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| Topic: |
Business
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| Number of pages / Number of words: |
11 / 2933 |
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Therefore, this management knowledge is essential for a business organization as the dollar "$" sign is concerned. In his/her managerial role as a decision maker, money is involved in almost every decision a manager makes. For example, studying management enables a manager to plan how a large pool of capital should be divided optimally according to an organization's set of priorities and goals A brilliant planning would result in millions, or even billions worth of profit, whilst, a bad one would result in substantial losses or even bankruptcy...
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Hence, studying management prepares the managers the essential skills to plan effectively as a decision-maker, so that the risks of business failure are minimized.
In the Organizing part of management function, managers are responsible for allocating and arranging resources, e.g. human resources, raw materials, monetary resources etc...
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