Lack of proper management result in wastage of time, money, and effort.
The above statement is true. If proper management is implemented, everything has its own place and it is in its said space. This is done to ensure efficient and effective production.
In short, proper management is evident when step-by-step processes are accomplished to reach an end goal. Every activity involved in these processes are done to maximize production or profit at the same time minimizing costs.
Because proper management is equated with efficient and effective use of resources, the lack of proper management results in wastage of resources like time, money, and effort.