Question

Write short answer of the following.

What are the objectives of management?

Answer 1

The following are the major objectives of management:
i. Earn profits- Every business organisation works in order to maximise its profits to sustain and grow in the long term. Profits play an eminent role in the working of an organisation as it helps to cover the risks and costs of a business.
ii. Optimum utilization of resources- Organisational or economic activities involves optimal utilisation of materials and human resources in order to maximise the results with minimum efforts. Thus, this forms an important objective of management.
iii. Social objectives- Social obligations, such as adoption of environment-friendly production methods and contribution to social causes, such as imparting education to children and providing employment to the unemployed, etc., should be considered by the business organisations.
iv. Personal objectives- The personal objectives of individuals (financial as well as social) must be also accommodated while doing a business.
v. Growth- In order to continue in the long run, an organisation should focus on growth in terms of sales, production, number of employees, etc.