Management in business refers to the coordinated effort of people, resources and procedures in order to attain the main purpose of a business. This essentially means that an organization’s objectives are accomplished by combining several factors. It is only through proper management of these factors that a business’s objectives can be met. Basically there are two approaches to management, one is the use of traditional tactics and the other is the use of modern tactics. The traditional approach is no longer effective, as its main focus points are not enough to make a business competitive today.…