Concept of Management Management is the process of getting things done with the aim of achieving goals effectively and efficiently. • Effectiveness is concerned with doing the right task, completing activities and achieving goals. • Efficiency means doing the task correctly and with minimum cost. Management must ensure that tasks are completed (effectiveness) at a minimum cost (efficiency). Objectives of Management 1. Organizational or Economic Objectives: (i) Survival-An organization must earn enough revenues for survival. (ii) Profit-Profit is essential to cover costs and risks of the business. (iii) Growth-Management must exploit fully the growth potential of the organization. Indicators of growth are increase in sales turnover, capital investment and nu...
