How can errors and warnings be effectively managed and displayed in PHP scripts?

Errors and warnings in PHP scripts can be effectively managed and displayed by using error handling functions like `error_reporting()` and `ini_set()`. By setting the appropriate error reporting level and displaying errors using `ini_set('display_errors', 1)`, you can ensure that errors and warnings are shown during development but not in a production environment.

// Set error reporting level
error_reporting(E_ALL);

// Display errors
ini_set('display_errors', 1);