Importance of Management

Point of Importance	Meaning	Example
Achieving Group Goals	Coordinates individual efforts to achieve common goals.	Principal, teachers and students conduct a successful annual day.
Increasing Efficiency	Reduces wastage and improves productivity through proper management.	A coaching centre uses planned batches and monitoring.
Creating a Dynamic Organisation	Helps the organisation adapt to change.	A sports academy shifts to online registration.
Achieving Personal Objectives	Motivates employees and supports their growth.	An employee receives training and promotion.
Development of Society	Promotes quality goods, employment and economic development.	A well-managed hospital improves healthcare and creates jobs.

CBSE: Class 12

Key Points: Importance of Management

Management helps in achieving common organisational goals.
It increases efficiency by reducing wastage and improving productivity.
It enables organisations to adapt to changing business environments.
It supports employee growth and helps achieve personal objectives.
It contributes to society through quality goods, services and employment.
Effective management promotes overall organisational and economic development.

Related QuestionsVIEW ALL [8]

______ is used extensively for all types of activities and mainly for taking charge of different activities in any enterprise.

______ is the reason for business failure.

Management is the dynamic, life-giving element in every business. In the context of this statement, explain the importance of management in modem times.

Name any two important characteristics of management.

Explain any three points that highlight the importance of 'management.

Identify the reason which makes management important in the light of the fact that it is generally seen that individuals in an organization resist change, as a change often means moving from a familiar, secure environment into a newer and a more challenging one.

Captcha Ltd. is a construction company in which all the employees learn various ways of dealing with diverse situations from their seniors. Company provides financial as well as non-financial incentives. This helps the employees to grow and develop their abilities. The organisation behaves as a responsible constituent of society and always creates good quality products. It has a positive image in the market. The training modules are excellent and the employees always try to find unique ways of providing solutions in the context of rapidly changing business environment. This has helped the organisation to adjust smoothly.

Identify and state three points of importance of management being highlighted here.

State the basic features of management as a profession.

Importance of Management

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Topics

Nature and Significance of Management

Principles and Functions of Management

Business Finance and Marketing

Principles of Management

Business Environment

Planning

Organising

Staffing

Directing

Controlling

Financial Management

Financial Markets

Marketing Management

Marketing

Consumer Protection