Significance/ Importance of Management

Significance/ Importance of Management     are very essential for successful running of an enterprise. It ensures proper use of physical and human resources by deriving the best results. It leads to efficient performance and higher productivity. Arising out of these benefits, the importance of management may be outlined as follows:     

(1) Helps in achieving group goals:  Management assembles and organizes available resources for the accomplishment of the goals of an enterprise. It adds effectiveness to the efforts of a group of persons organized to achieve given objectives.      

(2) Optimum utilization of resources:  Management utilizes available physical and human resources productively. It eliminates all types of wastage and leads to efficiency In all business operations. Thus, it results in effective running of business activities.       

(3) Reduces costs:  to secure efficiency of operations, management is concerned with reducing costs of production and increasing the output. Through better planning, organizing and control, and the use of various cost reduction techniques, efficient management leads to reduced costs and increased output.         

(4) Establishes a sound organization: Management lays down a pattern of authority- responsibility relationship. The structure so formed shows the various inter- related positions for which the right type of persons with right qualifications and training are selected.      

(5) Maintains equilibrium: Management helps an organization to survive in its dynamic environment. Good management enables an enterprise to adjust to the complex and ever- changing external environment. Thus, management is responsible for survival and stable growth of an organization.      

(6) Essential for prosperity of the society: Efficiency of management leads to greater and more economical production for the society. Through increased welfare activities, it improves the standard of living of the people. Moreover, through its creative activities like designing new predict and adopting new technology, management provides maximum satisfaction of consumer needs in society.   

   Related Questions in Biology

  • Q : What is Prefeasibility Analysis

    Prefeasibility Analysis: Should include reports on potential projects: not too detailed – just sufficient to indicate general promise of alternative projects. could utilise project screening and project analysis grids as

  • Q : Explanation of chiasms of homologous

    Give a brief explanation of the term “chiasms” of homologous chromosomes?

  • Q : Describe antigenic specificity Describe

    Describe antigenic specificity in short?

  • Q : Neuron cell Give an example of the

    Give an example of the situation where the neuron cell body is situated in the part of body and its axonal terminal portion is in other distant portion of the body? Why this happen, explain?

  • Q : Describe Customer Retention Customer

    Customer Retention: It is an assessment of the product or service quality given by a business which measures how loyal its customers are. The Customer retention statistics are usually expressed as a percentage of long term clients, and they are signif

  • Q : Differentiate between spermatids and

    Distinguish between spermatids and sperm cells? Also explain about transformation of spermatids into sperm cells?

  • Q : Substances transmitted from the mother

    Explain the main substances transmitted from the mother to the fetus via the placenta and from the fetus to mother?

  • Q : Explain the nature of Lipid rafts

    Lipid rafts provide another example of the complexity of cell surfaces in both their structural character and biologic functionality. Please explain the nature of these structures and their functionality.

  • Q : Protein structures and protein

    Write an essay, max 2500 words, plus figures and references, on one of the following topics:1. An appraisal of methods for comparing protein structures.2. Homology modelling in the structural genomic projects.3. Com

  • Q : Sources of Leader Power Sources of

    Sources of Leader Power: Legitimate power: stems from position in the management hierarchy and the authority given to this position. Reward

©TutorsGlobe All rights reserved 2022-2023.