KEY CRITERIA AND INDICATORS FOR ASSESSING MANAGEMENT EFFECTIVENESS

This paper explores the pivotal role of management in fostering economic growth an area that has receivedcomparatively less attention in both theoretical and empirical literature than entrepreneurship. By examining the dynamicrelationship between management and entrepreneurship, the study demonstrates that effective management practicesare essential for optimizing resource allocation, enabling strategic decision-making, and adapting to evolving economicconditions. Moreover, it emphasizes the significance of strong institutions and sound governance in facilitating economicactivities and lowering external financing costs, especially in low- and middle-income countries. The findings indicatethat improved economic management enhances creditworthiness, reduces growth volatility, and strengthens economiccompetitiveness, thereby contributing to long-term sustainable development. The paper concludes that managementis as vital as entrepreneurship in driving economic progress and calls for further research to investigate the broaderdimensions of management efficiency.

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