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.
Author - DeeKay
Tags - Finance, Economy
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