Objectives of Management
These are the important Objectives of Management. Which are useful to the competency advantage of the Organization.
- Optimum Utilization of Resources: The most important objectives of the management are to use various resources of the enterprise in the most economical way. The proper use of men’s power, Materials, Machines, and Money will help a business to earn sufficient profits to satisfy various interests i.e. proprietor, customers, employees, and others. All these interests will be served well only when the physical resources of the business are properly utilized.
- Growth and Development of Business: By proper planning, organization, and direction, etc., management leads a business to growth and development on a sound footing. It helps in the profitable expansion of the business. It provides a sense of security among employers and employees.
- The efficiency of Factors of Production: Through proper utilization of various factors of production, their efficiency can be increased to a great extent which can be obtained by reducing spoilage, wastage, and breakage of all kinds, this, in turn, leads to saving of time, effort and money which is essential for the growth & prosperity of the enterprise.
- Risk Analysis: Management involves the function of risk forecasting. Though the exact future can never be predicted yet on the basis of previous experience and existing circumstances, Management can minimize the element of risk.
- Improving Performance: Management should aim at improving the performance of each and every factor of production. The environment should be so congenial that workers are able to contribute their maximum to the enterprise.
- Planning for the Future: Another important purpose of management is to prepare a perspective plan. No management should feel satisfied with today’s work. Future plans should take into consideration what is to be done next. Future performance will depend upon present planning. So, planning for the future is essential to every organization.