Various Objectives of Management are:1. Optimum utilisation of resources, 2. Growth and development of business, 3. Better quality goods, 4. Ensuring regular supply of goods, 5. Discipline and morale, 6. Mobilising best talent, 7. Promotion of research and development, 8. Minimise the element of risk, 9. Improving performance, 10. Planning for future
Today, management is playing a vital role in the progress and prosperity of a business enterprise.
The main objective of management is to run the enterprise smoothly. The profit making objective of business is also to be taken care while undertaking various functions.
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The broad purposes or objectives of the management are as follows—
1. Optimum utilisation of resources:
The most important objectives of the management are to use various resources of the enterprise in a most economic way.
The proper use of men, 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 physical resources of the business are properly utilised.
2. Growth and development of business:
By proper planning, organisation and direction etc., management leads a business to growth and development on sound footing. It helps in profitable expansion of the business. It provides a sense of security among the employers and employees.
3. Better quality goods:
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The aim of the sound management has always been to produce the better quality products at minimum cost. Thus, it tries to remove all types of wastages in the business.
4. Ensuring regular supply of goods:
Another objective of management is to ensure the regular supply of goods to the people. It checks the artificial scarcity of goods in the market. Hence, it keeps the prices of goods within permissible limits.
5. Discipline and morale:
The management maintains the discipline and boosts the morale of the individuals by applying the principles of decentralisation and delegation of authority. It motivates the employees through monetary and nonmonetary incentives. It helps in creating and maintaining better work culture.
6. Mobilising best talent:
The employment of experts in various fields will help in enhancing the efficiency of various factors of production. There should be a proper environment which should encourage good persons to join the enterprise. The better pay scales, proper amenities, future growth potentialities will attract more people in joining a concern.
7. Promotion of research and development:
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Management undertakes the research and development to take lead over its competitors and meet the uncertainties of the future. Thus, it provides the benefits of latest research and technology to the society.
8. Minimise the element of risk:
Management involves the function of forecasting. Though the exact future can never be predicted yet on the basis of previous experience and existing circumstances, management can minimise the element of risk. Management always keeps its ears and eyes to the changing circumstances.
9. 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. The fixing of objectives of various factors of production will help them in improving their performance.
10. Planning for future:
Another important purpose of management is to prepare a prospective 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 future is essential to every organisation.