Explain the terms Management

Question

Explain in your terms about Management?

Answer 1

Management is a skill of success where things to done by the others. The term Management can be said as the process of getting things done with the aim of completing goals effectively and efficiently.

Efficiency and Effectiveness:

Efficiency is defined as a means of doing the assignment appropriately at lowest cost while Effectiveness is defined as a means of completing the task correctly. While Efficiency and effectiveness are not similar but we can say they are interconnected. As it is important for management to be both that is effective and efficient.

For Example: A corporate produces a targeted of 1000 units but at a higher cost it is effective not efficient. Therefore they have to make 1000 units within cost, if the corporate has to be effective and efficient.