Question

Explain any four points of importance of management.

Answer 1

The following points highlight the importance of management.
1. Achievements of goals: The efforts of all the individuals must be organised and directed towards the common goals of the organisation. Managers of an organisation help in achieving the common goals by listing down what is to be done, how is to be done by whom it is to be done.
2. Increases efficiency: The managers of an organisation aim at increasing efficiency. An increase in efficiency implies minimising the costs and increasing the productivity through the optimum utilisation of resources. All possible methods are adopted to ensure cost effective discharge of allocated tasks.
3. Create dynamic organisation: Business today operate in a constantly changing business environment. It is generally observed that individuals are reluctant to changes, therefore it is managers who help overcome resistance and motivate people to adopt to the changes in external factors such as political, social, environmental and economical changes.
4. Development of society: Management must contribute to the developments of society by producing good quality products at fair prices, using honest selling practices, etc. This will help business enjoy a comparative advantage over the rival firms in a competitive environment.