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Importance of Management

Categories: Management

Management is a universal phenomenon. It is a very popular and widely used term. All organizations – business, political, cultural or social are involved in management because it is the management which helps and directs the various efforts towards a definite purpose. According to Harold Koontz, “Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals”.

According to F. W.

Taylor, “Management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way”. Management is a purposive activity. It is something that directs group efforts towards the attainment of certain pre – determined goals. It is the process of working with and through others to effectively achieve the goals of the organization, by efficiently using limited resources in the changing world.

Of course, these goals may vary from one enterprise to another. E. g. : For one enterprise it may be launching of new products by conducting market surveys and for other it may be profit maximization by minimizing cost.

Management involves creating an internal environment: – It is the management which puts into use the various factors of production. Therefore, it is the responsibility of management to create such conditions which are conducive to maximum efforts so that people are able to perform their task efficiently and effectively. It includes ensuring availability of raw materials, determination of wages and salaries, formulation of rules & regulations etc.

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Therefore, we can say that good management includes both being effective and efficient. Being effective means doing the appropriate task i. , fitting the square pegs in square holes and round pegs in round holes.

Being efficient means doing the task correctly, at least possible cost with minimum wastage of resources. Management can be defined in detail in following categories : Management as a Process Management as an Activity Management as a Discipline Management as a Group Management as a Science Management as an Art Management as a Profession 1. It helps in Achieving Group Goals – It arranges the factors of production, assembles and organizes the resources, integrates the resources in effective manner to achieve goals.

It directs group efforts towards achievement of pre-determined goals. By defining objective of organization clearly there would be no wastage of time, money and effort. Management converts disorganized resources of men, machines, money etc. into useful enterprise. These resources are coordinated, directed and controlled in such a manner that enterprise work towards attainment of goals. 2. Optimum Utilization of Resources – Management utilizes all the physical & human resources productively. This leads to efficacy in management.

Management provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses. It makes use of experts, professional and these services leads to use of their skills, knowledge, and proper utilization and avoids wastage. If employees and machines are producing its maximum there is no under employment of any resources. 3. Reduces Costs – It gets maximum results through minimum input by proper planning and by using minimum input & getting maximum output. Management uses physical, human and financial resources in such a manner which results in best combination.

This helps in cost reduction. 4. Establishes Sound Organization – No overlapping of efforts (smooth and coordinated functions). To establish sound organizational structure is one of the objective of management which is in tune with objective of organization and for fulfillment of this, it establishes effective authority & responsibility relationship i. e. who is accountable to whom, who can give instructions to whom, who are superiors & who are subordinates. Management fills up various positions with right persons, having right skills, training and qualification. All jobs should be cleared to everyone. 5.

Establishes Equilibrium – It enables the organization to survive in changing environment. It keeps in touch with the changing environment. With the change is external environment, the initial co-ordination of organization must be changed. So it adapts organization to changing demand of market / changing needs of societies. It is responsible for growth and survival of organization. 6. Essentials for Prosperity of Society – Efficient management leads to better economical production which helps in turn to increase the welfare of people. Good management makes a difficult task easier by avoiding wastage of scarce resource.

It improves standard of living. It increases the profit which is beneficial to business and society will get maximum output at minimum cost by creating employment opportunities which generate income in hands. Organization comes with new products and researches beneficial for society. What is the Importance of Management in Business? “Some underestimate the importance of management in business but the latest researches have shown that it is certainly not the case. The input of the labor, capital and raw materials can never become production without the catalyst of management. A business cannot survive without management because management is its means of support. Management is concerned with acquiring maximum prosperity with minimum efforts. Management is essential wherever group efforts are required to be directed towards achievements of common goals. In this management conscious age, the significance of management can hardly be over emphasized. It is said that any thing minus management amounts to nothing. There is no more important area of human activity than management since its task is that of getting things done through others.

