Why management is important? Explain. (Any six points)
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Management is regarded as one of the most important human activity . The significance of management can be explained through the following points : (i) Achievement of Objectives : Each organization has its some objectives , the achievements of which calls for organized efforts in a planned manner . Management becomes essential for directing and unifying the group efforts towards a common objective , . (ii) To face throat cut competition : Now-a-days it is a period of throat-cut competition . Management helps in it by utilization of the capacity of human resources , carries out production , arranges market research and also studies the policies of the Government and the Competitors . (iii) Optimum and Profitable Utilixztion of Resources : Every business organization possesses limited resources and their profitable use depends on managerial skill and ability . There are seven Mís in an organization (Men , Material , Money , Machines , Methods , Markets and Management) . Management stands at tope of these Mís as it determines and controls all other factors of business . (iv) Increase Productivity : Management makes increase in productivity possible by establishing co-ordination between the resources of production . For that it makes best utilization of the resources , eliminating the wastages . It also selects the best alternative through planning and increases the productivity by motivating the employees . (v) Innovation and its Use : Innovation means production of new product . The objects of innovation is to satisfy its customers . In this regard management creates change , like search of new type of marketing and distribution of products and services . The task of management is to adjust to change , but also to create change ñ a dynamic quality that is a solution of many challenging problems . (vi) Stability to the Society : Management plans a powerful and purposeful role in the welfare of the society in following manner ñ Utilization of resources of society like ñ physical , human , financial and informational , providing goods and services , delivering and improving the standard and quality of life , generating employment and creating stability in social system by continuous change in society ← Prev QuestionNext Question → Related questions 0 votes 1 answer Why Strategic Management is important ? Explain . (Any SIX Points) . asked Jun 6, 2019 in Business Studies by Anik (70.7k points) class-12 0 votes 1 answer In your opinion , Explain any SIX functions of Marketing Management asked Jun 6, 2019 in Business Studies by Anik (70.7k points) class-12 0 votes 1 answer Why are forests important in our life? Write any six points. asked Feb 22, 2019 in Geography by Amita (88.3k points) natural vegetation wild life cbse class-9 0 votes 1 answer Enumerate any six essentials of good, effective Dairy Farm Management Practices. asked Oct 12, 2018 in Biology by Afreen (30.6k points) food production cbse class-12 0 votes 1 answer Why is staffing considered an important function of management in all types of organization. State any three reasons. asked Dec 31, 2018 in Business Studies by Ak jain (147 points) cbse class-12 Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students. One Thought Forever “There is a close connection between getting up in the world and getting up in the morning.“ – Anon ~~~*****~~~ Categories All categories JEE(18.7k) NEET(4.6k) Science(149k) Mathematics(51.9k) Statistics(1.2k) Environmental Science(950) Social Science(29.4k) Commerce(18.2k) Accounts(4.5k) Business Studies(6.3k) Economics(5.6k) Entrepreneurship(1.4k) Electronics(481) Computer(5.3k) Information Technology(2.1k) Programming(18) Political Science(2.4k) Home Science(496) Psychology(1k) Sociology(1.6k) English(11.3k) Hindi(3.2k) Aptitude(1.3k) Reasoning(854) GK(1.3k) Olympiad(483) Skill Tips(30) CBSE(148) General(7k) Send feedback About Us Privacy Policy Terms of Use Copyright Contact Us FAQ Advertise User Contribution to Sarthaks eConnect Managed by Sarthaks Digitizing India Read more on Sarthaks.com - https://www.sarthaks.com/391046/why-management-is-important-explain-any-six-points
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