IMPORTANCE OF MANAGEMENT

The whole universe is very well managed by the unknown divine force. Nothing can be imagined and managed without essential component of all organisations which may be economic, Social or political. It is found everywhere but in distinct forms. Its presence can be observed in every walk of life; hence the importance need not be overemphasized. It is rightly said that anything minus management is nothing.  

Meaning:-

Management being a factor of production manages rest of the factors. In the light of this, the following factors explain the importance of management.

 

Importnace of management according to experts

Definition:-

The management experts Knootz and O' Donnel opine that There is no more important area of human activity than management, since its task is that of getting things done through others. It is a life giving element to business organisation.

1. Optimum Utilization of Resources:

The management experts Urwick and Brech opine that "No ideology, no ism, no political theory can win greater output with less efforts, only sound management'. Accordingly, without management nothing can be achieved. Every business organisation has seven factors of production namely, men, money, machine, materials, methods, markets and management. It terms of economists, the management is essential to manage land, labour and capital.

Without management the rest of the factors become ineffective. The natural resources are scare and can be applied to various purposes. The management plans for the optimum utilizations of resources. It also controls all other factors of production.

2. Meeting the Challenge of Change: The change is permanent factor to every sphere of life. It is truer with the business organisation. Everything gets changed with thedifference in degree. Management with alert planning has the capability to manage the change. Management of change is critical and intensive.

Unless the management is prepared to face the change, the organisation fails to attain the set objectives. Management moulds the enterprise to the constantly changing environment In recent time, the management is related to the management of change.

3. Attainment of Objectives: The business organisation is a group of people with a common objective. The objectives set by the entrepreneurs are to be achieved. Management as an instrument is applied rightly to attain the group objectives.

 The group is directed in the right direction to make use of materials. It brings harmony between the men and materials. Without proper management, the organisation cannot achieve anything.

4.Tackles the Business Problems: Every business organisation has bundles of problems. They may be related to functional areas such as production, marketing, finance, personnel etc. The management sketches its own solutions to face the problems. The good management is a friend. Philosopher and guide to the organizers and organisation. It is a key to all problems. It provides tools for the best performance of assigned function. There is no short-cut to face the business problems but only the management is a way out.

5. Enhancement of Wealth: The ultimate objective of an organisation is wealth maximization. Earlier the profit was targeted. Now, the social responsibility has made the organisation to enhance the wealth of stake holders. The management supports the organisation to enhance the wealth through cost reduction, qualitative production, rational pricing etc.

6. Motivating Force: Management acts as a motivating force. It provides new ideas to the organisation. It identifies the new visionaries among the work force and promotes towards greater performance. The organisation becomes healthy with better human relations. The co-ordination principles of management establish team spirit among the personnel.

 A word of appreciation, reward acts as the strong motivating force to the organisation. It is observed that, management is not merely the direction of the materials and things. It is the development of men. The efficiency and productivity of human being is positively affected by the improved means of promotion on training.

7. Social Welfare: Management concept is not restricted to business community. The whole society is influenced by the management activities. It has become a social process. An efficient management plans for the rational utilisation of resources. The provision of quality goods and services increases the standard of living and in turn, welfare of the society. The principles of management are universally applicable.

Conclusion:-

The application of management to all the spheres of life has made it a universal concept. Hence, it is rightly remarked that "No ideology no ism, no political theory can win greater output with less efforts but only the sound management."

Your friend

Smdsohail

Follow me on-
Instagram- Skisohotrends
https://www.instagram.com/skisohotrends

Twitter- Smdsohail8
 https://mobile.twitter.com/Smdsohail8

Facebook Page- SkiSohotrend
 https://www.facebook.com/SkiSohotrends-101869824497576/ 

Our branded shopping site- Soho Online Mart
 https://www.shop101.com/SkiSohotrends

Share on Google Plus

About Someone Like Sohail