·
It helps in Achieving Group Goals - It arranges the
factors of production, assembles and organizes the resources, integrates the
resources in effective manner to achieve goals. It directs group efforts towards
achievement of pre-determined goals. By defining objective of organization
clearly there would be no wastage of time, money and effort. Management
converts disorganized resources of men, machines, money etc. into useful
enterprise. These resources are coordinated, directed and controlled in such a
manner that enterprise work towards attainment of goals.
·
Optimum Utilization of Resources - Management utilizes
all the physical & human resources productively. This leads to efficacy in
management. Management provides maximum utilization of scarce resources by
selecting its best possible alternate use in industry from out of various uses.
It makes use of experts, professional and these services leads to use of their
skills, knowledge, and proper utilization and avoids wastage. If employees and
machines are producing its maximum there is no under employment of any
resources.
·
Reduces Costs - It gets maximum results through minimum
input by proper planning and by using minimum input & getting maximum
output. Management uses physical, human and financial resources in such a
manner which results in best combination. This helps in cost reduction.
·
Establishes Sound Organization - No overlapping of
efforts (smooth and coordinated functions). To establish sound organizational
structure is one of the objective of management which is in tune with objective
of organization and for fulfillment of this, it establishes effective authority
& responsibility relationship i.e. who is accountable to whom, who can give
instructions to whom, who are superiors & who are subordinates. Management
fills up various positions with right persons, having right skills, training
and qualification. All jobs should be cleared to everyone.
·
Establishes Equilibrium - It enables the organization to survive
in changing environment. It keeps in touch with the changing environment. With
the change is external environment, the initial co-ordination of organization
must be changed. So it adapts organization to changing demand of market /
changing needs of societies. It is responsible for growth and survival of
organization.
·
Essentials for Prosperity of Society - Efficient management
leads to better economical production which helps in turn to increase the
welfare of people. Good management makes a difficult task easier by avoiding
wastage of scarce resource. It improves standard of living. It increases the
profit which is beneficial to business and society will get maximum output at
minimum cost by creating employment opportunities which generate income in
hands. Organization comes with new products and researches beneficial for
society.
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