Selection and appointment of right and efficient personnel, placing them in right positions after proper training, making provisions for their promotion, paying adequate and reasonable remuneration to them and encouraging them by human behaviour are possible through proper management. Peace in industry can be maintained by good management.
It improves also the standard of living of the consumers by producing new varieties of commodities and creating new tastes and fashions. It improves the standard of living of the workers by increasing their productivity and earning. A sound management develops and strengthens the national economy and enhances people’s standard of living. Management, being very much powerful and purposeful in the creation of utilities, can help people to lead meaningful lives and make a significant social contribution. They are able to solve various intricate problems of an enterprise with their practical outlook and skill of performance. Good managers take right decisions on all matters of an enterprise and run the business on the right track. Proper Tackling of Business Problems:Ī successful manager serves as a ‘friend, philosopher and guide’ in tackling business problems. Innovation of new varieties of products, application of new management technique, use of new machinery, production technique and technology help to make the business dynamic for achieving success in the long run. By looking into the future, they introduce necessary modernisation and new innovations in different spheres of work. Introduction of Modernization and Innovations:īeing faced with stiff competition, the managers have to foresee the future and to devise ways and means for encountering such competition.
As a driving force, management inspires people, knits them into one entity, and creates conditions for the optimum use of resources. Management acts as the motivating force by way of creating a favourable working environment, coordinating the disorganized parts of production and leads them to achieve the desired goals of the organisation. One of the causes of sickness of industries in our country today is the management of these enterprises by inefficient managerial personnel through unscientific management process. Proper Utilisation of National Resources:Ī good management ensures proper and maximum utilisation of human and natural resources and prevents the misuse and loss of national wealth. Drucker says, “To manage a business is to balance a variety of needs and goals.” Key Benefit # 8. The manager tries to coordinate all the divergent interests.
A business enterprise has diverse group of interested parties and the interest of one group often collides with the other. The manager tries to harmonies the different interests existing in the organisation. Good management provides creativity to an enterprise infusing day to day in it fresh imagination, thoughts, ideas, and knowledge to make it dynamic and to lead the enterprise to its success and survival. They feel oneness under an able and efficient management authority and strive hard to give their best services for the achievement of goals of the enterprise. Better Performance:Įfficient management creates in the minds of all working personnel a desire to act together as a team to perform their work smoothly. Mee “Management is the art of securing maximum results with a minimum effort so as to secure maximum prosperity and happiness for both employer and employee and give the public the best possible service.” Key Benefit # 5. It is through the managers’ endeavour that an organisation realizes its objectives and serves the society. Proper management arranges for the production of socially desirable and essential goods and services by utilizing the resources of the country fruitfully and effectively. Achievement of Goals:Įfficient management is necessary for the fulfillment of the objectives of the enterprise.
Urwick Breach has rightly observed: “no ideology, no ism, no political theory can win a greater output with less effort from a given complex of human and material resources except sound management.” Key Benefit # 4. That is, management is instrumental for greater productivity and holds the key to it. Success and progress of an enterprise depend much on its productivity which in turn depends on managerial efficiency. It is the capacity of the managers that accounts for the ultimate success or failure of the concern. Of these seven ‘M’s the most vital and strategic factor is management. men, money, materials, machines, methods, markets and management. Topmost Activating Element:Ī business is constituted by several elements viz. It is management that animates productive forces and vibrates the organisation with activity.
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