Importance of management

 Importance of management:

 

Management success is gained through accomplishment of mission and objectives. Managers fail when they do not accomplish mission and objectives. Success and failure are tied directly to the reasons for being in business, i.e., mission and objectives. However, accomplishing mission and objectives is not sufficient. Success requires both effectiveness and efficiency. Managers who accomplish their mission and objectives are said to be effective. Efficiency describes the relationship between the amount of resources used (input) and the extent to which objectives were accomplished (output). If the cost of accomplishing an objective is prohibitive, then the objective is not realistic in the context of the firm's resources. Additional planning is necessary.

Some form of management exists in every type of human organization. We are all affected by good or bad management practices. And we should therefore learn to recognize and influence the quality of management that affects our lives. Managers affect the establishment and accomplishment of many social, economic, and political goals in any country. Management makes human efforts more productive. It brings better equipment, plants, offices, products, services, services and human relations to our society. Improvements and progress are its constant watchwords.

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