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Discuss the importance of Management for the successful functioning of an organisation.

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1. Management helps in Achieving Group Goals: It arranges the factors of production, assembles and organizes the resources, integrates the resources in an effective manner to achieve goals. It directs group efforts towards achievement of pre-determined goals.

2. Optimum Utilization of Resources: Management utilizes all the physical and human resources productively. This leads to efficacy in management. Management provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses. It makes use of experts, professional and these services leads to the use of their skills, knowledge, and proper utilization and avoids wastage.

3. Reduces Costs: Management gets maximum results through minimum input by proper planning and by using minimum input and getting maximum output. Management uses physical, human and financial resources in such a manner which results in the best combination. This helps in cost reduction.

4. Establishes Sound Organisation: To establish sound organisational structure is one of the objectives of management. Management fills up various positions with the right persons, having the right skills, training and qualification.

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