Mgmt Importance/Significance - Need

Importance/significance of Management:
The modern world is witnessing continuously breakthroughs in science and technology there is no doubt that all the breakthroughs and developments were made possible by efficient & effective management.1.5.1 Efficient accomplishment of pre-determined goals: Management facilitates efficient accomplishment of goals. Activities & functions performed by various individuals in the organization are properly directed and coordinated towards these goals by mangers. Successful managers are responsible for growth and expansion of an enterprise. Quite often it is in efficient management that retards the growth & expansions of the organization. A team of professional manager successfully led, motivate and guide other for making valuable contribution toward the goals.1.5.2 Effective & optimum utilization of resources: An effective an optimum utilization of all resources can be secure by applying managerial knowledge. Management integrates physical & human resources for realizing objective. Wastage and spoilage of resources are minimized to a great extent. Optimum use of resources brings good result to the organization.1.5.3 Higher efficiency: An application of management knowledge result in a proper and effective utilization of resources and helps in reducing the cost of various operation. By economizing various operation related to distribution and production and the entire functioning of the organization can be made cost efficient.1.5.4 Corporate image: Management remains a critical variable in an organization because survival, profitability and growth of an organization, to a large extent, depend on a professional approach and abilities of manager. Proper management enables the organization to enhance corporate image. This is because of quality products of services offered by the company.
NEED FOR MANAGEMENT: management is an essential accompaniment of all social organizations & it is to be found everywhere as a distinct, separate & dominant activity. To Meet the Challenges of Change: In recent years the challenge of change has become intense & critical. The complexities of modern business can be overcome only by scientific management.
For effective utilization of the seven M’s: there are seven M’s in business viz., men, materials, money, machines, methods markets & management. Management stands at top of all these Ms. It determines & controls all other factors of business. For the Development of resources: Good business by creating vital dynamic & life- giving force in the oraganisation.  Management directs the Organization: just as the mind directs & controls the body to fulfill its desire, similarly management directs & control the organizations to achieve the desired goal. Integrate various interest: in the group efforts, there are various interest group & they put pressure over other groups for maximum share in the total output. Management balance these pressure & integrate the various interests. Management provides stability: in the modern society the management provides stability by changing & modifying the resource in accordance with the changing environment of the society.  Management provides Innovation: management provides new ideas, imagination & vision to the organization & necessary life for better & greater performance. Management provides Coordination & establish team spirit: management co-ordinations the activities of the different departments if an enterprise & establish team spirit amongst the personnel. Tackle business problems:  goods management serves as a friend philosopher & guide in a tackling business problems. It provides a tool for the best way of doing a task. A tool of personality Development:  Management is necessary not only for direct things, but also for the development of men. I t makes the personality of the people & the attempts to raise their efficiency & productivity.