1.4

Importance Of Management

The major importance of management are :

1. Management helps in achieving group goal: Management tries to integrate the objectives of individuals along with organisational goal. Management directs the efforts of all the individuals in the common direction of achieving organisational goal.

2. Management improves efficiency: Managers try to reduce the cost and improve the productivity with minimum wastage of resources. Management insists on efficiency and effectiveness in the work through planning, organizing, staffing, directing and controlling.

3. Management creates a dynamic organisation: Organisations have to survive in dynamic environment so managers keep making changes in the organisation to match the environmental changes. The employees in the organisation are generally resistant to change. Efficient management motivate employees to adopt changes willingly by convincing them that change is not only beneficial for organisation but it improve the employee's work also in the competitive world.

4. Management helps in achieving personal objectives: An efficient manager is the one who brings maximum prosperity for employer and employees as well. Manager lead the people in such a manner that along with organisational goal individual goal of employees is also achieved. As organisational goal and individual goal are in one direction only. Individual wants to earn more and organisation wants maximum production. Employees can earn more by producing more. This will fulfill the objectives of both the groups.

5. Management help in developing of society: Efficient management always has multiple objectives, they give due importance to social obligations, towards different groups of people such as employees, customers, suppliers etc. It insists on providing quality goods, competitive salary, create employment opportunities etc. By increasing production management also contributes to increase in GDP (gross domestic product) and leads to growth of nation .

6. Management brings harmony in work: In an organisation employees come from different backgrounds, they have different attitudes and different styles of working and if every one start following his own style, it can lead to chaos and confusion in the organisation. By giving directions managers bring uniformity and harmony in the action of employees.