Role of Management in Business System

Abstract

Management is the human interaction inside a business system to achieve a result for the firm by utilising the restricted resources of capital, time, technology, human resources, and physical resources. The key focus of the management role is to allocate those limited resources to the appropriate tasks and activities in order to meet the goals and objectives of the function they are currently managing, as well as to align their goals and objectives with the priorities of the managers higher up the hierarchical chain of command. Modern business is a complicated scenario of ever-changing forces at work.