Question

Write short notes of the following.

Importance of management

Answer 1

The following points highlight the importance of management:
i. Achievement of goals: The efforts of all the individuals must be organised and directed towards the common goals of the organisation.

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

iii. Create a dynamic organisation: The management helps an organisation adapt to changes in the external factors including political, social, environmental and economic changes.

iv. Development of society: The management must contribute towards the development of society in general by producing good quality products at fair prices and encouraging honest selling practices.