IMPORTANCE OF MANAGEMENT

1-Achievement of group goals Management achieves group goals through arrangement, organization and integration of the organizational resources. and transformation of disorganized resources of men, machines, money into a useful enterprise.

2-OPTIMUM USE OF RESOURCES Management uses all the physical and human resources productively. Management uses all the physical and human resources productively. It provides maximum use of scarce resources.

3- REDUCTION OF COSTS By proper planning management gets maximum output through minimum input. This helps in cost reduction.

4-A SOUND ORGANIZATIONAL STRUCTURE This is achieved through A clear authority and responsibility relationship and with the right persons, having the right skills, training and qualifications in the right positions.

5- EQUILIBRIUM Effective management keeps the equilibrium of its organization by enabling it to survive in a changing environment and adapting it to the changing demands of the market and changing needs of consumers.

6-THE WELL-BEING OF CONSUMERS Efficient management leads to The welfare of people The welfare of peoplethrough: An increase in output and profit. Employment opportunities. Income and Investment.