Explain the significance of management in running modern enterprises?

The success of an organization largely depends upon its management. Management integrates and harmony the efforts of employees so as to achieve the desired objectives of the group.

1. It helps in achieving group goals: management is required not for itself but for achieving the goals of the enterprise. The task of a manager is to give a common direction to the individual effort in achieving the overall goal of the organization.

2. It increases efficiency: the aim of a manager is to reduce cost and increase productivity through better planning, organizing, directing staffing, and controlling the activities of the organization.

3. It creates a dynamic organization: all organizations have to function in an environment that is constantly changing. It is generally seen that individuals in an organization resist change as it often means moving from a familiar secure environment into a newer and more challenging one. Management helps people adapt to these changes so that the organization is able to maintain its competitive edge.

4. It helps in the accomplishment of group goals: management reconciles the individual effort with the goals of the enterprise .it creates an atmosphere of teamwork and coordination among the employees. manager motivate the worker to contribute their best to aid the accomplishment of group goals.

5. Better quality goods: the aim of sound management has always been to produce a better quality product at a minimum cost.

6. Ensuring a regular supply of goods: one of the most important objectives of responsible management is to ensure a regular supply of goods to the people. it checks the artificial scarcity of the goods in the market and keeps the price of the goods within permissible limits.

7. Human development: human beings are the most important management and nonliving factor.it develops and improves the skill and technical competence of the people. it raises a standard of living and provides more amenities to the people.

8. Employment opportunities: the setting up and growth of the business generate employment opportunities for the people. Managers do not only provide a livelihood to the workers but also job satisfaction and happiness. Does management fulfills the economic and social needs of the people and raises their standard of living.

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