B.tech and MBA class notes
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Importance
of Management
Management is the catalyst
and brain of industry without which no any organization can established or
survive in the business environment. But, management was not know in old times
as it presently seems, it became this world at the beginning of the industrial
revolution when the scale of production
became vary large and need to control its various stage of production and
distribution problems in the industries. This problem required an immediate
action and attention for the coordinate of work. Thus management was born in
industries to solve and manage industrial conditions. Now management is
worldwide in the modern industry. It becomes essential part of modern industrial
world.
According to Trucker, "management
is the dynamic life-giving element in every business. Without it the resources
of production remain resources and never become production. Management is the
catalyst without which no organization can survive and grow”.
According
to Peter Druker,” management is the crucial factor in economic and
social development.”
Thus the importance of
management can be summarized as below-
- Formulate objectives and goals: - Management determines the objectives and main goals for the organization.
- Innovation: - Management encourages to using new technology and ideas. Innovation makes the organization more efficient.
- Guidance: - Management provides guidance to the workers to work properly and efficiently.
- Motivation: - Management motivates the workers to work hard by providing them various incentives. They also solve their personal problems.In this way they can boost the productivity and profitability of the organization.
- Reducing cost by increasing output: - Management does work through planning, organizing and controlling; thus, it reducing the cost and increasing the output.
- Optimum utilization of resources: - Management utilizes all the physical and human resource effectively; this leads to efficiency in organization. Management provides maximum utilization of scare resources by selecting its best possible alternate. It avoids wastage to utilize proper resources.
- Selection of well qualified human power: - Management selects well qualified and expert human power for different works.
- Establishes Equilibrium:- Management helps in serving an organization in its dynamic environment. It enables the organization to survive in changing environment. The environment of organization changes due to external complexities and hence management has to deal with it. To establish sound organizational structure is one of the objectives of management.
- Useful for society: - Management provided good standard of living to his workers. And management provides useful and quality products to the consumers.
At the last, in
the word of Peter Druker,
“Management is the dynamic life
giving element in every business without it the resources of production remains
resources and never become production”.
Notes- this post shared here are base on my study
in case you find anything wrong and missing points than please bring it to my
notice.
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