Question

Long answer type questions.

Explain in details the importance of management.

Answer 1

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

1. Achievement of goals- Every organisation has a defined set of goals and objectives that it strives to achieve. For this, it is important that the efforts of all the individuals must be collaborated and directed towards the common goals of the organisation.
2. Increased efficiency- An increase in efficiency implies minimising costs and increasing productivity through the optimum utilisation of the given resources. Thus, management helps in the the achievement of goals in an efficient manner by optimally utilising the resources.
3. Creation of a dynamic organisation- Management helps an organisation adapt to the changes in the external factors, including the political, social, environmental and economic ones. Thus, it helps in creating a dynamic organisation.
4. Development of society- Management not only emphasises on the achievement of organisational goals but also focuses on social welfare. According to it, a business must contribute towards the development of society in general by producing good quality products at fair prices and encouraging honest selling practices in the market.