Importance of Management

Management plays a vital role in the lives of all of us.It is not only important to individuals who act as managers but is indispensable to society as a whole.History provides solid evidence of the fact that well managed societies and organizations have always progressed at a faster pace as compared to others which lack effective and efficient managers.A clear vision and effective guidance from management can lead any organization to great heights which ultimately maximises the benefits of its individuals.

Managers play an important role in all departments of an organization.Purchase and Store managers work together to make sure that raw materials required for production are available at all times in optimum amounts,Production managers are responsible for production planning,maximising production output and efficient use of raw materials and machinery.Similarly,Sales managers are responsible for marketing and sales of finished goods.There are various other managers (Personnel managers,IT managers etc) which work together to help an organization accomplish its goals.The importance of mangement can be deduced from the fact that managers are among the best paid employees in any company.

Management provides guidance to organization members and make efficient use of resources to ensure that an organization moves in the right direction to attain its goals.Managers achieve this by fulfilling the 4 basic functions of management process:

Planning : This process involves making short-term and long-term plans for performing various activities towards achievement of organizational goals.

Organizing : This process involves assigning tasks developed as part of the planning function to various individuals or groups to put plans into action.

Influencing : Managers play this very important function of motivating and directing organizational members in a direction which ultimately leads towards attainemnt of organizational goals.Managers should lead by example to motivate their teams.

Controlling : Controlling is the process through which managers compare current organizational performance against pre-defined benchmarks and make necessary modifications to improve the overall performance of the organization.It involves monitoring the progress of various tasks and productivity.

This clearly explains the importance of management in today's competitive world.No organization can succeed without an efficient and effective management