Management is indispensable for the success functions of every organization. Every business need repeated stimulus which can only be provided by management. According to Prof. Peter E. Dweker, management is a dynamic life-giving element in an organization without management, the resources of production will remain mere resources and never become productive. 1. Achievement of Organizational Goals.
Management creates teamwork and co-ordination in a group efforts to achieve common goals. Today’s managers must harmonize the common objectives of the group with those of the workers so that workers are motivated to make their best contribution towards the attainment of organizational goals. Managers therefore should provide inspiring leadership to keep the workers working hard. 2. Optimum Utilization of Resources.
Managers must ensure that their organization has adequate resources and at the same time does not have idle resources. To utilize these resources effectively, managers must create and maintain an environment conducive to highest productivity. The mangers have the duty to ensure that workers know their job well enough and use the most current methods of doing work. Managers must provide an opportunity for training to all employees so that they can make best use of the available resource such as skills, knowledge and experience. 3. Survival and Growth
Since business organizations operates in a rapidly changing environment, it is upon the organization to adapt itself to the changing demands of the market and social management keeps in constant touch with the existing business environment and draws the productions about the trends in the future. For example, changes in business environment create risks as well as opportunities. The work of managers as well as opportunities. In this way, managers will facilitate the continuity and prosperity of business. 4. Generation of Employment Opportunities.
By establishing and expand business organizations, mangers create jobs for the people. People can earn their livelihood by working in the organization; managers must create an environment that will enable people working in the organization get job satisfaction, achievement and happiness. In this way, managers help to satisfy the economic and social needs of the employees. 5. Development of the Nation.
Efficient management is equally important at the national level of a country. Management is the most critical factor of a country’s cast resources. Capital investment and importation of technical knowhow (technology …………………………………………………………………………………………………………………. unless wealth producing resources are managed efficiently. By producing wealth, management enhances the National income and the living standards of the people through the consumption of high quality goals. That is prime reason as to why management is regarded as the Master Key to the economic growth and development of a country. 6. Minimization of Cost.
In the modern times of Cut-throat competition, no business can succeed unless it is able to supply, its customers with high quality of goals at reasonable possible prices. Management directs its daily activities in such a manner that all wastages and extravagance are avoided at all cost. By minimizing costs and constantly improving on efficiency, managers can ensure that their organization face competition competently and earn reasonable profits to sustain its future growth and expansion. 7. Management Provides Appropriate Leadership.
Management provides appropriate leadership to subordinate by: i) Explaining to them the purposes behind the organizational objectives behind the organizational objectives and nicessities. ii) Being specific about the organizational goals.
iii) How much organizational goals can be achieved.
8. Management Encourages a Conducive Environment.
It encourages a conducive environment...