Question

Organization success is reflected in society development' . In light of this statement explain the importance of management .

Answer 1

“Organization success is reflected in society development”

As the business or organisation or firm runs and earns profit using via society's resources, so they must do something for society. Hence it is the responsibility of the of that organisation to provide goods at reasonable price and quality products which leads to the development of the society.

OBJECTIVES OF MANAGEMENT:

1. Organisational Objectives:

• Survival - Try to remain in market in cutthroat competition by covering cost.
• Profit - Earning rate.
• Growth - Opening new branch, adding more line of product, increasing scale of operations, all activities of expansion and diversification.

2. Social Objectives: Any task or activity of an organisation which brings benefit to society in general. e.g., Save environment, quality product, etc.

3. Personal Objectives: Any task or activity of an organisation for its employee's welfare. e.g., Training of employees, recreational activities for employees, opening creche and school for children of employees, etc.

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.

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