Question

Management is the art of of knowing what you want to do and then seeing that it is done in the best and cheapest way. Explain

Answer 1

F.W. Taylor -“Art of knowing what you want to do and then seeing that it is done the best and cheapest way”. Henry Fayol –“To Manage is to forecast, to plan, to organise, to command, to co-ordinate and to control”.

Answer 2

"Management is the art of knowing what you want to do and then seeing that it is done in the best and cheapest way." The explanation for this statement is as follows:

• Management is the process of collaborating with and working through others to accomplish organizational goals while making the most out of scarce resources in a volatile market.
• The management is the one who uses the various production elements. Therefore, it is the duty of management to establish environments that encourage maximum effort so that workers can complete their tasks efficiently.
• The term "management" can be interpreted in a variety of ways, but in a nutshell, it refers to all of the activities that involve planning, setting goals and policies, obtaining participants, resources, equipment, etc.
• The task of combining human, material, and financial resources is one that management takes on in order to accomplish the organizational goal, therefore serves a crucial purpose in bringing various factors into harmony.

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