Question

what do you mean by management explain its importance in the business​

Answer 1

Answer:

It helps in Achieving Group Goals - It arranges the factors of production, assembles and organizes the resources, integrates the resources in effective manner to achieve goals. By defining objective of organization clearly there would be no wastage of time, money and effort. 

Answer 2

†Management :

• Management is required for an established life and essential to managing all types of management. Sound management is the fortitude of thriving companies. Managing life implies getting everything done to accomplish life’s aspirations and maintaining an establishment means getting everything done with and by other people to deliver its objectives.

• To put it in other words, the organisation and coordination of the pursuits of an industry for the idea of accomplishing determined objectives efficiently and thoroughly are marked as management.

†The Importance Of Management In Business :

• Almost 90% of startup businesses fail miserably within the first five years of starting up, of which almost 90% fail due to poor management.

☆Management has always been a core aspect of every business. But unlike the old times, managing the organisation has become a more difficult job due to the increasing competition in the internal as well as the external business environment. Good management can bring the company profit and reputation while poor management can just throw the company out of the competition.

†Let’s take an example of management :

• Suppose John opened up a small restaurant. Selling quality food to the customers and gaining their loyalty is his aim but that’s not his only duty.

☆To make his business run smoothly he needs to take care of things like planning menus, maintaining an inventory, ordering what’s required, planning the budget, maintaining the standards, dealing with customers’ complaints, hiring and training staff and a lot more.

• If even one of them is overlooked his business will suffer a huge blow.

☆That’s where management comes into play. John and his staff can share the duties and work together to attain the goal of the restaurant. To avoid failure they need to work in a coordinated and planned manner. This ensures that no duty is overlooked and the business runs smoothly.

†Nature of Management :

• Universal Process : Wherever there exists human pursuit, there exists management. Without effective management, the intentions of the organisation cannot be accomplished.

• The factor of Production : Equipped and experienced managers are necessary for the utilisation of funds and labour.

• Goal - Oriented : The most significant aim of all management pursuit is to achieve the purposes of a firm. The aims must be practical and reachable.

• Supreme in Thought and Action : Managers set achievable goals and then direct execution on all aspects to achieve them. For this, they need complete assistance from middle and lower degrees of management.

• The system of authority : Well - defined principles of regulation, the regulation of proper power and efficiency at all degrees of decision-making. This is important so that each self must perform what is required from him or her and to whom he must report.

• Profession : Managers require to control managerial expertise and education, and have to adhere to a verified law of demeanour and stay informed of their human and social responsibilities.

• Process: The management method incorporates a range of activities or services directed towards an object.

†Significance of Management :

• Achieving Group Goals : Management encourages collaboration and coordination amongst workers. A general control must be provided to the organisational and personal objectives in order to favourably accomplish the aims.

• Increases Efficiency : Management improves productivity by managing resources in a reliable conceivable way in order to decrease cost upscale potency.

• Creates Dynamic organisation : Management undertakes the conditions by assuring that these variations are well accepted privately and that objection to change is controlled.

• Achieving personal objectives : Management promotes leadership and furnishes motivation to the employees to operate effectively in order to accomplish their personal aims while working towards the organisational goals.

• Development of Society : Management helps in the enhancement of community by manufacturing reliable quality commodities, establishing employment chances and fostering innovative technologies.

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