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Question
Explain optimum Utilisation of resources and effective administration.
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Solution
Significance of Management: Optimum utilisation of resources and effective administration:
- Management concepts promote the most efficient use of resources by coordinating physical, financial, and human resources. They also contribute to improved management by discouraging personal bias and encouraging an objective attitude.
- Managers can focus on maximizing the use of available resources by implementing management concepts in order to generate productive results at the lowest possible cost and greatest profit.
- It also aids in the development of amicable connections between managers and staff in order to boost productivity levels.
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