Define management. Explain the importance of management. Discuss any three advantage of management

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 20^th century that triggered off processes continuing in the new millennium. Moving into the 21^st 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