Question

lack of proper management result in wastage of time mony and efforts in the light of this statement expalin the importence of mangement

Answer 1

“Lack of Proper Management result in wastage of time, money and efforts.”

This statement is absolutely true in context of the Importance of Management.

Management is a universal concept.

Management is necessary, so that individuals make their best contribution towards group objectives.

The success of an organisation depends on the successful functioning of Management.

Consider the following cases:

• A school without a principal.
• A cricket team without a captain.
• A country without a government.

In all these cases, situation is likely to be disorganized and chaotic (unsettled) because there is no management. So, Management is essential for all the organisations big or small, profit or non-profit, services or manufacturing.

IMPORTANCE OF MANAGEMENT:

1. Management helps in achieving group goals: Management is required not for itself but for achieving the goals of the organisation. It brings the human and non human resources together. And it gives a common direction to the efforts of all the individuals towards achieving the organisational goals.

2. Management increases efficiency: Management helps in reducing the cost and increasing productivity through better planning, organising, directing, staffing and controlling the activities of the organisation.

3. Management creates a dynamic organisation: An organisation operates in a constantly changing environment. Employee generally resist to changes it as it often means moving from a familiar, secure environment into a newer and more challenging one. Management helps people adapt to these changes so that the organisation is able to maintain its competitive edge.

4. Management helps in achieving personal objectives: A Manager motivates and leads his team in such a manner that individual members are able to achieve their personal goals while working towards organisational objectives. Through motivation and leadership, management helps the individual to develop into team spirit, cooperation and commitment to group success.

5. Management helps in the development of society: An organisation has multiple objectives towards different groups.

• While achieving the development of the organisation, management also aims to develop society by giving due importance to social obligations.
• Efficient management helps to provide good quality products and services, create employment opportunities, adopt new technology for greater good of the people and leads the path towards growth and development.