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Management is the dynamic, life giving element in every business. In the context of this statement, explain the importance of management in modern times.

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Importance of Management are as follows : 

Helps in accomplishment of organisational goals : It is the management which determines the goals of the organisation and of various departments and functional groups. The goals are communicated to the employees to seek their cooperation and to ensure coordination. All organisational activities are directed towards the organisational objectives. Clear-cut definition of goals is essential for the success of any organisation.

Helps in efficient utilization of resources : Management ensures efficient utilization of resources to reduce costs and increase productivity and profitability Through planning and organisation, management eliminates all types of wastage’s and achieves efficiency in all business operations. Management motivates workers to put in their best performance. This would lead to the effective working of the business.

Creates dynamic organisation : All organisations operate in a dynamic environment. In order to survive and grow, each organisation has to adapt itself according to the needs of the environment. Employees generally resist changes in the organisation. Management helps them to adapt to the changes so that the organisation is able to maintain its competitive edge.

Helps in accomplishment of personal objectives : Management leads the group members to motivate them to achieve their personal objectives while working for the organisational objectives. Management helps them to satisfy their physical, social, and psychological needs so as to develop a cooperative and committed team.

Helps in development of society : Efficient management of resources is equally important for the development of society . According to Peter Drucker. “Management is the crucial factor in economic and social development.” The development of a country virtually depends upon the quality of management of its resources. 

Efficient management of resources helps in the development of nation in the following ways :

• provision of good quality products and services; 

• creation of employment opportunities; 

• technological innovations for the betterment of society; and 

• contribution to economic growth and development.

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