Objectives of Management Practices | MITSDE

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Objectives of Management Practices

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Objectives of Management Practices
Management is an art of getting things done by
the people, for the people and with the
people. Just as the brain coordinates and
regulates all the activities of a person,
management streamlines and regulates the
activities within an organization. In fact, it is
the effective management that guides, directs and
integrates human efforts towards the achievement
of certain organization goals. Thus, management
is the dynamic element that gives life to every
business. Many enterprises follow different
management practices as a part of their core
operations.
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Objectives of Management Practices

• There are various objectives of enforcing
  management practices in an organization. The
  major motives are stated below
• 1. Profitability
• It is imperative for an enterprise to
  continuously earn profits for a successful and
  uninterrupted run. Different management practices
  ensure that the enterprise earns sufficient
  profits to cater to its diverse needs. The
  management practices emphasize on optimum
  utilization of manpower, capital, materials,
  machinery and other resources thereby ensuring a
  maximum output at minimum cost.

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• 2. Prosperity and growth of business 
• Management practices aim at continuously
  improving the performance of the organization.
  These aim at expansion and diversification of
  business thereby creating an environment where
  people are motivated to work with their optimum
  level of productivity.
• 3.  Change and innovation
• A business operates in an ever-changing
  environment. In this age of digital evolution,
  research and development are necessary to develop
  novel and better methods. So, in order to cope up
  with the challenges posed by the uncertainties of
  future, effective management practices come as
  handy. These aim at technological advancements
  and adoptions of innovative ideas that keep the
  business abreast amidst competition.

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• 4. Skill development of employees
•   For any organization, manpower is the biggest
  asset. It is more important than the materials or
  any other resources. Thus, it is important to
  value and enhance the employees skills. Various
  management practices aim at mobilizing the best
  talent. These facilitate proper training and
  skill development of each and every employee. In
  this way, they act as a catalyst in the overall
  development of manpower.
• 5. Discipline and morale
• Management practices aim at improving
  discipline within an organization as these
  include exercising authority, assigning
  responsibility and introducing procedures of
  evaluation and control. The practices emphasize
  motivating the employees through financial and
  non-financial incentives.  These instill a sense
  of achievement in the employees and it also
  raises the morale of the employee by creating and
  maintaining a sound work environment.

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• 6.  Rightful decision making
• Decision-making is an essential part of
  management. The managers have to take several
  decisions on a day-to-day basis. The quality of
  decisions determines the future of the
  enterprise. Effective management facilitates in
  making the right decisions at the right time.
• 7. Improving image of the organization
• The management practices create a better
  workplace and allow the organization to operate
  more professionally. Thus, it attempts to build
  and maintain a sound image of the organization.
• 8. Minimizing the element of risk
• Businesses operate in an uncertain
  environment and face several types of risks.
  Various management practices facilitate risk
  estimation and prediction of future events so
  that the organizations prepare themselves to face
  unexpected events.

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Conclusion

• The aforementioned points depict the significance
  of incorporating management practices in an
  organization.
• Many organizations are realizing the importance
  of these practices and so they are seeking for
  expert manager who can impose the management
  practices effectively.
• Thus, you need to be equipped with deep industry
  knowledge and managerial skills in order to be
  considered for the position.
• In such a scenario, an industry-specific course
  like MIT-SDEs PGDM and PGDBA courses can brush
  your managerial skills and act as a catalyst in
  your career path.
• MITSDE Pune is among the best Distance MBA
  Colleges with its innovative educational approach
  and extensive online student support. Which
  provides Distance Learning Courses in Management,
  Correspondence MBA Equivalent Courses and Post
  Graduate Diploma Courses in few skill development
  Programs.

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