Explain any four points that highlight the importance of principles of management

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• Importance of Management
• FAQs on Importance of Management
• Explain any Five Points of Importance of Management.
• Why is management important?
• Featured Articles
• What are the four principles of management and their importance?
• What are the main importance of principles of management?
• What is management explain its five points of importance?
• What is the 6 importance of management?

By Ruchika|Updated : October 4th, 2022

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Importance of Management

Management has various functions in an organisation. Without it, success cannot be achieved. The five points of importance of management are provided below.

1. Achieving organisation goals - Management plays a vital role in achieving organizational goals by aligning resources and providing guidance on all matters. Managers play an important role in the idea of strategies that help organizations achieve their goals.
2. Achieving individual goals - Management is also responsible for helping individuals achieve their personal goals. They ensure that every individual in the organization is satisfied with their growth and development. There is a direct proportionality relationship between achieving individual and organizational goals.
3. Creating a dynamic environment - Management also plays a vital role in ensuring that the organization does not stagnate and stays up to date with the latest trends in the industry. They ensure that the organization is able to change with the changing times.
4. Developing Society - As management is responsible for the development of an organization, they also help in the development of society. Every organization has a social responsibility that they are able to fulfill in a better way even if they achieve their own goals.
5. Improving Efficiency - Management involves an array of functions like planning, controlling, directing, and organising which helps improve the efficiency of the organisation.

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FAQs on Importance of Management

• Explain any Five Points of Importance of Management.

• Why is management important?

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Answer

The principles of management provide useful insights to managerial behavior and influence managerial practices. Managers may apply these principles to fulfill their task and responsibilities.

Following points highlight the significance of principle of management:

1. Providing managers with useful insights into reality: Principle of management provides the managers with useful insight into real world situations. And these principles guide the managers when they are facing real world problems. It also enables the managers to learn from past mistakes and conserve time by solving recurring problems quickly.

2. Optimum utilization of resources and effective administration: As the resources available with the company are limited so they have to be put to optimum use. Optimum use means that the resources should be used in such a manner that it provides maximum benefits with minimum cost. These principles provide the manager to foresee the cause and effect relationships of their decisions and actions. And the wastage associated with trial and error methods can be overcome.

3. Scientific decisions: Principles of management help in thoughtful decision making. The decisions must be based on facts. Principles of management emphasize on logic rather than blind faith. Management decisions taken on the basis of principles are free from bias and prejudice.

4. Meeting changing environment requirements: The principles of management are in the nature of general guidelines but they are modified and help the managers to meet requirements of the changing environment as the principles of management are flexible to adapt.

Explain by giving any four points why management is important in any organisation.

(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.

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Name any two important characteristics of management.

(i) Management is a Goal Oriented Process
(ii) Management is all Pervasive

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Define management.

According to Harold Koontz, 'Management is the art of getting things done through others and with formally organised groups.' This definition of management reveals that:

(i) Management is an art.

(ii) Management is getting results successfully.

(iii ) Management is getting things done through others,

(iv) Management is getting things done with others.

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Do you think management has the characteristics of ar full-fledged profession?

No, the management does not fulfil all the characteristics of a full-fledged profession. It does fulfilsome of the conditions of profession but still lacks some other conditions of a profession. To findthe answer to this query the following analysis is important:

(i) Well Defined Body of Knowledge: The foremost quality of a professional is thepossession of specialised knowledge. Management has its own principles based onexperiments and which requires special competence to bring them into use. On the basis ofthis speciality, management can be accepted as a profession.

(ii) Restricted Entry: The entry to a profession is restricted through acquiring an educationaldegree. For example, a degree in Law is essential for joining the Law profession. But as far asthe management is concerned there is no such condition for being a manager. Hence, onthis basis, management cannot be accepted as a profession.

(iii) Professional Association: The third characteristic of profession is that it must have arepresentative professional association which performs the following important functions:(i) To regulate entry, (ii) To grant certificate of practice, and (iii) To create a code of conductfor guiding the activities of the profession.

In India, Representative Professional Associations with regard to other professions havealready been established. There are representative professional associations like the BarCouncil of India for Lawyers; Medical Council of India for Doctors; Institute ofChartered Accountants for Chartered Accountants, etc. For managers, All India

Management Association (A1MA) has been established. But it is not essential to be amember of the AIMA in order to be a manager. Therefore, on this basis, managementcannot be accepted as a profession.

(iv) Ethical Code of Conduct: Members of a profession are bound to follow a code ofconduct. By Code of Conduct, we mean the rules and regulations framed to guide thebehaviour of professionals. The code of conduct of already recognised professions like Law,Medical and Chartered Accountant, etc. have already been prescribed but no suchcode of conduct has been laid down in connection with management. On this basis it can beasserted that management is not at all a profession.

(v) Service Motive: The main motive of a profession is to serve the society. For example, nodoubt a doctor follows his profession for his living but to ensure that his patients get justicehappens to be his chief motive. Though there is no code of conduct regarding managementbut its social responsibilities are being stressed upon increasingly. From this point of view,there should not be any hesitation to accept management as a profession.

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Management is considered to be both an art and science. Explain.

(a) Management as a Social Science:

In order to find out whether management is science or not, it is important to apply thefollowing characteristics of science to management:

(i) Systematised Body of Knowledge: It is necessary for science to be a systematised bodyof knowledge. Management is also a systematised body of knowledge because it has its owntheory and principles which are developed by the management experts after years ofresearch.

(ii) Principles Based on Experimentation: After applying this characteristic of science tomanagement, we find that development of management took years for the collection offacts, their analysis and experiments. In other words, management came into existencebecause of the continuous and encouraging labour of the theorists and various peopleconcerned.

(iii) Universal Validity: Scientific principles are based on truth and they can be applied atevery time and in every situation. Thus, its universal application is possible. In the field of management too, managerial knowledge and principles of management are considered to be based on truth and they, too, can be applied anywhere and in every situation. But the principles of management are not as exact as the principles of science as their application may not yield the desired results always.
The subject matter of management is 'human being' who is an intelligent and sensitive being andwhose behaviour or conduct changes according to the changing situations. Therefore, nopermanent principles like the principles of physics and chemistry can be enunciated in relation tohis conduct or behaviour. That is why, the management is known as a social science and not theperfect science.

(b) Management as an Art: Management is an art as it contains the following features of art:

i) Existence of Theoretical Knowledge: Art is always based on certain theoreticalknowledge. On the basis of this knowledge one can understand how a particular work can beaccomplished. In this context management is an art as a lot of literature isavailable in various areas of management.

(ii) Personalised Application: The use of available theoretical knowledge is found in varyingdegree among different persons. For example, two teachers, two players, or two goldsmithswill always differ in performing their jobs. Management possesses this feature of arttoo. There are various principles of management as developed by management experts.Managers apply these principles differently depending on their level of knowledge.Sometimes they may get exactly opposite results while applying the same principles.

(iii) Based on Practice and Creativity: Just as art can be embellished with the help ofpractice, in the same way managerial skill also improves with practice. Every manager has adesire to become a complete expert in his field. They can fulfil his desire by continuouspractice. A fully developed manager not only moulds the organisation according to thechanging circumstances but also has the capacity to change the outer circumstancesaccording to his will. Thus, management possesses this feature of art too.

The above analysis clearly establishes that management possesses all the characteristics of artand on this very basis it has been accepted as an art.

Conclusion: Therefore, we can say that management is both a social science as well as an art.

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What are the four principles of management and their importance?

What are the main importance of principles of management?

What is management explain its five points of importance?

What is the 6 importance of management?