The art of achieving stated objectives of a business organisation in a most efficient way through the use of human and material resources is?

The term you are looking for is "management." Management refers to the art of achieving the stated objectives of a business organization in the most efficient way possible through the use of human and material resources. In other words, it involves the planning, organizing, directing, and controlling of resources (such as people, finances, and technology) to achieve the goals of an organization. Managers are responsible for setting goals and objectives, developing strategies and plans to achieve them, and allocating resources in the most effective way possible. They also oversee the day-to-day operations of the organization, including the supervision of employees and the monitoring of performance. Management is a crucial aspect of any business organization as it helps to ensure that the organization is run efficiently and effectively. By setting clear objectives and goals, managers provide direction and purpose for the organization. Through effective planning, organizing, directing, and controlling, managers can optimize the use of resources and achieve the organization's goals in the most efficient way possible.