Quality Frameworks and their role in Competitive Advantage
Adoption of quality frameworks like Six Sigma, ISO 9000 and Baldridge has ensured that companies derive a source of competitive advantage in the way in which they produce superior products with minimal loss of quality. Though these frameworks have been adopted in the manufacturing sector much earlier, the services sector has not lagged behind in […]
What is Causing the Bitcoin Boom?
It is true that cryptocurrencies have been gaining more acceptances all over the world. As a result, the rise of Bitcoin should have been no surprise had the rise been minimal. However, of late the value of a single Bitcoin has grown several-fold. It is now more valuable than several currencies in the world. The […]
Causes for Cost Overruns in Infrastructure Projects
In the previous article, we explained the concept of cost overrun. We also explained how cost overruns have a negative effect on the finances of the entire project. However, it is strange that despite being so harmful to infrastructure projects, cost overruns are still ubiquitous. It is common for more than 50% of megaprojects to […]
How Management Functions are Performed at Coca Cola
Planning The vision of the Coca-Cola Corporation is to become the biggest and the best anchor bottler in the world and its mission is to refresh everyone which guides its management team in the planning process. The top management of the company engages in formulating five year longer term plans as well as shorter term […]
The Need for Derivatives
In the previous article, we discussed as to how derivatives contracts can be dangerous and can pose a systemic risk. Then the question arises as to why are derivates needed at all? If they are dangerous financial instruments, that can pose a risk to the safety of the entire financial universe, then why is it […]
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.
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.
Management uses physical, human and financial resources in such a manner which results in best combination. This helps in cost reduction.
Management fills up various positions with right persons, having right skills, training and qualification. All jobs should be cleared to everyone.
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.
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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