Sunday, June 8, 2008

SCOPE/IMPORTANCE/SIGNIFICANCE OF MANAGEMENT

COPE/IMPORTANCE/SIGNIFICANCE OF MANAGEMENT


1. Achievement of Group Objectives: Management brings human and material resources together to mobilize the people for the achievement of the objectives of the organization.

2. Optimum Utilization of Resources: Management ensures the optimum utilization of available resources like Man, Money, Machine and Material.

3. Minimization of Cost: Through better planning, sound organization and effective control, Management can manage the cost and able to face the cutthroat competition.

4. Increased Profits: Management, by reducing the costs or by increasing the sale revenue, increases its profits and provides opportunities for future growth and development.

5. Smooth running of Business: Management ensures the efficient and smooth functioning of organization or business through better planning, organizing, controlling and with the help of other various tools or methods.

6. Provides Innovations: Management provides new ideas, imaginations and visions to the organization, time to time, to achieve the organizational goals.

7. Social benefits: It raises the standard of living of the people by providing good quality products or services at lower cost. It is not only beneficial for the society, but for the business also.

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