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Qualities of economic Management

Qualities of economic Management

All activities carried out with a manger to obtain things carried out by others are classified as management. Quite simply, management would be to manage human along with other assets respectfully for that achievement of business goals. It’s universal in most organized activities. It’s an exercise of harmonizing males, money, machines, materials and techniques towards fulfilling the defined objectives.

Check our listing of qualities of economic management

Goal oriented

Every organization is made for any specific objective. Management is definitely an instrument or system that adds for that efficient utilization of human along with other assets to attain predetermined objectives. The primary purpose of business management would be to maximize productivity with better use of human effort.

Universal activity

Management is important where human activity is available. The entire process of business management might be not the same as organization to organization however the fundamental concepts of management are same. It may be stated the management concepts are globally relevant.

Social process

Business management is part of social process. Management accomplishes its objectives by, with, and thru the folks. It utilizes human assets for that achievement of business goals. Management needs to consider not just the business objectives but the social objectives. It needs to fulfill the requirements of employees inside the business assets.

Dynamic/flexible activity

Management is really a dynamic and continuous process. The management system nowadays might not be relevant or effective for tomorrow. Therefore, management should be dynamic and versatile using the altering atmosphere from the society. Management needs to modify its style based on the some time and situation. This versatility is important for a corporation to regulate using the altering atmosphere from the business.

Group activity

The idea of business management isn’t relevant if there’s just one person or proprietor. It signifies a group, class or portion of people involved with various managing functions. It is crucial if there’s someone involved with carrying out any action to attain common goals. Management defines the authority, responsibility and methods to do specific work.

Distinct process

Management like a process involves various functions. One purpose of management is related with another function. The management clearly defines the particular procedure for try to achieve predetermined goal. It doesn’t think about the learning from mistakes approach.

Both art and science

Science is really a systematized body of understanding, principal or truth that’s experimentally demonstrated. Similarly, art may be the personal skill and skill to use the scientific concepts. Management is both art and science. It’s a science since it is according to some fundamental concepts of universal application. It’s also a skill because skill and skill is needed for carrying out managing functions.

An occupation

Profession requires the specific kind of work, then special understanding and education. With the introduction of joint stock companies and multinational companies the possession and management continues to be different. Control over huge organizations continues to be entrusted at the disposal of professionals getting specific skill and understanding.

Multi-disciplinary in character

Business management is multi-disciplinary in character. Most of the concepts and approaches management are lent form many other disciples like psychology, sociology, financial aspects and mathematics.

Patrick A. Falcon PC CPA, a professional corporation and certified public accountant, is a full service CPA Firm servicing clients nationwide. Patrick A. Falcon was formerly with the IRS and is experienced in all areas of negotiations of IRS problems on behalf of our individual and business taxpayers. As one of the leading Texas CPA firms, our team can help you solve even the most difficult accounting and tax planning problems.

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