Importance of Management in Every business as they needs a direction. This direction is given by Management. The resources will be converted into production, which has good quality, quantity, in time delivery, which will result in customer satisfaction
1. Management meets the challenge of change: Only an efficient management can save the business from the dangers
brought in by the challenges of change.
2. Accomplishment of group goals: The proper planning of available resources, adjusting possibility of business unit with existing business environment, quality of decision taken and control made by business unit are the factors responsible for achieving
the objectives/goals.
3. Effective utilization of resources: As explained above.
4. Effective functioning of business: Ability, experience, mutual understanding, coordination, motivation and
supervision are the factors responsible for effective functioning of thebusiness.
5. Resource development: The resources viz. men, machines, materials and money have to be
developed by the management.
6. Sound organizational structure: It clearly defines the authority and responsibility relationship of employees.
Care must be taken to appoint right persons to the right job.
7. Management directs the organization: Similar to human mind directing and controlling human body,
management directs and controls the organization.
8. It integrates various interests: Management takes steps to integrate various interests of employees
working in the organization.
9. It stabilizes the fluctuations: The business always has ups and downs. These fluctuations are stabilized
by the management.
10. It innovates: New innovative ideas are implemented in the organization.
11. Coordination and team spirit: Management coordinates the activities of different departments and
establishes team spirit.
12. Tackling and solving problems: Good management acts as a friend and guide to the employees to solve
the day-to-day problems for effective performance.
13. Management is a tool for personality development: New methods and techniques are taught to workers. Training facilities
are arranged by the management. Thus, there is personality development
in the employees.