Question

‘There are different objectives in an organisation and management has to achieve all objectives in an effective and efficient manner.’ In the light…

Accepted Answer

Management seeks to achieve various objectives. These are: (i) Organisational objectives  The main objective of any organization should be to utilize human and material resources to the maximum possible advantage to fulfil the economic objectives of a business. These are: (a) Survival- For the survival of the business, management must strive to earn enough revenues to cover costs. (b) Profit- Mere survival is not enough, so the management has to ensure that organisation earns a profit which is essential for covering cost and risk of the business. (c) Growth- A business needs to add to its prospects in the long run, hence management must exploit fully the growth potential of the organization to remain in the industry. (ii) Social objectives  It refers to consistently creating economic value for various constituents of society.  This includes using environmental friendly methods of production, giving employment opportunities to the underprivileged sections of society and providing basic amenities like schools and healthcare etc. (iii) Personal objectives  People working in the organisations have diverse needs like financial needs, social needs and higher level needs.  Management aims to reconcile personal goals with organizational objectives for harmony in the organisation OR Art is the skillful and personal application of existing knowledge to achieve desired results. Management is an art because of the following reasons: (i) Existence of theoretical knowledge Art presupposes the existence of theoretical knowledge on the basis of which certain basic principles have been derived. In management too, there is a lot of literature available in various areas of management like marketing, finance and human resources which the manager has to specialise in. (ii) Personalised application Art is personalized application of theoretical knowledge which varies from individual to individual. In management too, a manager applies this acquired knowledge in a personalised and skillful manner in the light of the realities of a given situation. He studies critical situations and formulates his own theories for use in a given situation. This gives rise to different styles of management. (iii) Based on practice and creativity Art involves the practice of existing theoretical knowledge in a creative manner that is entirely the own interpretation of an artist. In management too, a manager, in his own unique manner, works through a combination of practice, creativity, imagination, initiative and innovation and achieves perfection after long practice. As all the criteria of art are satisfied by management, it is an art.

‘There are different objectives in an organisation and
management has to achieve all objectives in an effective and
efficient manner.’
In the light of this statement, explain the organisational, social
and personal objectives of management.

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