Objectives
of Management
(A) Organizational Objectives: of Survival - (Earning enough revenues to cover cost); profit (To cover cost and risk); & Growth (To improve its future prospects).
(1) Survival - Management by taking positive decisions with regard to different business activities ensures survival of business for long.
(2) Profit - It plays an important role in facing business risks and successful running of business activities.
(3) Growth - Management must ensure growth which can measured by increase in sales no. of employees, product, investment etc.
(B) Social Objectives : of giving benefits to society like using environmental friendly practices and giving employment to disadvantaged sections of society etc. Example: TISCO, ITC, and Asian Paints.
(C) Personal Objectives: because diverse personal objectives of people working in the organization have to be reconciled with organizational objectives.
Importance of Management
(1) Achieving Group Goals Management creates team work and coordination in the group. Managers give common direction to individual efforts in achieving the overall goals of the organization
(2) Increases Efficiency Management increases efficiency by using resources in the best possible manner to reduce cost and increase productivity.
(3) Creates Dynamic Organlzation : Management helps the employees overcome their resistance to change and adapt as per changing situation to ensure its survival and growth
(4) Achieving Personal Objectives: Management helps the individuals achieve their personal goals while working towards organisational objectives.
(5) Development of Society : Management helps in the development of society by producing good quality products, creating employment opportunities and adopting new technology.
Management As An Art
Art refers to skilful and personal application of existing knowledge to achieve desired results. It can be acquired through study, observation and experience The features of art as follows:
(1) Existence Of Theoretical Knowledge: In every art systematic and organized study material should be available compulsorily to acquire theoretical knowledge person to person and thus, art is a very personalised concept existing theoretical knowledge
(2) Personalised Application : The use of basic knowledge differs from person to person and thus, art is a very personalised concept.
(3) Based On Practice And Creativity : Art involves the creative practice of existing theoretical knowledge.
In management also a huge volume of literature and books are available on different aspects of management. Every manager has his own unique style df managing things and people. He uses his creativity in applying management techniques and his skills improve with regular application Since all the features of art are present in management so it can called an art.
(A) Organizational Objectives: of Survival - (Earning enough revenues to cover cost); profit (To cover cost and risk); & Growth (To improve its future prospects).
(1) Survival - Management by taking positive decisions with regard to different business activities ensures survival of business for long.
(2) Profit - It plays an important role in facing business risks and successful running of business activities.
(3) Growth - Management must ensure growth which can measured by increase in sales no. of employees, product, investment etc.
(B) Social Objectives : of giving benefits to society like using environmental friendly practices and giving employment to disadvantaged sections of society etc. Example: TISCO, ITC, and Asian Paints.
(C) Personal Objectives: because diverse personal objectives of people working in the organization have to be reconciled with organizational objectives.
Importance of Management
(1) Achieving Group Goals Management creates team work and coordination in the group. Managers give common direction to individual efforts in achieving the overall goals of the organization
(2) Increases Efficiency Management increases efficiency by using resources in the best possible manner to reduce cost and increase productivity.
(3) Creates Dynamic Organlzation : Management helps the employees overcome their resistance to change and adapt as per changing situation to ensure its survival and growth
(4) Achieving Personal Objectives: Management helps the individuals achieve their personal goals while working towards organisational objectives.
(5) Development of Society : Management helps in the development of society by producing good quality products, creating employment opportunities and adopting new technology.
Management As An Art
Art refers to skilful and personal application of existing knowledge to achieve desired results. It can be acquired through study, observation and experience The features of art as follows:
(1) Existence Of Theoretical Knowledge: In every art systematic and organized study material should be available compulsorily to acquire theoretical knowledge person to person and thus, art is a very personalised concept existing theoretical knowledge
(2) Personalised Application : The use of basic knowledge differs from person to person and thus, art is a very personalised concept.
(3) Based On Practice And Creativity : Art involves the creative practice of existing theoretical knowledge.
In management also a huge volume of literature and books are available on different aspects of management. Every manager has his own unique style df managing things and people. He uses his creativity in applying management techniques and his skills improve with regular application Since all the features of art are present in management so it can called an art.
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