Importance of Management

The efficient management of human & material resources is essential for achievement of objectives of any organization. The success of any business lies in the quality of management. The significance of management will be more clear through the following points :-

1. Determination of objectives – Management helps in determining the objective of the organization. No organization can succeed in its operations unless its objectives are identified & well defined. These objectives have to be communicated to all the people working in the organization.

2. Achievement of the objectives – Management plays a vital role in accomplishment of organizational objectives & goals. The coordination & integration of material & human resources helps in achieving the pre-determined goals effectively & efficiently.

3. Efficient use of resources – An efficient management can lead a business towards growth & prosperity. Management reduces wastage of human, material & financial resources through proper planning & control.

4. Encourages innovation – Management encourage innovation in the organization. Innovation brings new ideas, new methods, new products & makes the organization more competitive.

5. Personal objectives – Personal objectives are concerned with satisfaction of financial & social needs of the employees. Through motivation & direction management helps the individuals to achieve their personal goals while working towards organizational objectives.

6. Economic development – Management helps in development of the society by producing good quality products, creating employment opportunities & adopting new technology.

7. Creates dynamic organization – Management helps the employees to overcome their resistance to change & adopt as per changing situation to ensure its survival & growth.

CASE STUDIES

Question:
XYZ Ltd. is a management oriented company. Time and again all the employees learn from their seniors various ways of dealing with diverse situations. They are provided training whenever required. They are also given incentives both financial as well as non financial. The result is employees see their development in the organisation. The organisation tries to behave as a responsible constituent of society and ahvays creates good quality products. It has a very good image in the market. The training modules are superb and the employees always try to find unique ways of providing solutions in the context of rapidly changing business environment. This has helped the organisation to adjust frequently in a very good manner.

Which importance of management is highlighted here? Also identify the lines.

Answer:
The importance of management highlighted here are:
1. Development of personnel. They are also given incentives both financial as well as non financial. The result is employees see their development in the organisation.
2. Development of society. The organisation tries to behave as a responsible constituent of society and always creates good quality products.
3. Helps in becoming dynamic organisation. The training modules are superb and the employees always try to find unique ways of providing solutions in the context of rapidly changing business
environment.

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By Team Learning Mantras