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Importance of Management.pdf

3 Pages

Course Code
MANA 298

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Importance of Management Peter Drucker stated that "Management is what the modern world is all about". It means that all the development that has taken place in the world is due to efficient management. According to Drucker,effective management is probably the main resource of developed countries and the most needed resource of developing ones. Our society could never exist as we know it today without good managers to guide its organizations. The role of management is to movean organization towards its goals by assigning activities to organization members. Likewise, a business cannot survive without management because management is its means of support. It is concerned with acquiring maximum prosperity with minimum efforts.tIis a dynamic life-giving element in an organization. It is indispensable in all organizations. It is a creative force which helps in the optimum utilization of resources. It is the catalyst without which no organization can survive and grow. Sound management helps in maximizing output and minimizing costs. It is responsible for the creation, survival and growth of organizations. Some of the importance of management in organizations are as follows: • Management helps in achieving group goals It utilizes all the human and physical resources productively. This leads to: o Reduces cost Management gets maximum results through minimum input by proper planning. It uses minimum input and produces maximum output. o It helps in achieving group goals It organizes the resources and integrates them in effective manner to achieve goal. o Encourages initiative and innovation Management encourages initiative, that is, it means to do the right thing at the right time. Initiative gives satisfaction to employees and success to organization. Innovation brings new ideas and technology and this makes the organization more competitiveand efficient. o Management encourages team work It encourages employees to work as a team. It develops team spirit in the organization. This unity brings success to the organization. o Increases efficiency and reduces wastage Management uses manytechniques to increase returns and to reduce costs. Higher efficiency br
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