‘Anything minus management is zero.’ Explain the importance of management inthe light of this statement.

Not only in the field of business but in other fields also, management has come to occupy animportant place. In this reference, it is said that anything minus management is nothing. Thefollowing facts clearly highlight the importance of management:

(i) Management helps in achieving Group Goals: It is the most important characteristic ofmanagement that it is a goal-oriented activity. A manager achieves these goals by giving theproper direction to the efforts of all individuals,

(ii) Management Increases Efficiency: A manager increases efficiency through theoptimum utilisation of all the resources, such as, Man, Machine, Material and Money.

(iii) Management Creates a Dynamic Organisation: Every organisation works in an everchanging environment. To face the changing environment, many changes need to be madein the organisation as well. But people resist changes. Manager creates a favourableenvironment through introducing employees to the benefits arising by adapting changes.

(iv) Management helps in achieving Personal Objectives: Every employee wants to getsuitable remuneration, a share in profit, participation in management, promotion, etc. in theform of his personal objectives. This objective can only be achieved, if they work while usingtheir full abilities. Managers make employees able through motivation, good leadership andopen communication. As a result, they attain their individual objectives.

(v) Management helps in the Development of Society: Management has someresponsibility towards society. Managers by fulfilling their social responsibilities help in thedevelopment of society. These responsibilities are to provide employment opportunities, toprevent environment from getting polluted, to make available good quality products at areasonable price, etc.