The correct answer is D. All of the above.
Statement I is correct because if there is no proper management, then there will be no one to plan and organize the work, which will lead to wastage of time and resources.
Statement II is correct because management is responsible for establishing a sound organization by allocating the work to individuals. This ensures that the work is done efficiently and effectively.
Statement III is incorrect because management is both a science and an art. It is a science because it is based on principles and theories that have been developed over time. It is an art because it requires creativity and judgment to apply these principles and theories in a specific situation.
Here are some additional details about each statement:
- Statement I: Lack of proper management results in wastage of time and resources.
This is because if there is no one to plan and organize the work, then people will not know what to do or how to do it. This will lead to confusion and inefficiency, which will waste time and resources.
- Statement II: Management establishes a sound organisation by allocating the work to individuals.
This is because management is responsible for ensuring that the work is done efficiently and effectively. This means that they need to allocate the work to the right people, with the right skills and experience. They also need to make sure that the work is organized in a way that makes sense and is easy to follow.
- Statement III: Management is a science but not art.
This is incorrect because management is both a science and an art. It is a science because it is based on principles and theories that have been developed over time. These principles and theories can be used to understand and predict how people and organizations behave. However, management is also an art because it requires creativity and judgment to apply these principles and theories in a specific situation. There is no one-size-fits-all solution to management problems, and managers need to be able to think creatively and make decisions based on their judgment.