Which of the following statement(s) is/are correct?
1. Lack of proper management results in wastage of time and resources.
2. Management establishes a sound organisation by allocating the work to individuals.
3. Management is a science but not art.

Statement 1: Lack of proper management results in wastage of time and resources. This statement is correct as effective management ensures efficient utilization of time and resources, while poor management often leads to their wastage.

Statement 2: Management establishes a sound organization by allocating the work to individuals. This statement is also correct as one of the key functions of management is to organize and allocate tasks among individuals within an organization to achieve organizational goals.

Therefore, both statements 1 and 2 are correct.