Management | Significance and objective of management - Newsify
Management Meaning:
Management Meaning:
Management is an art or activity which is performed by individual or a group of individuals to get work complete in effective and efficient way.
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| Significance and objective of management |
Significance of Management:
1. Help in Achieving Goals and Objectives:
It is responsible for factors of production, organising, directing and coordinate efforts of people, appointing competent people, acquiring and utilising productive resources in effective manner to achieve goals. It helps the organisation to get work done in time without wastage of effort and money.
2. Optimum Utilization of Resources:
It ensures the optimum utilization of physical and human resources. Management make use of expert, professional and these help the organisation to get work in time and reduce unnecessary wastage, misuse and duplication of resources.
3. Reduces costs:
It uses human, physical and financial resources in such a manner that results get maximum output with the usage of minimum input.
4. Avoid conflict:
Help by reducing the conflict. If all managerial function - planning, organising, staffing, directing and controlling are performing together in effective way than all unnecessary stress get reduce.
5. Efficient running of business organisation:
Management involves motivation, leadership, communication and supervision to the people of an organisation, and in result it help the organisation by making improvement in quality, by increasing productivity, and by making better human relationship.
Objectives of management:
Objective means expected end result. Objectives are also known as mission, purpose, goals, aims, targets etc.
Main objectives of management:
1. Economic Objectives
2. Social Objectives
3. Human Objectives
4. National Objectives
5. Other Objectives
Let's Discuss each objectives in briefly,
1. Economic objectives:
It is related to the financial performance. It get high priority among all kind of objectives. Main focus of this economic objectives are - to earn more profit on investment, to survive for long time, high technology, and to achieve high operational efficiency.
2. Social objectives:
Objectives related to society. It means social obligation towards customers, suppliers, shareholders, government, general public and the country. Main focus of this social objectives are - to satisfy customers, to improve living of standard, ensure shareholders by fair dealing, and create and maintain reputation in society.
3. Human objectives:
Objective related to people in the organisation. some of the human objectives are - hire qualify, capable and experienced employees in the organisation, to utilise innovative capability of employees, to maintain healthy relationship, motivate to employee to boost their morale, support employees, etc.
4. National objectives:
It is related to development of the nation. How national objective fullfil - (by paying taxes, duties, charges,etc.), (help nation during natural calamities like flood, earthquake, tsunami, etc.), (help nation by achieving fame for country), etc.
5. Other objectives:
Some additional objectives are - to win national, international awards, represent nation globally in event, etc.
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