Importance of Management

         Principles of Management 10 Mark   Importance of Management : 1. Systematic approach to work :          Planning,...

         Principles of Management

10 Mark 

Importance of Management:

1. Systematic approach to work:

         Planning, which is one of the important functions of management, provides for a systematic approach to work. It fixes responsibilities on individuals and departments.

2. Mobilization of the necessary resources:

         Every business needs men, machines, materials and money. The extent to which these resources are required and the proportion in which these are to be combined are taken care of by organizing which is yet another important functions of management.

3. Division of work:

         Management recognizes the need for division of work in any work place. The total work to be done is divided into different parts and each part is entrusted to a particular individual. 

4. Selection of the right man for the right job:

          Management gives utmost importance to the selection of the right man for the right job. If an individual is over-qualified, he may not show interest in work. On the other hand, if he is under-qualified, he cannot cope with the nature of work.

5. Manpower development:

           The candidates, who have been selected for the various jobs, may not have practical exposure to work. The skill of some of the employees, already working in the organisation, need to be updated in tune with advancement in science and technology.

6. Inducement of workers:

           Another important role played by management is in the matter of motivating the employees of the organisation. Employees cannot be handled in the manner in which machines and materials are handled. 

7. Stability of tenure:

           Management advocates stability of tenure for all in an organisation and particularly for the managerial personnel. If an employee is frequently shifted from one job to another or from one branch to another he will not be able to cope with such a change.

8. Integration of business activities:

           In a business a number of activities like purchase, production, marketing and sales take place. There are separate departments to look after these various activities. Thus, it is necessary that the various departments work in proper co-ordination. Management takes care of this aspect also.

9. Performance of control:

          It is necessary for every business find out whether what has been planned has been achieved at the end of the plan period. If the goal has not been fully realized, it becomes necessary to find out the causes that have contributed to the shortfall in performance. 

10. Fulfillment of social obligation:
           Every business is part and parcel pf the society. The business derives all the benefits from the society and therefore, it owes certain duties towards the various sections of the society, namely, the shareholders, the creditors, the consumers, the employees, the competitors, the government.   

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