Do you know Importance of Management? Business Studies Insights ( class 12th )

Learn Management 

Management comes with practice. It is not an overnight Art. Management comes with acquiring, practising and upgrading the skills to survive the battlefield. Management binds the series of activities into a row of series and archives the targeted objectives, with the time. Management offers a set of function, which facilitates the organisation to work within a given framework.

Management can be seen as the pathway towards the achievement of the desired result. Organisations work as a team effectively and efficiently with the utmost customer satisfaction.CEO's of firms are dedicated towards the management of their, organisation. It is must to always keep an eye on the operations and executed management. And, if requirements change and upgrade the plans accordingly.

Clear the concept of Management in our recent post. And, let's move ahead for Objectives, Nature and Importance of Management.

Management articulates various principles, theories, objectives derives through analysis and intersection of many economists, leader and Managers of time.

Objectives of Management 

Every activity has its own aim behind. Management is a whole set of thousand of activity has really massive objectives. Objectives might be different for different organisations, but the category of objective will always be there in companies.

As rightly said, " an arrow set without a target is a waste of energy". Similarly, performing management activities without a pre-decided goal is not worthy of anything. Let's turn the conversation into the key points of management.

 They are categorised as follows.

• Organisational Objectives 
• Social objectives
• And, Personal Objectives 

Organisational Objectives;

when an organisation is setting up the Management team. It's legit they have their objectives to be achieved in the result of management establishment. In other words, management is responsible to fulfill the objectives of the company. No matter How small and massive an organisation is, they follow almost the same objectives

Keeping in mind the interests of BOD, Stakeholders, Employees, Government And Customer requirement. Above all organisation tries to utilise resources fully and to minimise losses to achieve maximum possible output.

Biggest objectives are 

• survival, 
• profit 
• and growth respectively.

Survival; is the biggest competition in the world of cut-throat competition. If a firm survives market dynamics, it crosses the first obstacle of its long-run journey. To achieve, actualise and grow survival is primary. E.g, if you want to ace the exam, you have to attend classes, lectures pass the test to sit in the examination hall that's called survival.

NCERT quotes "Management must strive continuously to ensure the survival of the organisation. In order to survive, an organisation must earn enough to cover costs of survival".

Profit; comes when an organisation crosses its revenue above the survival cost. Meanwhile, survival is not the only requirement and objective of an organisation. Profit fuels the management to work with double enthusiasm to attain another level of revenues.

NCERT quotes" Profit is essential for governing costs and risk of the business."

Growth; for the continuous survival in the market. To stay in the race in the long run business seeks to add ons in the prospectus of organization. It is the best achievement for a business to add pages to its prospectus annually. Growth signifies the attainment of the above objectives by the management.

NCERT quotes " Growth of a business can be measured in terms of sales volume, increase in the number of employees, the number of product or capital investment."

Social Objectives; 

involves the upliftment of society along with the growth of development of business. When an organisation cross the part of survival. It is the duty of Management to uplift the social environment with them. Being a part of society, it becomes their duty to accomplish social objectives as well. This includes using environmental friendly methods of production, giving employment to the disadvantaged section of society.

ITC and AMUL is an example to learn how significantly, they uplift society along with their own.

Personal Objectives;

Organisations have employees as an integral part of their development. From one to millions they give their maximum efforts to achieve the organisational goals. Management can never neglect the needs and development of their employees if done so the result will be impacted.

Fulfilment of financial needs i.e, salaries, wages, perks, incentives etc.

Comfortable and safe working environment for female; employees Social needs such as appreciation, promotion, recognition and consultation in decision making boost the morale of staff. This connects employer to employee and improves the results for the business. 

Conclusion

Management, as a system, is not only an essential element of an organized society but also an integral part of life when we talk about managing our lives. Managing life is not much different from managing an organization and this ‘art’ of management has been with us from time immemorial. Just as a well-managed life is much better organized, goal-oriented, and successful, ‘good’ management of an organization makes the difference between the success and the failure of the organization.