'Lack of proper management results in wastage of time, money and efforts.' In the light of this statement, explain any four point of importance of management.

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Solution

The significance of management are:

1. Management helps in achieving group goal.

2. Management improves efficiency by minimizing the wastage of resources that is time, money and effort.

3. Management creates a dynamic organisation which adapt the changing business environment.

4. Management helps in achieving personal objectives.

5. Management helps in development of the society.

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