Importance of Management

Good management is what converts a group of individuals and a pool of resources into a functioning, purposeful organisation. Its importance can be seen from several angles:

• Achieving group goals — management unifies individual efforts and channels them towards the organisation's common objective, which no single individual working alone could achieve.
• Increasing efficiency — by reducing costs and increasing productivity through the best possible use of resources, management raises the ratio of output to input.
• Creating a dynamic organisation — every organisation operates within a changing environment (new technology, new laws, changing tastes); management helps the organisation adapt to survive and grow rather than being made obsolete by change.
• Achieving personal objectives — a manager motivates, leads, and communicates with employees in a way that helps them achieve their personal goals (career growth, better pay, job satisfaction) while contributing to the organisation's goals. …