Importance of Management
Management is overall the most important factor because no business runs on itself, even no momentum. Every business needs repeated stimulus which can only be provided by management. Thus, management is dynamic, life giving element without which the “ factors of production “ will remain as were factors not become “ Production “.
The following points bring out the importance of management.
- Accomplishment of group goals.
- Efficient operations of business.
- Sound organization structure.
Accomplishment of group goals :
Success of a business enterprise depends on three important factors, viz
( a ) how economically and efficiently the organization has used its man power and physical resources.
( b ) how effectively it has adapted the enterprise to the prevailing business environment e.g. needs and expectations of the customers, policies of rivals and
( c ) how far the existing business policies have succeeded in realising the goals and objectives of the organisations.
This ensures efficiency the every sphere of activity and also enables quick modifications or alteration of a specific strategy or programme if any deficiency is noticed any where.
Efficient operation of business :
Efficient of an organisation depends on ability, experience, skills, co-operation zeal and enthusiasm to its employees. This, in turn, depends on proper motivation of there employee which can be accomplished only by an inspiring leadership provided by management. Management makes sure that the workers know their jobs, helps the min improving their skills and abilities in doing their jobs.
Sound organisation structure :
Management establishes a sound organisation that is in accordance with the desired objectives and goals and the weak to be done of accomplish them. Management establishes a system of authority and responsibility relationships, who will command whom, who will be responsible for what, and who shall be accountable to whom.