It is a process of making choices and decisions about how to allocate scarce resources to accomplish desired goals. These decisions are made in the context of a firm's current state and future situation. In making these decisions, managers must also take into consideration factors that include the current environment, competitive conditions, technological change, and the prospects of the organization. It is essential to be efficient in management because this will prevent the loss of manpower. It helps workers to be more efficient in their work and be able to cope with time constraints and pressures.
Management is a social science that is concerned with designing, coordinating, controlling, and achieving effective and efficient results for an organization. Some fundamental characteristics are as follows:
The company should take care of the interest of all the stakeholders, including employees, customers, and the government. The three general organizational objectives for any company are as follows:
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