MSG Team's other articles

8827 What is Management?

Management is a universal phenomenon. It is a very popular and widely used term. All organizations – business, political, cultural or social are involved in management because it is the management which helps and directs the various efforts towards a definite purpose. According to Harold Koontz, “Management is an art of getting things done through […]

11205 Scientific Management by Taylor

Fredrick Winslow Taylor ( March 20, 1856 – March 21, 1915) commonly known as ’Father of Scientific Management’ started his career as an operator and rose to the position of chief engineer. He conducted various experiments during this process which forms the basis of scientific management. It implies application of scientific principles for studying & […]

10224 Management and Administration

According to Theo Haimann, “Administration means overall determination of policies, setting of major objectives, the identification of general purposes and laying down of broad programmes and projects”. It refers to the activities of higher level. It lays down basic principles of the enterprise. According to Newman, “Administration means guidance, leadership & control of the efforts […]

12902 Coordination and Cooperation

Co-ordination is an orderly arrangement of efforts to provide unity of action in the fulfillment of common objective whereas co-operation denotes collective efforts of persons working in an enterprise voluntarily for the achievement of a particular purpose. It is the willingness of individuals to help each other. Co-ordination is an effort to integrate effectively energies […]

10238 Importance of Management Principles

Following are the main importance of the Principles of Management. Improves Understanding. Direction for Training of Managers. Role of Management. Guide to Research in Management. Improves Understanding – From the knowledge of principles managers get indication on how to manage an organization. The principles enable managers to decide what should be done to accomplish given […]

Search with tags

  • No tags available.

  1. 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.

    Group 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.

  2. 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.

  3. Reduces Costs - It gets maximum results through minimum input by proper planning and by using minimum input & getting maximum output.

    Reduces Costs

    Management uses physical, human and financial resources in such a manner which results in best combination. This helps in cost reduction.

  4. 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.

    Establishes Sound Organization

    Management fills up various positions with right persons, having right skills, training and qualification. All jobs should be cleared to everyone.

  5. 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.

    Establishes Equilibrium

  6. 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.

Article Written by

MSG Team

An insightful writer passionate about sharing expertise, trends, and tips, dedicated to inspiring and informing readers through engaging and thoughtful content.

Leave a reply

Your email address will not be published. Required fields are marked *

Related Articles

Criticism of Scientific Management

MSG Team

Coordination and Cooperation

MSG Team

Apply the Definition of Coordination to Real-World Cases

MSG Team