Importance of management

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  • 1. IMPORTANCE OF MANAGEMENTAccording to Drucker, management is the dynamic lifegiving element in every organization. It is the activatingforce that gets things done through people. Withoutmanagement, an organization is merely a collection ofmen. Machines, money and material, in its absence,the reso0urces of production remain resources andnever become production.
  • 2. The importance of management can be understoodform the following points.1.Optimum use of resources: Management ensuresoptimum utilization of resources by attempting toavoid wastage of all kinds. It helps in putting theresources to the best advantage within the limitationsset by the organization and its environment. A rightclimate is created for worker to put in their best andshow superior performance.
  • 3. 2.EFFECTIVE LEADERSHIP AND MOTIVATION: IN theabsence of management, the working if an enterprisewill become random and haphazard in nature.Employees feel a sense of security when they find abody of individuals working day and night for thecontinued growth of an organization, managementmakes group effort more effective. it enablesemployees to move cooperatively and achieve goalsin a coordinated manner. Management createsteamwork and motivates. Employed to work harderand better by providing necessary guidance.Counseling and effective leadership.
  • 4. 3.ESTABLISHES SOUND INDUSTRIAL RELATIONS:Management minimizes industrial disputes andcontributes to sound industrial relations in anundertaking. Industrial peace is an essentialrequirement for increasing productivity. To this end,managers try to strike a happy balance between thedemands of employed and organizationalrequirements. They initiate prompt action wheneverworks express dissatisfaction over organizational rulesmethods, Procedures and teward systems.
  • 5. 4.ACHIEVEMENT OF GOALS: Management plays animportant role in the achievement of objectives ofand organization . objectives can be achieved onlywhen the human and non human resources arecombined in a proper way. Management is goaloriented. With a view to realize the predeterminedgoals. Managers plan carefully , organize theresources properly , hire competent people andprovide necessary guidance. They try to puteverything on the right track ., thus , unnecessarydeviations, overlapping efforts and waste motionsare avoided . in the final analysis, all these help inrealizing goals with maximum efficiency.
  • 6. 5.CHANGE AND GROWTH : A business concern operates in aconstantly changing environment. Changes in technology.Government policy. Competition , etc . often threaten the survivalof a firm failure to take note of customers needs regarding fuelefficiency has spelt doom for “ Ideal Java in the two wheelermarket in India . an enterprise has to take note of these changesand adapt itself quickly. Managers help an organization byanticipating these changes and taking appropriate steps6.IMPROVES STANDARED OF LIVING : management improves thestandard of living of people by (a) using scarce resourcesefficiently an turning out profits, (b) ensuring the survival of thefirm in the face of continued (C) exploiting new ideas for thebenefit if society as a whole , and (d) developing employee talentsand capabilities while at work and prompting them to show peakperformance.