MANAGEMENT

Introduction to Management

Introduction to Management

Question 1

Management is defined as a system of management practices in a market or a market economy, which suggests the orientation of firm demand and market needs, the constant striving for improving production efficiency at the lowest cost, in order to obtain optimal results.

Management has the four core functions such as the process of planning, organization, motivation and control needed to formulate and achieve the goals of the organization. The essence of management is to optimize the utilization of resources (land, labor, capital) to achieve the goals (Davis, 1993).

Effective leadership is the process of creating ...