Importance of management
Management is a vital force that binds a business enterprise. Importance of management:
• achievement of group goals,
• increasing efficiency,
• creating a dynamic organisation,
• achievement of personal objectives,
• proper utilisation of resources,
• growth and development of business,
• providing better quality of goods, etc.
Management helps in combining human and material resources in the right proportion. It helps in reducing costs and increasing, productivity through management functions. It helps in creating a suitable environment for employees to adapt to the changing environment. It helps organisations to maintain their competitive edge. Management helps in inducing employees to achieve their goals while contributing to the organisational objectives. Management enables the best use of various factors of production such as land, labour, capital and machinery. Management improves the efficiency and performances of employees which leads to higher profitability.
Management exercises controls on production processes and curtails wastage at different points and helps in producing better qualities at a minimum cost. Management helps in improving skills and technical competence of employees which gives them confidence, and boosts their morale. It regularly assesses the impact of various policies on business and takes corrective. It provides new ideas, vision, and imagination to the organisation to sustain in the competitive market. It helps in reducing costs through various measures, thereby assisting in profit maximisation. It helps in raising standard of living by offering good quality products and services, new employment opportunities and advanced technology.