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Management techniques are systematic methods and approaches used by managers to improve organisational performance, achieve objectives, solve problems and make effective use of available resources. Different organisations use different techniques according to their size, objectives, nature of work and business environment. Some important management techniques are: 1. Management by Objectives (MBO) – It involves setting clear and measurable objectives jointly by managers and employees and evaluating performance on the basis of these objectives. 2. Budgetary Control – It involves preparing budgets for income, expenditure and other activities and comparing actual performance with planned performance. 3. Break-Even Analysis – This technique determines the level of sales at which total revenue equals total cost and there is neither profit nor loss. 4. PERT (Programme Evaluation and Review Technique) – It is used for planning and controlling projects where the time required for different activities is ______ _____ _________ _____ __________ __________.
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