Why Is Management Needed in All Organizations

question 5

Essay

Why is management needed in all organizations?

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Definitions:

Standard Costs

Predetermined or estimated costs used to measure the efficient use of resources in production.

Nonmanufacturing Settings

Environments or situations relating to business operations that do not involve the production of goods.

Standards

Established norms or requirements in various fields that act as a basis for comparison, quality measures, or regulations.

Principle Of Exceptions

A management principle emphasizing attention and resources on areas that deviate from the norm or expected results.