Assignment Essay Example | Topics and Well Written Essays - 1750 words - 3

Assignment - Essay Example The company’s management is not market oriented and lagging behind market changes is dangerous for any particular company. The paper attempts to look at basic management concepts and their effective application in the daily running of a company. The basic definition of management is getting work done by others. Comprehensively management can be described as a set of functions that are directed at the efficient and effective utilization of resources for the achievement of set organizational goals. The difference thus arises in the management of the Royal Store that violates the definition of management, as its management does not adhere to any set functions. Effectiveness in the running of a business organization refers to the making of right decisions and successfully implementing them. It also means the accomplishing of tasks that are helpful in achieving organizational objectives. On the other hand, efficiency in a business entity refers to getting work done with the use of minimum effort, expense, or waste. Efficiency entails the use of resources available to an organization in the most cost-effective way. Effectiveness and efficiency in any business organization contribute to productivity.... The difference thus arises in the management of the Royal Store that violates the definition of management, as its management does not adhere to any set functions. a) Relationship Between Effectiveness, Efficiency, and Productivity Effectiveness in the running of a business organization refers to the making of right decisions and successfully implementing them. It also means the accomplishing of tasks that are helpful in achieving organizational objectives. On the other hand, efficiency in a business entity refers to getting work done with the use of minimum effort, expense, or waste. Efficiency entails the use of resources available to an organization in the most cost-effective way. Effectiveness and efficiency in any business organization contribute to productivity. This forms one of the major arguments of Taylor on the issue of productivity. Productivity entails the performing of assigned duties in the manner that is required. In any company, the measurement of productivity is imp ortant in relation to the resources employed, which include labor, time, and monetary resources against the total output. Effectiveness and efficiency establish a base in measuring productivity in any organization. The Royal Store in its business activities exhibited lack of efficiency and effectiveness in its management leading to the productivity falling below the owner’s expectations. The company in its efforts to boost productivity should employ several of Fayol’s principles on successful management. The first principle they can inculcate is the unity of command. The principle means that any organization no matter how large it is should