OBJECTIVES OF MANAGEMENT
In this article, you”ll learn the Objectives of management, Importance of management to modern day organization, and differences between Management and Administration. Feel free to leave a comment or questions below.
The main objectives of managements are:
- To get maximum results with minimum efforts for the betterment of employers, employees, and the society at large.
- To ensure that human and material resources are utilized in the best possible manner.
- To achieve the stated objectives of an organization through group effort.
- To increase the level of productivity by minimizing cost of production.
- To raise and maintain the standard of living through production of quality goods and services that gives maximum satisfaction to consumers, shareholders, and the society at large.
IMPORTANCE OF MANAGEMENT TO MODERN DAY ORGANIZATION
The importance of management to modern day organization are:
- Management encourages initiatives i.e. it helps managers in applying personal initiatives at the right job, doing the right thing and at the right time.
- It ensures optimum utilization of available resources.
- It improves the goodwill and corporate image of an organization by producing quality goods and services.
- It helps to increase the level of productivity there by boosting the profitability of the organization.
- It helps to reduce wastage of human and material resources.
- It improves human relations among individuals, groups and the general public.
- It reduces the rate of employee’s turnover.
- It also helps to reduce absenteeism and idle time cost.
- It encourages team work spirit in achieving the stated goals of the organization.
- It helps in the creation, direction, maintenance, and operation of organization.
- It suggests new ideas and improvements in preventing and solving organizational problems.
- Management ensures that the right person is placed in the right job, having the right skills, right qualification, and right training to excel on a particular job position of an organization.
DIFFERENCES BETWEEN MANAGEMENT AND ADMINISTRATION
Administration and management are synonymous but there are differences between the two as outlined below:-
- Nature of Work: Administration is concerned with formulation of broad objectives, plans, and policies for an enterprise. Management is concerned with implementation of objectives, plans, and policies as laid down by administration.
- Nature of status: Administration consists of owners who invest capital and receive profit from an enterprise. Management consists of a group of managerial personnel who use specialized knowledge to fulfill the objectives of an enterprise.
- Scopes: Administration takes all major decisions of an enterprise as a whole. Management takes decision as laid down by the administration.
- Level of Authority: Administration is the top level while management is a middle and lower levels activities.
- Main Function: Administration is concerned with the business aspect such as finance, while management deals with employees within an enterprise.
- Types of Function: Administration is a determinative function while management is an executive function.
- Level of Influence: Administration is influenced by the public opinion, government policies, social and religious factors. Management is influenced by the values, belief, opinion, and decisions of the managers.
- Usage: Administration is applicable and popular with government, hospitals, schools, military, and religious organization. Management is used in business enterprises.
OBJECTIVES OF MANAGEMENT.