Explain significance of management

The process of designing, organising, and maintaining an efficient environment where individuals working together in groups can quickly achieve their goals is called management. 

The word Management is widely used in all organisations –political, social, cultural, or business- uses the management process as it helps direct the various efforts to a definite purpose. For small or big, profit or non-profit management is essential, and it helps individuals make their best contribution towards the group objectives. An organisation is a group of various individuals with different needs working together. The function of a manager is to collectively assess these individuals and their different needs to perform their best to complete the task. 

What is management? 

Management is a purposive activity, and it is the process of working with each other to achieve the goal with limited resources effectively. The activities involved in managing an organisation are generally daily in all enterprises, be it a financial organisation, political or a social organisation. 

Management uses the various factors of production and creates an efficient internal environment. Therefore, management is responsible for creating such conditions that will help the business achieve maximum efforts to perform its tasks at the highest level of efficiency. 

Being good at management includes both being effective and efficient. Doing the right job is called being effective. Doing the work on time and at the lowest cost using the minimum amount of resources without any wastage is efficient.

Management also includes ensuring the availability of raw materials, determination of salaries and wages, formulation of rules and regulations, and more such responsibilities. Management is a goal-oriented method, an organisation has a set of primary goals, and different organisations have different purposes. But the organisation aims to reach that goal efficiently and at a low cost with limited resources.  

What is the significance of management?  

The management process is a series of continuous functions of arranging, organising, directing, and assembling performed by managers. Management increases cooperation and coordination among the workers in an organisation. Significance of management are:

Optimum utilisation of resources: Management arranges and utilises physical and manual resource productivity by selecting the best alternative use in industry from various benefits, leading to maximum utilisation of limited resources. Management uses skills, professions, knowledge, and services at an adequate level to avoid the wastage of resources. 

Management helps achieve goals: It provides direction to the individuals working in the group by motivating team spirit to achieve goals. Management arranges production and resources and organises them in a goal-oriented method to achieve the goals. So management and leadership are managing and containing the factors that save cost, effort, and time.    

Reduces cost: Management helps get maximum profit with minimum input through planning. It uses physical, financial, and manual resources efficiently that provides the best results, and using this manner also helps in cost reduction.  

Establishes equilibrium: Management helps the organisation survive in a changing environment. The initial coordination of the organisation should keep changing with the change in the external environment. Management helps the organisation adapt to changes in both demands in the market and changes in the needs of society. Management establishes equilibrium and is irresponsible for the growth and survival of the organisation.  

Essential prosperity of society: Efficient management means better economical production, which implies help in increasing the welfare of people. A difficult task can be completed without any wastage of resources with the help of good management. Management increases profit potential, ultimately leading to profitable business and society. 

Does management help in the development of society?  

By producing good quality products at the lowest prices, providing employment, and adopting new technologies to raise the living standard of the society, that’s how management helps in the development of society. Management enables the organisation to make better employment opportunities, which ultimately helps develop the community.    

Conclusion 

The process of designing, organising, and maintaining an efficient environment where individuals working together in groups can quickly achieve their goals is called management. 

Management also includes ensuring the availability of raw materials, determination of salaries and wages, formulation of rules and regulations, and more such responsibilities. 

Management enables the organisation to make better employment opportunities, which ultimately helps develop society. 

Efficient management means better production at a bare minimum cost, which implies helping increase people’s welfare. A difficult task can be completed without any wastage of resources with the help of good management. Management increases profit potential, ultimately leading to profitable business and society.