Question

Write short answer of the following.

How is management important for every organization?

Answer 1

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

i. Achievement of goals: The efforts of all the individuals must be directed towards the common goals of the organisation.

ii. Increased efficiency: An increase in efficiency implies minimising costs and increasing productivity through the optimum utilisation of resources.

iii. Creation of a dynamic organisation: Management helps an organisation adapt to the changes in the external factors such as the political, social, environmental and economic ones.

iv. Development of society: Management must contribute towards the development of society by producing good quality products at fair prices and using honest selling practices.