Management is a task of getting things done which makes it the most important human activity in an organisation. The importance of management is as follows:
(i) Dynamic function: Management is characterised by continuous changes activities and vigour that creates energy among individuals/groups in an organisation to work suitably. A business is continuously subject to changing trends, tastes and preferences, economic and political conditions, etc. Correspondingly, management asadynamicfunction, attempts to facilitate adaptability and adjustment for a business to the surroundings environment.
(ii) Group activity: Management is a group activity that requires cooperation and collaboration of various individuals with different capabilities, experiences and skills An organisation cannot be operated without such individuals who facilitate achievement organisational goals.
(iii) Increases productivity : Management is important for increasing productivity as it ensures that resources like capital, labour, energy, raw materials, etc., are utilised efficiently at a particular time period to produce as planned by the organisation. The management also ensures that the increase in productivity can be realistically obtained by motivating labour and equitable alignment of supporting resources.
(iv) Helps in achieving personal objectives: Managers lead the employees in such a manner that along with organisational objectives, individual objectives of the employees are also achieved as they can earn more by producing more and increase their performances.
(v) Helps in the development of society: Management also helps in the development of society. Management activities also known as Corporate Social Responsibilities (CSR) includes providing employment, taking care of environment, providing goods at reasonable prices.