Importance of Management in a Modern Business Organization

Importance of Management in a Modern Business Organization

Importance of Management in a Modern Business Organization

The concept and practices of management are assuming immense significance in the present day environment. It is being understood by different senses. Some people consider it as the art and science of getting things done through and with people. Some others consider as the process of achievement of the objectives. Some define it as the optimum utilization of the resources for the purpose of achieving the organizational objectives.

Importance of management

Management is an indispensable element for the establishment proper functioning and success of all the organization behavior social, political, religious, charitable or business units. If effectively and efficiently organizes and utilizes the human and non-human resources and directs them towards the accomplishment of organizational goals.

The importance of management is as follows.

1. The accomplishment of organizational goals

Management achieves the organizational goals by properly planning organization. The success of any business organization depends on the extent of its effective and efficient attainment of the predetermined object or goals by properly utilizing its human and physical resources and facility, and by copying well with its environment element, such as consumers, suppliers, competitors, etc. 

2. To run large-scale industry smoothly

It is the time of production. production enjoys some certain advantages overproduction but simultaneously faces some difficulties also. The main difficulty faced by the enterprise having production is to the activities and to manage the distribution of goods and services. Business administration and management the enterprise in overcoming these problems with the help of business administration and management. The business enterprise can carry out the production easily and can manage the proper distribution of goods and services.

Importance of management in a modern business organization

3. Proper running of the business

Management successfully leads and motivates the workers to perform their duties and responsibilities.

4. Designing of good organizational structure

People in an enterprise must be properly well constituted purposeful groups in order to create co-operation and co-ordination in their thinking and activities only then they will be able to contribute effectively and efficiently towards the achievement of group goals and ultimately the business subjective. For establishing proper control positions and also clear relationships between and amongst The management designs the required structure and fills the created positions with right persons.

5. Creation of proper organization climate

The good working climate is a must for people to perform their task and responsibilities enthusiastically and economically. Managers create proper organizational climate by establishing effective reward system.

6. Creating and maintaining co-coordinating

If people in the organization perform their linkages with one another. Such scattered activities and efforts shall result in all futile exercises. Productivity will be hampered results shall be dismal and disappointing and objectives shall remain unattained. Hence proper integration of physical resources and people is a must for successful business. Management acts as the force that integrates ideas and physics resources into creating and maintain among human and material resources towards the achievement of organizational objectives.

The impor­tance of management has increased tremendously in recent years due to increase in the size and complexity of organizations, turbulent environ­ment and growing responsibilities of business.