Question

Explain any five points of importance of management

Answer 1

The following points highlight the importance of management in an organisation:

1. Achieving goals: Management helps the organisation in achieving its goals. The role of a manager is to provide common guidance and direction to the individual efforts for the fulfilment of organisational goals.
2. Increasing the efficiency: Management helps in increasing the efficiency of the business by increasing productivity through efficient planning, organising, controlling and directing.
3. Helps in creating a dynamic organisation: Management helps in providing the required impetus for an organisation to transition from one phase of development to another and also in adjusting to the changing dynamics of the business environment.
4. Helps in achieving individual objectives: Management helps in guiding the individuals towards attaining personal objectives, which has a direct impact on attaining the organisational objectives.
5. Development of society: By developing the organisation, management helps in its growth. A developed organisation has some moral responsibilities towards society and it does so by creating employment opportunities, providing good quality products and services.