What is meant by management explain the importance of management?
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The organization and coordination of the activities of a business in order to achieve defined objectives. ... Managementconsists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing an organization's resources in order to achieve the objectives of that policy.
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Management is an inevitable element for directing and unifying the group efforts towards a common objective. Since the most of the human aims can be well realized only through collective action, management is universally called for in all such organizations of the society.
The importance of management can be studied under the following heads:
1. Optimum Use of Resources
2. Effective Leadership and Motivation
3. Establishes Sound Industrial Relations
4. Achievement of Goals
5. Improves Standard of Living
6. Creates Prosperity
7. Motivates Employees
8. Fulfilling Social Objectives
9. Coordinates Activities
10. Cost Reduction
11. Maintains Dynamic Equilibrium and Others
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