SUCCESSFUL MANAGEMENT

Successful management involves the achievement of both efficiency and effectiveness.Efficiency means that resources are used in such a way that they are not wasted.

Having employees sitting idle waiting to be allocated work is an example of inefficiency. Another example is allowing large surpluses of funds to sit idle in bank accounts earning little interest.Effectiveness means doing the right things in the right way at the right time. For example entering a new market just before it starts to expand or exiting from a market just as it starts to decline is a sign of effectiveness.Effectiveness is solution oriented. Successful management means a successful organization.

Organizations function within the larger society and the performance of organizations in totality is a key factor to the performance of a society or Nation.Another efficient manager is one who achieves outputs that measure to inputs i.e. he is able to minimise the cost of resources.