Management is an art of getting things done through others. It is a set of functions used for attaining the business goals by utilizing the resources in an efficient and effective way. In other words to manage is to forecast and to plan,to organize, to command, to coordinate and to control. It is the mobilization of an organization's resources to meet a goal. It is virtually applied to every type of organization without considering its size or purpose. It is considered as the life giving element and driving force of an organization.
" Art of securing maximum result with a minimum of effort, so as to secure maximum prosperity and happiness for both the employer and employee and give the public the best possible services"- Prof. John F. Mee
"Management is the process of working with and through others to effectively achieve organizational objectives by efficiently using limited resources in the changing environment" - Kreitner
NEED & IMPORTANCE OF MANAGEMENT
The success of any business depends up on the effective use of 5Ms (Man, Money, Materials, Machinery and Methods) and is the responsibility of management.So management is essential in every organization, either it may be small or big, social or economic, for its smooth functioning. Following points reveals its need and importance:
1. Optimum utilization of resources: Organization needs resources and must be adequate, but the resources are scarce. Therefore it should be use without waste. Management creates a good internal environment and makes sure that workers use the available resources in the most efficient way.
2. Accomplishment of group goals: Due to specialization, for the achievement of group goal, coordination is necessary. Moreover people in the organization have different ways of thinking, views and attitudes. If they are free to do things as they like, it will be difficult to achieve the organizational goals. Management creates team-work and coordination by defining the objectives of the organization and motivate the members to make their best towards the objectives.
3. Essential to reduce cost of production: Without supply quality products, no business can succeed in the modern era. Management by using modern management techniques, reduces the cost of production with quality, improves efficiency and enables the organization to be competent to face competitors and earn profits.
4. Management meets the challenges of changes: Business organization always faces a lot of changes due to competition, losses due to change in technology, obsolescence, lose of market share etc. Management takes suitable steps to adjust the business enterprises with the changing environment and enables to minimize the risk and maximize the profit and thereby facilitates survival and growth of a business.
5. Helps in national growth: By managing the resources in a wealth producing way, management helps for increasing the national income of the country. Moreover, by expanding the business management creates employment opportunities and thereby increases the standard of living of people in the society.
6. Stability: Fluctuations may occur in the business on account of the changing policy of the government, pressures on the part of the competitors and the changing preference of the customers. Strong management can adjust the business from these fluctuations and makes stabilize it.
