advantage

Advantages of Management

Management aims to develop each man to his greatest efficiency and prosperity. Management results increasement in production and productivity, reduce costs of production and maximize prosperity.The advantages of management are given below:

· Higher Efficiency:
Management helps to improve the efficiency though work standardization, scientific task planning, specialization and work study.It ensures optimum utilization of available resources. Thus, higher output can be obtained from available resources.

· Lower Costs:
Management increases production by improving methods and machines. It also removes the wastage and inefficiency of every kind. Thus, it reduces cost of production.

· Wider Market:
Management helps to reduce cost , improve quality, and increase output to widen the market. This leads to increased profit and growth.

· Industrial Peace:
The concept of “Mental Revolution” has been evolved for developing close understanding, mutual trust and confidence between management and labour. This leads to reduction of industrial disputes and achievement of industrial peace.

· Selection and Training of Workers:
One of the main principles of management is that it adopts new selection, placement, and training of workers. In this matter, right type of worker is selected for the right type of job. It also provides necessary training to the workers to increase the efficiency.