Management as a profession has following characteristics:
Well Defined Body of Knowledge: All professions are based on a well-defined body of knowledge that can be acquired through instruction.
Restricted Entry: The entry to a profession is restricted through an examination or through acquiring an educational degree. For example, to become a chartered accountant in India a candidate has to clear a specified examination conducted by the Institute of Chartered Accountants of India.
Professional Association: All professions are affiliated to a professional association which regulates entry, grants certificate of practice and formulates and enforces a code of conduct. To be able to practice in India lawyers have to become members of the Bar Council which regulates and controls their activities.
Ethical Code of Conduct: All professions are bound by a code of conduct which guides the behaviour of its members. All doctors, for example, take the oath of ethical practice at the time they enter the profession.   
Service Motive: The basic motive of a profession is to serve their client’s interests by rendering dedicated and committed service. The task of a lawyer is to ensure that his client gets justice.

(a) Controlling Steps involved in the process of controlling
(i) Setting performance standards Standards are the criteria, set in both quantitative and qualitative terms, against which actual performance can be measured. Standards are the benchmarks towards which efforts of entire organization are directed. In order to determine whether the actual performance is proceeding in the right way, standards are required. Thus standards act as a lighthouse that warns and guides the ships at sea. As far as possible, standards must be set up in numerical or measurable terms.
For example
Standard output – 1000 units per day.
Standard scales – Rs. 50 lakh per annum.
(ii) Measurement of Actual performance After setting the standards, next step in the process of controlling is to be measure and evaluate the actual work. It means evaluation of work actually done. It is also preferable to get reports on performance of an employee at regular intervals. Performance may involve ratio analysis and preparation of cash flow statement etc at periodic intervals of time.
(iii) Comparing Actual performance with standards : This steps involved comparing the actual performance with the laid down standards. The standards should be in quantitative terms to facilitate such comparison.
(iv) Analysing Deviations : After identifying the deviations, various causes for same are analysed and the most exact causes are identified in order to take corrective measures. While analyzing the deviations, ‘Critical Point Control’ and ‘Management by exception’ techniques should be used.
(v) Taking Corrective Actions : The final step in the process of controlling involves taking corrective action. If the deviations are within acceptable limits, no corrective measure is required. However, if the deviations exceed the acceptable limits, they should be immediately brought to the notice of the management for taking corrective measures, especially in the important and critical areas.
From the above it can be concluded that controlling requires a systematic process. Controlling without a process is a meaningless activity. Controlling process helps to assure management that actual performance confirms to the planned performance.

No, Leadership is required for all in an organisation.
The importance of leadership:
Leadership is a key factor in making an organisation successful, because of the following benefits
1)Influences the behaviour of people: Influences the behaviour of people and contribute their energies for the benefit of the organisation.
2)Provides confidence: A leader maintains personal relations and helps his followers in fulfilling their needs, He provide confidence, support and encouragement to his followers.
3) Introduces changes: leaders plays a key role in introducing required changes in the organisation. They help in solving the problem of 'resistance to change' by inspiring and persuading employees to accept the changes.
4) Handles conflicts: A good leader helps in solving the conflicts, allows his follower to ventilate their feeling and disagreements, and persuades them by giving suitable clarification.
5) Provides training: Leaders provides training to their subordinates. in order to make them efficient and to facilitate a smooth succession process

Principle violated are:
Remuneration of Employees
According to Fayol, the quantum and methods of remuneration payable to employees should be fair and reasonable. It should be satisfactory to both employers and employees, which gives them a reasonable standard of living and should be within the playing capacity of the company.

Unity Of Command
The principle of unity of command states that each participant in a formal organisation should receive orders and is answerable to only one superior.
If in any case, employee gets orders from two superiors at the same time, the principle of unity of command is violated and it will result in confusion and chaos. It can be avoided if there is proper coordination between different departments.
This, principle resembles military organisation.

Division of Work
Fayol has advocated the division of Work. According to him, if work is divided into small tasks and assigned to trained specialists, then it will help in taking the advantage of specialisation.
The intent of division of work is to produce more and better work with the same effort. It is the most efficient way to use human effort. Because of this principle, an organisation is divided into separate departments viz production, sales, finance, marketing, etc.

Dividend decision A financial manager takes decision in three broad areas, viz investment, financing and dividend, for maximising shareholders' wealth. Wealth maximisation is possible with increase in price of shares.
A good dividend policy will enhance the market value of shares thus, meeting the objective of wealth maximisation. It also influences the financing decision of the firm, since the firm will not require funds to the extent of re-invested retained earnings.
So, it should be taken keeping in view the overall objective of maximising shareholders' wealth.
The four factors which affect dividend decisions are
(i) Earnings Dividends are paid to the shareholders either from the past earnings or from the curent earnings or from both. Therefore, 'earnings' is a major factor which affects dividend decision.
(ii) Stability of earnings It also affects the dividend decision. A company having stable earnings can declare higher dividend whereas, a company having unstable earnings is likely to pay smaller dividend.
(iii) Stability of dividend Companies generally have a policy of stabilising dividends, i.e. increase in dividend is only done when the earning potential of the company has gone up and not just the current year's earnings. Thus, dividend per share is not altered when the change is small or temporary in nature.
(iv) Shareholders' preference While declaring dividends, management must keep in mind the preferences of the shareholders in this regard. If the shareholders in general desire that at least a certain amount is paid as dividend, the companies are likely to declare the same. There are always some shareholders who depend upon a regular income from their investments.

