals
2. Dynamic Organisation
3. Achieving Personal Objectives
4. Increases efficiency
5. Helps in Development of Society
CHAPTER-1 NATURE AND
SIGNIFICANCE OF MANAGEMENT

NATURE OF MANAGEMENT
MANAGEMENT AS AN ART (CAT)
1. Based on practice and Creativity
2. Personalised Application
3. Existence of Theoretical knowledge
MANAGEMENT AS SCIENCE (USP)
1. Universal validity
2. Systematic Body of knowledge
3. Principles based on Experimentation
CHAPTER-1 NATURE AND
SIGNIFICANCE OF MANAGEMENT

FUNCTIONS OF MANAGEMENT
(Post Office Sale Debit Card)
(1) PLANNING
(2) ORGANISING
(3) STAFFING
(4) DIRECTING
(5) CONTROLLING
CHAPTER-1 NATURE AND
SIGNIFICANCE OF MANAGEMENT

NATURE OF COORDINATION
(Police Controls DRUG)
1. Pervasive Function
2. Continuous Process
3. Deliberate Function
4. Responsibility of All Managers
5. Unity of Action
6. Integrates Group Effort
CHAPTER-2 PRINCIPLES OF
MANAGEMENT

FAYOL’S PRINCIPLES OF MANAGEMENT

(DADU’S SUPPER PIC)
1. DIVISION OF WORK
2. AUTHORITY AND RESPONSIBILITY
3. DISCIPLINE
4. UNITY OF COMMAND
5. SUBORDINATION OF INDIVIDUAL INTEREST TO GENERAL INTEREST
6. STABILITY OF TENURE OF PERSONNEL
7. UNITY OF DIRECTION
8. PRINCIPLE OF ORDER ESPIRIT DE CORPSE
9. PRINCIPLE OF SCALAR CHAIN
10. ESPIRIT DE CORPSE
11. REMUNERATION OF EMPLOYEES
12. PRINCIPLE OF EQUITY
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
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
CHAPTER-2 PRINCIPLES OF
MANAGEMENT

TAYLORS SCIENTIFIC TECHNIQUE –

FUNCTIONAL FOREMANSHIP (DIRT – RIGS)
1. D – DISCIPLINERIAN
2. I – INSTRUCTION CARD CLERK
3. R – ROUTE CLERK
4. T – TIME AND COST CLERK
5. R – REPAIR BOSS
6. I – INSPECTOR
7. G – GANG BOSS
8. S – SPEED BOSS
CHAPTER-2 PRINCIPLES OF
MANAGEMENT
TAYLOR’STECHNQUESOFSCIENTIFICMANAGEMENT
(My Sweet Simple Mother and Father Taught Taylor’s Different
Functions)
1. Motion Study
2. Standardization and Simplification
3. Method Study
4. Fatigue Study
5. Time Study
6. Differential Piece Wage System
7. Functional foremanship
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
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
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
CHAPTER-4 PLANNING
Features of Planning
DCP of MP
1. D – Decision Making
2. C – Continuous Process
3. P – Pervasive
4. O – Objective achievement
5. F – Futuristic
6. M – Mental Exercise
7. P – Primary Function
CHAPTER-4 PLANNING

Importance – DRDO - SI
1. D – it provides direction
2. R – Reduce the risk of uncertainty
3. D – Decision Making
4. O – Reduces overlapping
5. S – Establishes standard of controlling
6. I – Promotes Innovative Ideas
CHAPTER-4 PLANNING

Limitations
NCRT - DC
1. N–No guarantee of success
2. C–Involves huge Cost
3. R–It creates Rigidity
4. T–Time consuming Process
5. D–Does not work in Dynamic environment
6. C–Reduces Creativity
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
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
CHAPTER-5 ORGANISING

Delegation – ARA
1. A - AUTHORITY
2. R - RESPONSIBILITY
3. A - ACCOUNTABILITY
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
CHAPTER-6----Staffing

Training methods - APP. IVI

1. APP - Apprenticeship training
2. I - Induction training
3. V - Vestibule training
4. I - Internship training
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
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
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:
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
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
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
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
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
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
CHAPTER-7----Directing

Techniques of motivation:
A. Financial Incentives (Please 4ward, 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
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
CHAPTER-7----Directing

Leadership
Features of leadership (BRICC)
1. B - Bring change in Behaviour of other
2. R - Inter personal Relations between leader and follower
3. I - Ability to Influence other
4. C - Exercise for Common goal
5. C - Continuous process
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
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
CHAPTER-7 Directing

Communication
Importance of Communication (BIE PAAS)
1. B - Boost morale and provide motivation
2. I - Increase Managerial efficiency
3. E - Establish effective leadership
4. P - Promotes cooperation and peace
5. A - Act as a basis of Decision making
6. A - Act as a basis of coordination
7. S - Help in Smooth working of an enterprise
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
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
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
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
CHAPTER-7 Directing

Measures to improve communications (BCCIFACT)

1. Clarity 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
Chapter - 8 Controlling

Stepsincontrollingprocess(Some Measurable CAT)

1. Settingupobjectives
2. Measurementofactualperformance
3. Comparisonwithstandardperformance
4. Analysisofdeviation
5. Takingcorrectiveaction
Chapter - 8 Controlling

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

Limitation of controlling (DLR)

1. Difficulty in setting quantitative standard
2. Little control on external factors
3. Resistance from employee
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
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
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
CHAPTER-11:
MARKETING MANAGEMENT
1. Features of Marketing - NCCE
(i) Needs and Wants
(ii) Creating a Market offering
(iii) Customer Value
(iv) Exchange Mechanism
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
CHAPTER-11:
MARKETING MANAGEMENT
3. Elements of Marketing Mix - 4Ps
(i) Product
(ii) Price
(iii) Place
(iv) Promotion
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
CHAPTER-12
CONSUMER PROTECTION
1. Consumer rights CHERISH
1. CH – Right to Choose
2. E – Right to Consumer Education
3. R - Right to Seek Redressal
4. I - Right to be Informed
5. S – Right to Safety
6. H – Right to be Heard
CHAPTER-12
CONSUMER PROTECTION
2. Consumer Responsibilities – Honest CBSE: Fair SRCC
1. HONEST - Be Honest in dealings
2. C - Cautious consumers
3. B - Be aware about various goods and services
4. S - Form consumer Societies
5. E - Respect the Environment
6. FAIR - Assert yourself to ensure to get a Fair deal
7. S - Buy only Standardized goods
8. R - Learn about risk Associated
9. C - Ready to file a Complaint
10. C - Ask for Cash Memo
CHAPTER-12
CONSUMER PROTECTION
3. Role of Consumer Organizations and NGOs
(EMPLOYEES PAY COMMISSION, EMPLOYEES
PROVIDENT FUND, TAX)
1. Educating the consumers
2. Publishing periodical and other publications
3. Carrying and comparative testing of consumer products
4. Encouraging consumer to protest
5. Provide Legal assistance
6. Filling Complaints
7. Taking an Initiative in filing of case.
THANK YOU FOR WATCHING
Mr. ALOK NARAYAN ROY
HOD – COMMERCE
AT VGS, SURAT

Linked in Id: https://www.linkedin.com/in/alok-narayan-roy-35051b33/