Business Studies Class XII
8 Important terms of Business Studies Class 12 terms
- Centralisation
- concentration of power in few hands
- Decentralisation
- distribution of authority/power at all levels
- Delegation
- transfer of authority to another person (from manager to subordinate) to carry out specific activities
- Dynamic
- keeps on changing
- Futuristic
- related to future
- Management by Exception
- focus on significant deviations and ignore minor deviations,
also called control by exception
- Multidimensional
- having more than one dimension/aspect
- Pervasive
- required everywhere