IMPORTANCE OF IMPORTANCE OF MANAGEMENTMANAGEMENT

1-Achievement of group 1-Achievement of group goalsgoals

ManagementManagement achieves achieves group goalsgroup goals through through

arrangementarrangement, , organizationorganization and and integrationintegration of the organizational of the organizational

resourcesresources. . and and

transformation of disorganizedtransformation of disorganized resourcesresources of men, machines, money of men, machines, money

into a into a usefuluseful enterpriseenterprise. .

2-OPTIMUM USE OF 2-OPTIMUM USE OF RESOURCESRESOURCES

ManagementManagement uses all the uses all the physicalphysical and and humanhuman resourcesresources

productivelyproductively. .

It provides It provides maximummaximum useuse of of scarcescarce resourcesresources..

3- REDUCTION OF COSTS3- REDUCTION OF COSTS

By proper By proper planningplanning managementmanagement gets gets maximummaximum outputoutput through through

minimumminimum input.input.

This helps in This helps in costcost reductionreduction..

4-A SOUND 4-A SOUND ORGANIZATIONAL ORGANIZATIONAL

STRUCTURESTRUCTUREThis is achieved through This is achieved through

A clear A clear authorityauthority and and responsibilityresponsibility relationshiprelationship

and with the and with the rightright personspersons, having , having the right the right skillsskills, , trainingtraining and and qualifications qualifications inin thethe right right

positionspositions..

5- EQUILIBRIUM5- EQUILIBRIUM

EffectiveEffective managementmanagement keeps the keeps the equilibriumequilibrium of its of its organizationorganization by by enabling it to survive in a enabling it to survive in a changingchanging

environmentenvironment and and adaptingadapting it to the it to the changingchanging demandsdemands

of the of the marketmarket

and and changingchanging needsneeds of of consumersconsumers..

6-THE WELL-BEING OF 6-THE WELL-BEING OF CONSUMERSCONSUMERS

Efficient management Efficient management

leads to leads to

The welfare of people The welfare of people

through:through:

An increase in output and profit. An increase in output and profit. Employment opportunities. Income Employment opportunities. Income

and Investment. and Investment.