Some underestimate the importance of management in business but the latest researches have shown that it is certainly not the case. The input of the labor, capital and raw materials can never become production without the catalyst of management. Management is a dynamic life-giving element in an organization. In its absence, the resources of production remain underutilized and can never become production. In fact, without efficient management, no country can become a nation. Business is basically a group activity and management plays an important role in making it more effective.

The group as a whole cannot realize its objectives unless and until there is mutual cooperation and coordination among the members of the groups. Management creates teamwork and team spirit in an organization by developing a sound organizational structure. It brings the human and material resources together and motivates the people for the achievement of goals. The available resources of production are put to use in such a way that all sort of wastages and inefficiencies are reduced to a minimum. If the managers in any business are not considerate and good at their job, nothing worthwhile can be expected of the subordinates.

The motivation level of the employees is directly related to good management. Management creates and maintains an environment conducive to higher efficiency and performance. A business enterprise operates in a constantly changing environment. Changes in the business environment create risk and also provide opportunities for growth. A conducive and encouraging environment is indispensable for any business and sound management makes it possible easily. Negative Aspects of Technology Introduction The history of technology is as old as human life.

This is because the usage of technology came into existence when the humans existed. Technology had a great progress since ages that is from mastery of fire by man to computers, rockets, electronics etc which shows the 21st century achievements. The technologies that evolved in the past and even now made our lives comfortable. People are totally dependent on technology. Technology helps in speedy development and changes. According to a dictionary the definition of technology is given as “the sum of the ways in which social groups provide themselves with the material objects of their civilization. (“Technology,” 2012). This shows that technology usage has become as part of our life. These technologies include computers, cell phones, emails, video conferencing and even the basic things like microwave oven and fridge. Technology has become important in every aspect of our life. It changed our way of life in both positive and negative ways. Over past decade, there are many new technologies that have evolved and there is much advancement in the existing technologies. Technology separates individuals from reality. Problem

The advancements in technologies have made our lives comfortable but there is a great negative impact of the technology in our lives. There are many factors that supports that technology has adverse effects on society. Technology is not always green. While new and rapidly advancing knowledge will surely become a dominant force shaping the future of mankind, experts tells that advancing technology always brings side effects. This is because humans modify nature to meet their needs and wants. So scientists feel that the development of technology is causing harm to the environment. Technology’s Negative Impact on Business

Technology has positive affects on global business. The Internet makes it possible for people to communicate easily with associates in other countries. Ecommerce makes it possible for consumers to purchase almost anything from almost anywhere. And the flow of information is fast and often free once you have paid for Internet access. However, technology also has negative impacts on business. Business Relationships Internet technology — such as chat rooms, Skype and other software — has made it possible to hold meetings without all parties being physically present in the same place.

A drawback is that meeting with somebody over the Internet is much less personal than meeting face-to-face. Internet technology in business decreases the personal aspect of business relationships. Business people used to network in restaurants and on golf courses. Today, the lack of physical proximity decreases brainstorming and other communications that use a personal touch. Employee Morale Installing monitoring software in the workplace sends the message to employees that the company does not trust them, according to research done under the aegis of professor Howard Besser while teaching at New York University.

Giving employees responsibility, trust and respect boosts their morale and productivity. Showing them that they are not trusted and must be recorded decreases morale and worker productivity. This is true regardless of the actual reasons for installing monitoring software, according to the same research. Spam Spam refers to unwanted and unsolicited email messages. Spam is widespread and has negative impacts on business, according to the article “Impact of Information Technology on Global Business” published by Purdue University. Wading through spam email is a waste of time, and spam filters can only do so much.

Users of spam filters must then check for necessary email messages diverted incorrectly as spam. Brick and Mortar The popularity of ecommerce has had a negative impact on brick-and-mortar retail stores. Smaller stores are finding more and more difficult to compete with both Internet businesses and larger retail stores. For example, small community bookstores must compete with Amazon. com as well as large stores such as Barnes ;amp; Noble that sell in person and online. Sometimes the smaller stores end up going out of business.

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Importance of Management. (2018, Aug 16). Retrieved from

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