Importance of Management
Management is essential in all organised efforts, be it a business activity or any other activity. Principles of management are now universally used not for managing business organisation, they are also applied to various other type of organisations, such as educational, social, military and Government.
Management is a critical element in the economic growth of a country. By bringing together the four factors of production management men, money, material, and machines enables a country to experience a level of economic development. Peter Drucker rightly observes that without management, a country’s resources of production remains resources and never become production.
Management is the dynamic, life-giving element in every organisation. It is the element that coordinates current organisational activities and plans future ones. In the words of Claude S. George, management is “the central core of our national as well as personal activities, and the way we manage ourselves and our institutions reflects with alarming clarity what we and our society will become.”
Management is a wide term. It is described as an “activity”, a “process”, and a “group of people” vested with the authority to make decisions.
ü According to Mary Parker Follett, management is the “art of getting things done through people.”
üAccording to George R.Terry,management as a process”consist of planning, organising, actuating and controlling, performed to determine and accomplish the objectives by the use of people and resources”.
üAccording to Louis Allen,”Management is what a manager does”.
ü According to Henry Fayol,”to manage is to forecast and plan, to organise, to command, to coordinate, and to control”.
ü According to James D.Mooney and Allan C.Reiley,”management is the art of directing and inspiring people”.
üAccording to Harold Koontz, “Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals”. Management is the process of reaching organizational goals by working with and through people and other organizational resources.