This document discusses the importance and principles of management. It outlines several key points: 1. The importance of management includes effective resource utilization, meeting challenges of change, development of resources, problem solving and innovation, coordination, and personality development. 2. Henry Fayol proposed 14 principles of management including division of work, authority and responsibility, discipline, unity of command, unity of direction, and subordination of individual interests. 3. Common management functions include planning, organizing, staffing, directing, coordinating, reporting, and budgeting according to Gulick, and planning, organizing, commanding, coordination, and controlling according to Fayol.