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4 Business Studies Management is essential for all Management, has therefore, been organisations big or small, profit or defined as a process of getting things non-profit, services or manufacturing. done with the aim of achieving goals Management is necessary so that effectively and efficiently. We need individuals make their best contri- to analyse this definition. There bution towards group objectives. are certain terms which require Management consists of a series elaboration. These are (a) process, (b) of interrelated functions that are effectively, and (c) efficiently. performed by all managers. Later in Process in the definition means the this chapter you will understand that primary functions or activities that although both of them are managers, management performs to get things they function at different levels in done. These functions are planning, the organisation. The time spent organising, staffing, directing and by managers in different functions controlling which we will discuss later in the chapter and the book. however is different. Managers at the top level spend more time in planning Being effective or doing work and organising than managers at effectively basically means finishing lower levels of the organisation. the given task. Effectiveness in management is concerned with doing C oncept the right task, completing activities Management is a very popular term and achieving goals. In other words, and has been used extensively for it is concerned with the end result. all types of activities and mainly for But it is not enough to just taking charge of different activities icomplete the tasks. There is another any enterprise. As you have seen from aspect also, i.e., being efficient or as the above example and case study we say doing work efficiently. that management is an activity which Efficiency means doing the task is necessary wherever there is a group correctly and with minimum cost. of people working in an organisation. There is a kind of cost-benefit People in organisations are performing analysis involved and the relationship diverse tasks but they are all working between inputs and outputs. If towards the same goal. Management by using less resources (i.e., the aims at guiding their efforts towards inputs) more benefits are derived achieving a common objective — a (i.e., the outputs) then efficiency has goal. Thus, management has to see increased.Efficiencyisalsoincreased that tasks are completed and goals when for the same benefit or outputs, are achieved (i.e., effectiveness) withfewer resources are used and less the least amount of resources at a costs are incurred. Input resources minimum cost (i.e., efficiency). are money, materials, equipment and Reprint 2026-27