try to put everything on the right track. Thus, necessary deviations, over-lapping efforts and wastemotions are avoided. In the final analysis, all these help in realizing goals with maximum efficiency.
: at the time of our college festival “Andreams” the organizing committee which comprises of theteachers and the students work towards the goal of making it a success. Thus for this purpose they plancarefully and organize the events carefully.
3. Optimum use of resources:
Management ensures optimum utilization of resources by attempting to avoid wastage of allkinds. It helps in putting the resources to the best advantage, within the limitations set by the organizationand its environment.
It is the one and perhaps the only resource of production which generates lifeand momentum in the enterprise as a whole and makes its impact by improving the competitive position and the scale in the operation.
4. Management provides stability:
Smooth and continuous running of business organization depends upon the efficiency of management. Degree of stability of any organization is positively correlated with the degree of efficiencyshown and adopted by the management. It is necessary to change and modify the resources in accordancewith the changing environment of the society. If the business enterprises do not change according to thechanging environment, their stability may be in danger. Thus the management puts in a lot of effort inmanaging stability because the more effective the management is in managing change , the more stable itis.
5. Management provides innovation:
Innovation is a must for business and industry. Otherwise, it becomes rigid and outdated. Onecannot expect to manage their way to innovation; however, management sets some of the preconditionsfor it. Innovation requires new ideas, improved or new suggestions, new dimension, new vision, excellentimagination etc. All this is provided by management, which makes the business and industry modern, liveand dynamic. However, innovation does not start at the top of the organization. Whether an organizationis on the leading edge or following an imitation strategy, innovation is the only sustainable advantage.Today a good idea is not good enough. The management must demonstrate that their idea will deliver measurable results to the bottom line. To drive innovation and organizational success, the managementneeds to make effective business decisions that provide the most economic value to their organization.