Explain any four points of importance of management.
Explain any four points that highlight the importance of management
State any four points which highlight the importance of management.
Importance of management can be highlighted using the following points:
1. Attainment of objectives: Management performs the task of attaining the key objectives of an organisation by planning, organising, directing, staffing and controlling various resources available in the organisation.
2. Efficient utilisation of resources: Management aims to utilise all resources available in an organisation efficiently. Efficiency implies minimisation of cost and time to achieve certain standard of performance.
3. Adaptability: Management makes sure that the organisation is adaptable to changes pertaining in the market at any moment. It prepares the organisation to face forthcoming challenges and face competitors in the best possible manner.
4. Social welfare: Management helps in social welfare by manufacturing good quality products at fair price in the market. Social welfare is made possible by the management through the value delivered by them in their product.