Question

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

Answer 1

1. Helps in the accomplishment of organizational goals: It is the management which determines the goals of the organization and of various departments and functional groups. Tl1e goals are communicated to the employees to seek their cooperation and to ensure coordination. All organizational activities are directed towards organizational objectives. A clear-cut definition of goals is essential for the success of any organization. 
2. Helps in efficient utilization of resources: Management ensures efficient utilization of resources to reduce costs and increase productivity and profitability. Through planning and organization. management eliminates all types of wastages and achieves efficiency in all business operations. Management motivates workers to put in their best performance. This would lead to the effective working of the business. 
3. Creates a dynamic organization: All organizations operate in a dynamic environment. In order to survive and grow, each organization has to adapt itself according to the needs of the environment. Employees generally resist changes in organizations. Management helps them to adapt to the changes so that the organization is able to maintain its competitive edge. 
4. Helps in the accomplishment of personal objectives: Management leads the group members to motivate them to achieve their personal objectives while working for the organizational objectives. Management helps them to satisfy their physical, social. and psychological needs so as to develop a cooperative and committed team. 
5. Helps in development of society: Efficient management of resources is equally important for the development of society. According to Peter Drucker, "Management is the crucial factor in economic and social development." The development of a country virtually depends upon the quality of management of its resources. Efficient management of resources helps in the development of a nation in this: following ways : 
(a) provision of good quality products and services: 
(b) creation of employment opportunities: 
(c) technological innovations for the betterment of society: and
(d) contribution to economic growth and development.