Factors for Which Management Is Needed
Management is the activity of getting things done with the aid of people and other resources including money, tangible and intangible assets etc. All the processes are carried out for accomplishment of particular organizational objectives. The ways these resources are managed to produce the desired results (or fairly close to the desired ones) determine the efficiency of the organization.
Effective management of resources is a must for every organization. Resources are many among which the three most important ones are Time, Working personnel and Money. These three need to be managed well in order to facilitate the smooth functioning of the organization that is vital to make the firm stand strong in today’s competitive market. The competition is rising today in almost every field and firms are searching for New and innovative ways to bind as much targeted customers as possible with them. This competitive environment is actually benefiting the customers as they are getting better services at comparatively low prices.
Every aspect mentioned above for effective management practices holds its own unique importance in the overall accomplishment of the objectives of the organization. Human resources, i.e. the Working personnel are the most important asset of an organization and firms take proper care in recruiting them as they are going to be representatives of the company in the market.
Management of time is second most important factor in the organizational setting as every project at the corporate level has a predetermined amount of time limit within which it has to deploy correctly. Thus time is needed to be taken into glance regularly for correct deployment of the project.
Another important factor is Money, of course. The efinancial feasibility is needed to be computed in advance in order to determine the degree of expenses on the project so that the firm can determine its profit in the project and act accordingly in the project. Also technical feasibility is needed to be computed to determine weather the project can be developed within the technical limitations of available resources with the firm.
Thus lots of factors are required to be taken into consideration to ensure proper management in an organization.
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