Question

Explain the objectives of Management.

Hint:

To remember Management Objectives, use the S.P.G. acronym for Organizational goals: Survival, Profit, and Growth.

Answer 1

Concept: Objectives are the ends towards which the activities of an organization are directed. Management must achieve a variety of objectives in an efficient and effective manner.
Categorizing organizational and societal goals. • Organizational Objectives: The main objective is to utilize human and material resources to the maximum advantage. • Survival: Earning enough revenue to cover costs. • Profit: Providing a risk premium for business operations. • Growth: Expanding the scale of operations over time. • Social Objectives: Creating benefit for society, such as using environmental friendly methods, providing basic amenities like schools to employees, and generating employment. • Personal Objectives: Reconciling individual goals (like competitive salary and peer recognition) with organizational goals.