MONEY MATTERS

Management enables a business to attain its goal in the most efficient manner. It prepares employees to adopt a systematic approach towards their work. For every business, men, machines, materials and money are very important, it is the management which helps to utilise these resources effectively.

There must be a systematic approach to work; planning, which is one of the important functions of management, provides a systematic approach to work. Planning fixes responsibilities on individuals and departments, it helps to avoid delay and last minute rush.

Every business needs men, machines, materials and money. The extent to which these resources are required and the proportion in which these are to be combined are taken care of by organising.

The total work to be done is divided into different parts and each part is given to a particular individual, the division of work in any work place is done by the manager. The advantage of division of labour is that each individual becomes a specialist in what he does and it also facilitates quick performance of the work.

Management gives utmost importance to the selection of the right person to do a job. If a person is over qualified for a job then he loses interest in doing the job, whereas an under qualified person cannot cope with the job. So it is very important for the right person to do a particular job. The staffing function of management takes care of the issues concerning the recruitment and selection of employees.

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