Question

Explain how management 'increases efficiency' and 'helps in the development of society."

Answer 1

Management improves efficiency by minimizing the wastage of resources that is time, money and effort. It helps in optimum utilization of all the resources in an organisation by coordinating all the activities performed by individual in the achievement of common goal.

Management helps in development of the society as efficient management in an organisation helps in meeting the social obligation of the organisation towards different groups like employees, customers, suppliers etc. It even helps in contributing a sufficient percentage in the Gross Domestic Product(GDP) of an economy.