Every business needs a direction. This direction is given by Management. The resources will be converted into production, which has good quality, quantity, on-time delivery, which will result in customer satisfaction. So, what is the question going to study; What is The Importance of Management? Explanation.
Here is the Explanation; What is The Importance of Management?
The following factors for you to study, in order to become good managers.
- Management meets the challenge of change: Only an efﬁcient management can save the business from the dangers brought in by the challenges of change.
- The accomplishment of group goals: The proper planning of available resources, adjusting possibility of the business unit with the existing business environment, quality of decision taken and control made by business unit are the factors responsible for achieving the objectives/goals.
- Effective utilization of resources: As explained above.
- Effective functioning of business: Ability, experience, mutual understanding, coordination, motivation, and supervision are the factors responsible for the effective functioning of the business.
- Resource development: The resources viz. men, machines, materials, and money have to be developed by the management.
- Sound organizational structure: It clearly deﬁnes the authority and responsibility relationship of employees. Care must be taken to appoint the right persons to the right job.
- Management directs the organization: Similar to human mind directing and controlling human body, management directs and controls the organization.
- It integrates various interests: Management takes steps to integrate various interests of employees working in the organization.
- It stabilizes the ﬂuctuations: The business always has ups and downs. These ﬂuctuations are stabilized by the management.
- It innovates: New innovative ideas are implemented in the organization.
- Coordination and team spirit: Management coordinates the activities of different departments and establishes team spirit.
- 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.
- 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.
Note: You will be read Importance of Management, also reading Functions of Management by Henri Fayol, 14 Principles of Management by Henri Fayol. Do you know what is Five M’s in the Business?