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Importance and Advantages of Management

Importance and Advantages of Management

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Published by: steffszone on Oct 13, 2009
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01/30/2013

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 Importance and advantages of managemen
Introduction:-
After industrial revolution tremendous acceleration and growth took place in the business &industrial world. Although, India too after independence has made a remarkable progress in developmentof business, commerce & industry, its pace is slower as compared with developed countries. Anyorganization either commercial, industrial, educational, religious or charitable, when comes into existencewith a group of people joining hands for the attainment of certain objectives, needs ‘some one’ tochannalize its activities towards achieving the goals. This ‘some one’ functionary is “Management”Management manages the men tactfully getting the things done, achieving the goals, gaining the profits for its organization. Management is the “live asset” of any organization. It provides new ideas,inventions and vision to the work group and integrates its efforts in such a manner as to account for best possible results. The successes, survival, smooth functioning and stability of the business organizationdepends upon the management. Management is the “life blood” of an organization. The role of management in a business organization is to cater to the present and future needs of the community and tocreate and generate wealth.An organization without good management is a house built on sand. People are individuallyknown as managers and collectively as management. Management is a body of people who perform themanagerial functions of planning, organizing, directing, coordinating, motivating and controlling
Definition:-
Management is a distinct process consisting of planning, organizing, staffing and controlling, performed to determine and accomplish stated objectives by use of human beings and other resources-George TerryThe term management thus has several meanings depending upon the context and the purpose.Almost everyone has their own opinions about what management is. As a result there is no definition of management on which everyone agrees.
 
Importance of management
As every gardener knows, plants are happy when they get the water they require, the same goeswith management…..an organization functions effectively only if there is good management.Management is the dynamic life giving element in every organization. It is the activating force that getsthings done through people. Without management an organization is merely a collection of men,machines, money and materials. In its absence the resources or production remain resources and never  become production. The importance of management can be elaborated from the following points:1.Meets challenges of changes2.Achievement of goals3.Optimum use of resources4.Provides stability Provides innovation5.Provides coordination & establishes team spirit6.Tackles business problems7.Helps in personality development8.Establishes sound industrial relations
1. Management meets the challenges of changes:
Change is inevitable in today’s dynamic business environment. In the era of globalization,computerization, privatization of multi-nationals, fast and growing changes are taking place. In recentyears the challenge of change has become intense and critical. The management successfully manageschanges in order to stay afloat amidst intense competition. The challenge of changes can be met by professional and efficient management only. Complexities of modern business can be overcome only byscientific management.
2. Achievement of goals:
Management plays an important role in the achievement of objectives of an organization.Objectives can be achieved only when the human and the non-human resources are combined in a proper way. Management is goal-oriented. With a view to realize the predetermined goals, managers plancarefully, organize the resources properly, hire competent people and provide necessary guidance. Then
 
try to put everything on the right track. Thus, necessary deviations, over-lapping efforts and wastemotions are avoided. In the final analysis, all these help in realizing goals with maximum efficiency.
E.g.
: at the time of our college festival “Andreams” the organizing committee which comprises of theteachers and the students work towards the goal of making it a success. Thus for this purpose they plancarefully and organize the events carefully.
3. Optimum use of resources:
Management ensures optimum utilization of resources by attempting to avoid wastage of allkinds. It helps in putting the resources to the best advantage, within the limitations set by the organizationand its environment.
It is the one and perhaps the only resource of production which generates lifeand momentum in the enterprise as a whole and makes its impact by improving the competitive position and the scale in the operation.
4. Management provides stability:
Smooth and continuous running of business organization depends upon the efficiency of management. Degree of stability of any organization is positively correlated with the degree of efficiencyshown and adopted by the management. It is necessary to change and modify the resources in accordancewith the changing environment of the society. If the business enterprises do not change according to thechanging environment, their stability may be in danger. Thus the management puts in a lot of effort inmanaging stability because the more effective the management is in managing change , the more stable itis.
5. Management provides innovation:
Innovation is a must for business and industry. Otherwise, it becomes rigid and outdated. Onecannot expect to manage their way to innovation; however, management sets some of the preconditionsfor it. Innovation requires new ideas, improved or new suggestions, new dimension, new vision, excellentimagination etc. All this is provided by management, which makes the business and industry modern, liveand dynamic. However, innovation does not start at the top of the organization. Whether an organizationis on the leading edge or following an imitation strategy, innovation is the only sustainable advantage.Today a good idea is not good enough. The management must demonstrate that their idea will deliver measurable results to the bottom line. To drive innovation and organizational success, the managementneeds to make effective business decisions that provide the most economic value to their organization.

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