Tasks of Management

1. Purpose and objectives of the organization:

The term, business management, deals with the accomplishment of business goal, i.e. the economic goals. The presence of management in any institution can be felt only if the objective of profit maximization, or a modern financial managers put it, wealth maximization is achieved. The institution must achieve its economic goals and provide quality products to consumers at the right price.

2. Making work productive and the worker possessing a sense of achievement:

An institution is efficient if  it makes its work productive. It implies efficient conversion of inputs (materials) into outputs (goods and service). The basic force that helps in conversion is the fuming factor. Without human resource, inputs would remain as inputs only. Development cannot be achieved, whatever be the available resources, unless human force acts upon it. It is thus, an important task of management to make work productive by making the human resource productive.

The human element is required in the institution not only to achieve the organizational goals but also to provide a sense of accomplishment to workers. Workers join an organization to earn a lining and also to achieve some statures in society. This is reflected in worker achievement making the worker achieving implies “consideration of human being as an organism having peculiar physiological and psychological properties, abilities and limitations and a distinct mode of action.”

3. Social responsibilities:

The business enterprise or a no- business enterprise does not operate in isolation. Though it provides a means of living to workers and gives them social status in the society, it is also answerable to other sections of the society i.e. consumers (by providing quality goods and services), Government (by paying taxes regularly), general community (by taking care of environment protection) and shareholders (by regularly paying dividends). Though profit or wealth maximization is the main objective of an enterprise, social responsibilities are also important for its survival.

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