Business environment refers to all those factors and forces, which lie outside a business enterprise and are beyond its control.These factors and forces exercise a significant influence on business.
There is close and continuous interaction between business and its environment.
Components of business environment
(i) Components of Economic Environment:
1. Structure of economy
2. Rate of growth of GNP
3. Per capita income
4. Rates of savings and investments
5. Balance of Payments
6. Value of exports and imports
7. Agricultural and industrial production
8. Money supply in the economy
9. Public debt
(ii) Components of Social Environment 
1. Concern with quality of life
2. Life expectancy
3. Expectations from workforce
4. Birth and death rates
5. Population shifts
6. Educational system and literacy rates
7. Consumption habits
8. Composition of family
9. Attitudes towards product innovations, lifestyles, etc.
(iii)Components of Technological Environment
1. Spirit of invention and innovation among people.
2. Facilities for research and development.
3. Incentive and concessions for development and application of new technology
4. Legal protection for intellectual property rights.
5. Access to foreign technology.
(iv) Components of Political Environment
1. The constitution of the country 
2. Political stability
3. Political ideology
4. Political outlook on business sectors
5. Extent and nature of government intervention in business
6. Degree of politicization of business and economic issues.
(v) Components of Legal Environment
1. Legislation passed by the government
2. Court judgments
3. Decisions of various commissions and agencies at every level of administration
4. Administrative orders.

Taylor's scientific management
Scientific management means applying the standardised methods and tools to increase the output, its quality and to reduce costs and wastages. It is a systematic and thoughtful approach. In the words of Taylor, 'Scientific management means knowing exactly what you want men to do and seeing that they do it the best and the cheapest way.'
It emphasises replacement of 'rule of thumb' i.e. personal judgement, by scientific selected methods and tools.
Principles of Scientific Management
The philosophy of scientific management is based upon the following principles:
1. Science, not Rule of Thumb
This principle of scientific management discards the old approach of rule of thumb. According to Taylor, each job should be performed in an organisation as per the scientific approach, as there is always one best method to maximise efficiency.
This method can be developed through study and analysis. It involves the following steps:
(i) Investigation of traditional
(ii) unifying the best practices
(iii) Developing a standard method.
Selecting 'one best method' for activities can result in saving time, effort, money and resources.
2.Harmony, not Discord
According to this principle, Taylor emphasised that there should be complete harmony between the management and workers and there should be transformation in thinking of both parties, called mental revolution.
It implies that management should share the gains with workers and workers should work hard for the betterment of the business.
It also emphasises that prosperity of the employer cannot exist for long fit it is not accompained by the prosperity of its employees, and vice versa. e.g. Japnese work culture, where the workers wear a black badge if they go on strikes and works more than normal working hours to gain the sympathy of the management.
3.Cooperation, not Individualism
This principle is an extension of principle of harmony, not discord. According to this principle, 'Competition should be replaced by cooperation. Management and workers both should realise that they need each other'. For this, management should entertain and reward the constructive suggestions of employees and follow paternalistic style of management. At the same time, workers should also cooperate with management, desist from going on strikes and making unreasonable demands to the management. According to Taylor, there must be an equal division of work and responsibility between workers and management.
4. Development of Each and Every Person his/her Greatest Efficiency
According to this principle, 'Each person should be scientifically selected and then assigned work as per their specialisation and in any case, if training is required, then impart training to them as efficient employees would produce more and earn more'. Worker training is essential to learn the 'best method' developed as per the scientific approach. This would ensure greatest efficiency for both, workers and the organisation.

The Consumer Protection Act, 1986 provides for three tier machinery for the redressal of consumer grievances :
a. District forum : This is established by the state government in each district. It shall consists of a chairman and two members appointed by the state Government. Only those complaints can be filed in the District Forum where the value of goods or service and the compensation claimed is upto rupees twenty lakhs. An appeal against the order of the District forum can be filed with the State Commission within 30 days.
b. State Commission : This is established by the Government in the state. It shall consist of a President who either is or has been a Judge of a High Court and two other members. All the three shall be appointed by the State Government. Only those complaints can be filed in the state commission where the value of goods or services and the compensation claimed exceed 20 lakhs but does not exceed Rs. 1 Crore. An appeal against the order of the state commission can be filed before the National Commission within 30 days.
c. National Commission : This is established by the Central Govt. It shall consist of a President who is or has been a judge of the Supreme Court and four other members. All shall be appointed by the Central Govt. All the complaints where the value of goods or services and the compensation sought is more than rupees I crore can be filed with the National Commission. An appeal against the order the National Commission can be filed before the Supreme Court within 30 days.

Planning : It is deciding in advance what is to be done. When a manager plans, he projects a course of action for the future, attempting to achieve a consistent and coordinated structure of operations aimed at the desired results. 
Importance of planning:
(i) Planning provides direction By stating in advance how work is to be done, planning provides direction for action. It reduces aimless activity and makes action more meaningful. 
(ii) Planning reduces the risk of uncertainty Planning is always done for future and future is uncertain. With the help of planning, possible changes in future are anticipated and various activities are planned in the best possible way. 
(iii) Planning facilitates decision-making Planning is an intellectual activity. It helps the manager to look into the future and make a choice from amongst various alternative courses of action. The manager has to evaluate each alternative and select the most viable option. Thus, decision- making is inherent in planning. 
(iv) Planning reduces overlapping and wasteful activities : Planning serves as the basis of coordinating the activities and efforts of different divisions, departments and individuals. It helps in avoiding confusion and misunderstanding. Since, planning ensures clarity in thought and action, hence, the work is carried on smoothly without any interruptions.
(v) Planning promotes innovative ideas : Planning is the first function of management, where new ideas can take the shape of concrete plans. It is the most challenging job or an activity of the management as it guides all future actions, leading to growth and prosperity of the business.