Importance of money management in forex
It helps in Achieving Group Goals - It arranges the factors of production, assembles and organizes the resources, integrates the resources in effective manner to achieve goals. It directs group efforts towards achievement of pre-determined goals.
By defining objective of organization clearly there would be no wastage of time, money and effort.
Management converts disorganized resources of men, machines, money etc. These resources are coordinated, directed and controlled in such a manner that enterprise work towards attainment of goals. This leads to efficacy in management.
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Management provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses. It makes use of experts, professional and these services leads to use of their skills, knowledge, and proper utilization and avoids wastage.
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If employees and machines are producing its maximum there is no under employment of any resources. Management uses physical, human and financial resources in such a manner which results in best combination. This helps in cost reduction.
Establishes Sound Organization - No overlapping of efforts smooth and coordinated functions. Management fills up various positions with right persons, having right skills, forex brokers lowest spreads and qualification.
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All jobs should be cleared to everyone. Establishes Equilibrium - It enables the organization to survive in changing environment. It keeps in touch with the changing environment. With the change is external environment, the initial co-ordination of organization importance of money management in forex be changed. It is responsible for growth and survival of organization. Essentials for Prosperity of Society - Efficient management leads to better economical production which helps in turn to increase the welfare of people.
Good importance of money management in forex makes a difficult task easier by avoiding wastage of scarce resource.
It improves standard of living. It increases the profit which is beneficial to business and society will get maximum output at minimum cost by creating employment opportunities which generate income in hands. Organization comes with new products and researches beneficial for society.
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