Question

In the absence of management all the resources of an organisation remain as resources only and never become production. Explain the importance of management in the light of this statement.

Answer 1

The significance of management are:

1. Management helps in achieving group goal.

2. Management improves efficiency by minimizing the wastage of resources that is time, money and effort.

3. Management creates a dynamic organisation which adapt the changing business environment.

4. Management helps in achieving personal objectives.

5. Management helps in development of the society.