Question

One key importance of management is the 'Effective Utilization of Resources.' What does this involve?

• A. Deciding where to allocate resources without considering efficiency.
• B. Ensuring the most efficient use of scarce resources to ultimately serve the greater interests of society.
• C. Stockpiling resources for future use.
• D. Primarily focusing on increasing resource acquisition regardless of cost.

Answer 1

Answer:

B. Ensuring the most efficient use of scarce resources to ultimately serve the greater interests of society.

• The "Effective Utilization of Resources" is a key importance of management that involves ensuring the most efficient and effective use of an organization's scarce resources—including human, financial, and physical assets. This is done to achieve organizational goals with minimal waste, which not only drives the company's success but also contributes to the creation of value for society as a whole.