 Success

or failure of any business activity

depends on management.
APEX SMART CLASSES • Necessary in every field:-
WAY AHEAD OF REST  It is required in all fields like defense, religion,
education, sports etc.
 It is combination of
 Planning
 Organisation
 Direction
 Control

 Efficient utilization of reources like land,  Optimum utilization of resources helps in

capital, raw materials, machinery etc. achieving business objectives.

 Avoids wastage of resources.

 If small scale industry can convert itself  Efficient

management increases
into large scale industry then its entire employment opportunities.
credit goes to management.

 Management converts loss making unit

into profit making one.
 Managers with their skills makes  Successof business leads to increase in
optimum utilization of resources hence wealth of society.
earns maximum profit.
 Business units which provides goods at
 Profit
is the barometer for success of reasonable rates results in welfare of
business. entire society.

 Ithelps in economical, social and  Profession is

an activity where
national development of an economy. specialized knowledge in specific field is
acquired and it is used for the welfare of
the society.

 Doctors, lawyers, engineers etc are

professionals.

 L.L.Bfor lawyer  There is

increase in knowledge and
 MBBS, MD, MS etc for doctor research due to experience and training.
 BBA, MBA for management
 Management has its own association.  Itis necessary for all members of
 IIM imparts management education in associations to follow the code of
India. conduct.
 It works at national and international
level for development of profession of
management.

 All professionals should be loyal to their  It is the supreme authority for

profession. management
 For eg, CA should not disclose any  It includes:-
information of his client. • Board of directors
• Managing directors
 Thusmanagement is beneficial to an • General manager
individual, society and entire country. • CEO

 To lay down primary and subsidiary  To take strategic decisions

objectives of business.  To analyse and solve complex problems
 Directors act as trustees of business.
 To select CEO and higher officer and to
assign them responsibility.
 To sanction budget prepared by different
departments.
 To abide by the laws
 To take care of interests of stakeholders.
 Headings Top level Middle Bottom
managemnt level level
Management Management Management Management
and too less,  It makes management functions effective.
administration Administration Administration administn max
 It simplifies business activities and
Includes Board of dir, Dept officers, Supervisors,
Managing dir, Experts of Jobbers, makes it easy.
General man various fields Foremen
 No possibility of duplication of work.
Authority and More Less Least
responsibility  Maintains harmony among various

Number of Less number More compared Maximum departments.

members to top number of  Helps in accomplishment of objectives.
members
Competence All round Specialized Requirement of
development knowledge knowledge for
one’s own dept

 It takes into consideration matters like  It includes selection, training, promotion,

• Proficiency direction to employees.
• Knowledge  It helps to accomplish business
• Intelligence objectives.
• Personal development  Main function is to manage the
• Necessity employees as they are valuable assets of
 Ofemployees and channelizes the business.
 Provides proper training
business towards the path of success.
 Maintain skillful employee for longer
period of time.

 Efficiency of employees tend to increase  To estimate the financial needs.

 Profitability of business increases.  To make financial plans keeping in mind
 Business prestige is maintained. time duration.
 Unity develops among employees.  To prepare budget.
 Job satisfaction increases.  To allocate funds.
 Quality of goods can be maintained.  To form financial policies.
 To plan for taxes.
 To make arrangement of assets.