Management is a process that has
gained wide acceptance. All
organizations , regardless of weather they are involved in business,
political, cultural or social process, apply management principles and skills
to direct their efforts towards achieving a defined goal.
Organization have a variety of goals and management is a
goal- directed activity. It usully involves managing resources and energies
towards attaining certain pre- determined goals.
Management is essential for organized life and
necessary to run all types of organization. Good management is the backbone of
successful organization. Managing life means getting things done with and
through other people to achive its objective. Whether management is an art or a
science will continue to be a subject of debate. Management is a set of
principles relating to the functions of planning, organizing, directing and
controlling, and application of these principles helps in harnessing physical,
financial, human and informational resources efficiently and effectively to
achive organizational goals.
The acts of managing human , technical and financial
resources is the core meaning of management. Employees in charge of controlling
or giving direction to a business or enterprise are known as managers. Managing
requires certain skills and ability to execute orders and functions.
According to peter drucker , ‘management is a
dynamic life giving element in an organization , without it the resources of
production remain more resources and never become production’.
Importance of management is further discussed in the
following points:-
·
Achievement of group goals:- It requires several people to form a group and
every member in the group possesses some specialization of doing something
relevant to complete the task. Whether the efficiency level one may possess
groups objectives can be achieved only when there is mutual coordination
amongst members. Management plays a vital role in establishing proer teamwork
and mutual coordination.
·
Optimum utilization of resources:- Management plays an important
role while optimizing resources utilization. Resources like manpower, physical,
financial and informational are always inadequately available to a manager,
which is why it is the manager’s responsibility to find out ways and means for
smart uses of these available resources so as to optimize productivity.
·
Minimization of cost:- Minimizing the cost incurred in manufacturing
and maximizing production is one way of increasing profitability. This also
enables an organization to offer their products at a minimum cost to confront
competition.
·
Survival and growth:- The international of national economices,
business operations, and other aspects of society were the major development in
the late 20th century that triggered off processes continuing in the
new millennium. Moving into the 21st century, the new world order is
creating a global economy that will have a significant impact on international
business.
·
Generating of employment:- Management assists organization
to create jobs for people in society. Good management invariably strives for
expansions and diversification of business. This requires innovation and brings
in opportunities of employment.
The
advantages of management are:-
·
Encourages
initiative
·
Encourage
innovation
·
Facilitates
growth and expansion
·
Improves
life of workers
·
Improves
corporate image
·
Motivates
employees
·
Reduces
wastage
