Management As An Economic Resource

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Management as an Economic Resource

This is the economist’s view of management. Development of organization depends upon the availability and defective utilization of resources like men, material, capital, entrepreneurial ability etc. Co- ordination of these resources is reflected in the and results of the organization. As the organization moves from law to higher levels of management, there is need for research development, innovation and invention. This can be done if the resources are effectively managed by the executives

The progressing industries, thus view management as a separate factor of production which is increasingly required in industries which experience innovations and growth.

Management is concerned with ideas:

 Ideas or thoughts are the route to organizational survival and success. Once and organization starts operation according to planned courses of action, it environmental changes. Managers keep thinking of new ideas that lead to developments and innovations, new markets and customers, new technologies and product lines for their survival in today’s new markets and customers.

Management is concerned with things:

 Ideas would team ideas if they are not converted into outputs. In order to convert the ideas into reality, managers use vinous  in a manner that inputs are optimally converted into output defers to management of things management of things means effect be utilization of organizational resources to produce outputs at minimum cost.

Management of people:

 All ideas and things would remain as inactive inputs if people who perform operations do not convert them into outputs. Workers are no more viewed as mere inputs of an organization. They are the active participants of an organization who attain its goals.

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