Management is a set of principles useful for proper organizing, planning, directing and controlling. The application of these principles in providing physical, financial, human and informational resources efficiently and effectively to achieve organizational goals. This is a sense that refers to the dynamic handling of the company as well as its operators.
Management is an integral part of living. It is essential with human efforts to achieve desired objectives. The necessary ingredients of management are always at play, whether we manage our lives or our business.
Importance of management for every business organization is:
In the absence of efficient management, the resources remain resources and are unable to convert into finished products.
Getting Maximum Results with Minimum Efforts - The main aim of management is to secure maximum productions with minimum efforts & resources. Management is concerned with inventing & utilizing human, material & financial resources in such a manner that would result in the best combination. This combination results in a reduction in costs.
Increasing the effectiveness of factors of production - By proper utilization of various factors of production, the efficiency gets increased to a great extent. This efficiency can also be obtained by reducing spoilage and wastages, leading to saving of time, effort and money; hence, it is essential for the growth & prosperity of the enterprise.
Maximum Prosperity for Employer & Employees - Management ensures smooth and coordinated functioning of the enterprise. Proper functioning helps in providing maximum benefits to the employee in the shape of good working condition, suitable wage system, incentive plans on the one hand and higher profits to the employer on the other hand.
Human betterment & Social Justice - Management serves as a tool for the upliftment as well as the betterment of society. Through increased productivity & employment, management ensures better standards of living for society. It provides justice through its uniform policies.
Hence, studying management as a discipline is essential if you want to see yourself in a leading position in an organization.
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