Objects of management
Objects of management are the following;
1) To execute the plan;-
Whether the organization is large or small, it establishes some objectives or goal which it wants to achieve so, object of management is to establish and execute plan to achieve such objectives or goal.
2) Getting Maximum output by putting Minimum inputs ;-
The main objective of management is to secure maximum outputs by putting minimum efforts & resources in other word the object of management is to increase the efficiency of work. Management is basically concerned with thinking & utilizing human, physical & financial resources in such a manner that would result in reduction of various costs.
3) Increasing the Efficiency of factors of Production ;-
The other object of management is to increase the efficiency of factors of production.
Definition of factor of production;-
The factors of production are resources that are they are use to produce goods and services.
Types of factor of production;-
Economists divide the factors of production into four categories:
Land, labor, capital, and entrepreneurship.
I) Land;-
The first factor of production is land; this includes not just land, but anything that comes from the land. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. Land resources are the raw materials in the production process. These resources can be renewable, such as forests, or nonrenewable such as oil or natural gas.
ii) Labor;-
The second factor of production is labor. Labor is the effort that people contribute to the production of goods and services. Labor resources include the work done by the waiter who brings your food at a local restaurant as well as the engineer who designed the bus that transports you to school. It includes an artist's creation of a painting as well as the work of the pilot flying the airplane overhead.
The second factor of production is labor. Labor is the effort that people contribute to the production of goods and services. Labor resources include the work done by the waiter who brings your food at a local restaurant as well as the engineer who designed the bus that transports you to school. It includes an artist's creation of a painting as well as the work of the pilot flying the airplane overhead.
iii) Capital;-
Capital refers to all man made resources used in the production process. It is a produced factor of production. It includes factories, machinery, tools, equipment, raw materials, wealth etc.
iv) Entrepreneurship / organization;-
The fourth factor of production is entrepreneurship. An entrepreneur is a person who combines the other factors of production - land, labor, and capital - to earn a profit. The most successful entrepreneurs are innovators who find new ways produce goods and services or who develop new goods and services to bring to market. Without the entrepreneur combining land, labor, and capital in new ways, many of the innovations we see around us would not exist.
The fourth factor of production is entrepreneurship. An entrepreneur is a person who combines the other factors of production - land, labor, and capital - to earn a profit. The most successful entrepreneurs are innovators who find new ways produce goods and services or who develop new goods and services to bring to market. Without the entrepreneur combining land, labor, and capital in new ways, many of the innovations we see around us would not exist.
Through proper utilization of various factors of production, their efficiency can be increased to a great.
4) Maximum success of Employer & Employees;-
Management ensures smooth and coordinated functioning of the enterprise. This in turn helps in providing maximum benefits to the employee in the shape of good working condition, suitable wage system, incentive plans on the one hand and higher profits to the employer on the other hand .so, object of management is to work for the maximum success of employer and employees.
5) Work life balance;-
In this term the work and life is use as a metaphor. Wok means professional life and life means social life. Work–life balance means the balance between professional life and social life of a person. The object of management is to balance the social and professional life of the employees.
Importance of work-life balance;-
Work-life balance would allow the employees the opportunity of spending time with family and friends, giving them the opportunity to engage in hobbies and essentially enjoy life more. This boost in employee happiness is directly reflected in the success of the business.
How management helps to improve employee work-life balance:-
1. By giving employees information about what is work-life balance and how to achieve it.
2. By Allowing employees to work from home, instead of having to come into the office If this is suitable for business.
3. By Provide flexible working hours, for example, an employee must work a certain number of hours each week, but it is up to the employee how and when they work these hours throughout the week.
4. By placing a restriction on overtime work hours, for example, not allowing employees to work over a specific number of hours in a week.
5. By Focusing on employee productivity instead of hours worked, for example, instead of making your staff work for eight hours, simply asks them to stay until the job is done.
6. By making sure that there is not too much burden of work on the staff, and there are enough staff to share the workload
7. By allowing at least one or two holidays in a week.
6)Human betterment & Social Justice;-
Management serves as a tool for the upliftment as well as betterment of the society. Through increased productivity & employment, management ensures better standards of living for the society. It provides justice through its uniform policies.
