Importance of Managment

Topics: Management, Organization, Project management Pages: 5 (1743 words) Published: January 10, 2013
Today management is what the modern world is all about. Development that has taken place in the world is due to efficient management. The role of the Management is to move an organization towards its purposes or goals by assigning activities that organization member perform. Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them. Management is an individual or a group of individuals that accept responsibilities to run an organization. It encourages initiative. Initiative means to do the right thing at the right time without being told or influenced by the superior. When you show initiative, you do things without being told; you find out what you need to know; you keep going when things get tough; and you spot and take advantage of opportunities that others pass by. You act, instead of reacting, at work. Initiative has become increasingly important in today's workplace. Organizations want employees who can think on their feet and take action without waiting for someone to tell them what to do. After all, this type of flexibility and courage is what pushes teams and organizations to innovate, and to overcome competition. Management also encourages innovation in the organization. But where does the innovation come from? An apple in Newton‘s head sparked to deliver an Idea, which plays a vital role in everyone‘s life till today. Innovation can be considered to be as creativity, i.e., to create new ideas and knowledge creation. Innovation brings new ideas, new technology, new methods, new products, new services, etc. This makes the organization more competitive and efficient. Management shares some of its profits with the workers. It provides the workers with good working environment and conditions. It also gives the workers many financial and non-financial incentives. All this improves the quality of life of the workers. Management makes optimum utilization of available resources. It reduces wastage and increase efficiency. It encourages team work and motivates employees. It also reduces absenteeism and labor turnover. All this results in growth, expansion and diversification of the organization. If the management is good, then the organization will produce good quality goods and services. This will improve the goodwill and corporate image of the organization. A good corporate image brings many added benefits to the organization. Since management practices rely upon the opinions of managers and employees or a case study in a particular area of business, they work best for informal organizations. Little doubt exists as to whether a management model will work, because the track record of the model speaks for itself. Management practices focus more on dynamics between groups, which allow managers more flexibility in making decisions and helps employees function together as a unit when they work together on a project. Management principles are the statements of fundamental truth based on logic which provides guidelines for managerial decision making and actions. From the knowledge of principles managers get indication on how to manage an organization. The principles enable managers to decide what should be done to accomplish given tasks and to handle situations which may arise in management. These principles make managers more efficient. They provide understanding of management process what managers would do to accomplish what. Thus, these are helpful in identifying the areas of management in which existing & future managers should be trained. Management motivates employees by providing financial and non-financial incentives. These incentives increase the willingness and efficiency of the employees. This results in boosting productivity and profitability of the...
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