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Importance of Management

Management plays an important role in shaping the culture of an organization. The performance and survival of a business organization depends on its management.

Achievement of organizational goals:

Management helps organizations to effectively design their goals and frame plans and policies to achieve them efficiently.

Optimum utilization of organizational resources:

Management helps and organization utilizes its scarce resources efficiently.

Develop the analytical and conceptual ability of managers:

Management helps managers to analyse the organizational problems, link them with other organization matters and arrive at a solution for attainment of organizational goals.

Balance between multiple goals:

At a point to time, managers face multiple goals, all of which cannot be simultaneously achieved. Deciding about what  is less important so that scarce organizational resources can be optimally allocated to different organizational goals, is facilitated through management.

Economic and social development:

Ducker asserts that “ developing countries are not underdeveloped, they are under managed. “ If the knowledge of management is transferred from developed to developing counties, the developing counters will develop their underdeveloped  ability, managerial excellence, rate of savings, capital formation and ultimately economic and social development.

Coordination between individual and organizational goals:

Effective management coordinates individual goals of people with formal goals of the organization.

Face competition:

Today’s world is the world of intense competition. Effectively managed business firms outperform those which are nor effectively managed and ,thus, capture a bugger share of the market.

Social enlistment:

Management brings social development by generating and directing human energies towards the needs of the society such as health care, education care , clean environment etc.

Management helps to reform Government and society:

Management teaches managers to respect the individual values, tradition, customs, values and beliefs of the society, the more that organization is accepted by the society and the Government.

Management helps in social innovation:

The social and economic development is more a results of social innovation than technical innovational. The needs of our society educate skilled managers.

Environmental analysis:

Management enables an organization to analyse its strengths and weaknesses and relate them with the environmental threats and opportunities. This helps managers to minimize risks and maximize the environmental opportunities and business gains.

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