Management is an indispensable element for the establishment of proper functioning and success of all organization’s 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 in modern business is very Big but first, we learn what is the role of management of our society.
Role and Importance of Management in Society
In the Industrial society the role of Management may be viewed from the following:
1. Co-ordination of Different Factors
In large organizations, hundreds of thousands of people work together under the same roof in an organized manner to achieve the organization’s goal. Organizations depend on group efforts.
No individual can do much for the organization with his own efforts alone.
People at work in an organization assemble or produce certain goods or services according to the direction of the management.
The management coordinates the efforts of all factors of production. It needs to guide and direct people.
2. Achievement of Objectives
Each organization has its some objectives, The achievement of which calls for organized efforts in a planned manner.
Management becomes essential for directing and unifying the group efforts towards a common objective.
It integrates various activities to get the objectives.
Read More: Top 11 Differences between Formal and Informal Organization.
3. Make of Proper Organisation Climate
The good working climate is a must for people to perform their tasks and responsibilities enthusiastically and economically.
Managers create a proper organizational climate by establishing an effective reward system, grievance handling system, problem-solving system, etc.
4. Increasing Productivity
The main objective of an organization is to maximize its profits by reducing the cost factor in production.
The human factor in an industry is the most effective factor of production.
Unless, it is satisfied and its attitude is favorable to work and Organisation, productivity cannot be increased.
Management is the activating agent for getting the work done through its personal.
The management must see that people are motivated to work so that productivity increases.
Related: 15 Key Features of Effective Management Control System.
5. Facing Competition
Today production is done on a large scale basis to cope with increasing demand for goods and services at the national and international levels. Accordingly, the size of the market has also enlarged.
This has increased competition in the market.
The increasing competition requires efficient and effective handling of men and materials.
Management must mastermind its affairs to produce quality goods at a low cost. This calls for better management.
6. Modern Scientific and Technical Inventions
The new development in methods and machines has made the production process more Complex resulting in increasing importance of Machines and methods which has reduced the importance of men in the production process.
As complications have developed in managing the affairs, efficient management is needed to meet the situation effectively.
7. Creating of Good Organisational Structure
People in an enterprise must be properly organized into well-constituted purposeful groups in order to create cooperation and coordination in their thinking and activities.
Related: 17 Role and Importance of Small Scale Industries (Economy).
8. Exercising a Positive Influence
Management should provide dynamic leadership that combines productive resources into a fruitful organization.
It adapts its self to exciting opportunities, restrictions, and presses. It exercises a positive influence to make future events favorable to the Enterprise.
To get the expected results the management has to see things happen as they should.
Through innovations, management forges ahead in the operating situation and adopting farsighted planning.
Visualizing the future, it initiates changes and achieves the purpose of the enterprise under highly dynamic conditions.
9. Adding to Real Value
Management acts as a creative and invigorating force in the organization.
It creates a result that is bigger than the sum total of efforts put in by the group.
It adds a real plus value to the operation of any enterprise by enlisting a little extra value out of each person. It provides new ideas, imaginations, and visions to the group working.
It integrates its efforts in such a manner as to account for better results, by focusing on strong points, neutralizing weak points, overcoming difficulties and establishing Team Spirit.
Social welfare depends upon the quality of Management prevailing in an organization
Related: 13 Needs and Characteristics of Motivation Research.
10. Necessary to all Organization
Not only the business organizations but the non-business organization like educational, religious, charitable, and other social organizations also need management.
The government at all levels nice management as much as other organizations need it.
Management is found everywhere as a distinct, separate and dominant activity.
It is the prime institution in an organization and its role cannot be undermined.
11. Proper Running of Business
Management successfully leads and motivates the workers to put their maximum efforts, skills, ability, and experience in performing their duties and responsibilities.
Thus, now you know the role and importance of management in society.
Read More:
- 12 Features of Planning in Business Management
- 10 Social Responsibility of Entrepreneur Towards Business
- 22 Advantages and Disadvantages of Privatization (Economics)
- 20 Importance of The Study of Business Environment
- 9 Characteristics of Entrepreneurial Development Programme
- 12 Role of Price and Non Price Factors in Marketing
- 7 Limitations and Types of Macroeconomics Analysis (Explained)
- Theory X and Theory Y of Motivation (Explain with Examples)
- 5 Types of Market Structures in Economics (With Examples)
- 5 Different Types of Disequilibrium in Balance of Payments (BOP)
- 19 Role And Importance Of Managerial Economics (Explained)
Leave a Reply