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Importance of Management

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rahul_parab2006
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Smile Importance of Management - August 16th, 2008

Importance of Management


What is Management?

Management is concerned with human beings whose behavior is highly unpredictable. Ever since people began forming groups to achieve goal, they could not achieve as individuals. Managing has been essential to provide the coordination of individual’s efforts. Management is found in every walk of life.

Management does not perform specific jobs. It motivates other people to perform specific jobs. Management is not doing the work but getting the work done through the effort of others.

Management brings together basic resources popularly known as 6 M’s – Men, Material, Machines, Methods, Money and Market.

This helps to achieve the expected results quickly and economically in terms of
(a) Production
(b) Sales
(c) Profit and
(d) Goodwill in the Market



Importance of Management

The importance of management in business is universally accepted. It acts as a driving force in business. Modern business is highly competitive and need efficient and capable management. It is through management that business activities are organized and conducted efficiently and objectives are achieved.

The following points will suggest the importance of management

1) Optimum use of resources: management facilities optimum utilization of available human and physical resources, which leads to progress and prosperity of a business enterprise. Even wastage of all types are eliminated or minimized.

2) Competitive strength: Management develops competitive strength in an enterprise. This enables an enterprise to develop and expand its assets and profits.

3) Cordial industrial relations: Management develops cordial industrial relation, ensures better life and welfare to employees and raises their morale through suitable incentives.

4) Motivates employees: It motivates employees to take more interest and initiative in the work assigned and contributes for raising productivity and profitability of the enterprise.

5) New techniques: Management facilities the introduction of new machines and new methods in the conduct of business activities. It also brings useful technologies developments and innovation in the management of business activities.

6) Effective management: Society gets the benefits of efficient management in terms of industrial development, justice to different social groups, consumer’s satisfaction and welfare and proper discharge of social responsibilities.

7) Expansion of business: Expansion growth and diversification of a business unit are possible through efficient management. It creates good corporate image to a business enterprise.

8) Stability and prosperity: Efficient management brings success stability and prosperity to a business enterprise through cooperation and team spirit among employees.

9) Team spirit: Management develops team spirit and raises overall efficiency of a business enterprise.

10) Effective use of managers: Management ensures effective use of managers so that the benefits of their experience, skills and maturity are available to enterprise.

11) Smooth functioning: Management ensures smooth, orderly and continuous functioning of an enterprise over a long period. It also raises the efficiency, productivity and profitability of an enterprise.

12) Reduces turnover and absenteeism: It reduces Labour turnover and absenteeism and ensures continuity in the business activities and operations.

13) Sound organization: A dynamic and progressive management guarantees development of sound organization, which can face any situation – favorable or unfavorable with ease and confidence.

Management is not only practiced in organization and business entities but management plays an important role in our daily lives and is practiced by every individual is some or the other way.
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Last edited by bhautik.kawa; January 11th, 2016 at 09:24 PM..
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Re: Importance of Management - May 18th, 2015

Management have been used in every filed and without management would sound like"bina lagaam ki ghodi". Management give us the way and pattern to work accordingly and effectively.Thank you so much for sharing a such an important concept.
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Re: Importance of Management - December 10th, 2015

Importance of Management - Significance of Management must be understood by managers to grow quickly in the world of business.

Very well explained Rahul.

I'd also like to point out that recruitment, selection process and quality of managerial talent that identifies with importance of good management can make or break an organisation.
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