importance of management

1. Principles & Practice of
Management
By:
Smt.UMA MINAJIGI REUR
HEAD, DEPT. OF COMMERCE & Management
Smt. V G DegreeCollege for Women, Kalaburagi
Part 4
Importance of Management

2. Meaning of Management:
Management is the art of getting things done by a group
of people with the effective utilization of available
resources. There are various definitions given by various
management gurus but simply management is the process
consisting of the functions of planning, organizing,
staffing, directing and controlling the operations to
achieve specified objectives

3. Importance of Management
Management has become crucial not only for the organisations
but for the society too.
Urwick has commented that : “No Ideology, or political theory
can win greater output with less efforts from a given complex
of human and material resources, only sound management.
And it is on such greater output that a higher standard of life,
more leisure, more amenities for all must necessarily be
found”.

4. Importance of Management
The importance of Management may be traced in the following
contexts:
1. Effective Utilization of Resources:
• The resources are scarce in nature and to meet the demand of
the society, their contribution should be maximum for the
general interests of the society.
• Management not only decides in which particular alternative
a particular resource should be used, but also takes actions to
utilize it in that particular alternative in the best way.

5. 2. Development of Resources:
• Management develops various resources, human as well as
non-human factors.
•Lawrence Appley has emphasised that management is the
development of people.
• Through the development of resources, management
improves the quality of lives of people in the society.
Importance of Management

6. Importance of Management
3. To incorporate innovations:
• Changes are occurring at a very fast rate in both technology
and social process and structure.
• These changes are to be incorporated to keep the organizations
alive and efficient.
• Business organizations are moving from primitive to
sophistication.
• Therefore, they require high degree of specialization, high
level of competence, and complex technology.
• And all these require efficient management .

7. Importance of Management
4. Integrating various Interest Groups:
• In the organized efforts, there are various interest groups and
they put pressure over other groups for maximum share in the
combined output.
• The interest groups are ; Shareholders, employees,
government, etc.
• In the current advanced and complex society, more such
pressures is on the organization.
• An efficient Management is one which balances these
pressures from various interest groups.

8. Importance of Management
5. Stability in the society:
• Management provides stability in the society by changing
and modifying the resources in accordance with the changing
environment of the society.
• Emphasis is new inventions with new technology.
• Management provides integration between traditions and new
inventions, and safe guards society from the unfavourable
impact of these inventions so that continuity in social process
is maintained.

9. Thank You
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