Management plays a unique role modern society. Peter F.Drucker has summarised the essence of management as “ under developed countries are under managed, it denotes the multidimensional significance of management. The significance of management can be broadly classified into the groups.
1. Advantages to the organization. 2. Advantages to the society. 14.1 Advantages to the Organisation : (i) Determination of Objectives : The success of various operations of an organisation mainly depends on the identification of its objectives. Objectives are identified and laid down by the management.They should be the writing and communicated to all others in the management. (ii) Achieving of objectives : It is the management which directs the group effort towards the achievement of various objectives. It brings the human and non- human resources together.
( iii ) Meeting challenges : All the policy decisions of an enterprise are taken by the management. It keeps in touch with the current environment and predicts what is going to happen in future. Through better planning and control, management steers a concern to meet the demands of the changing environment. ( iv) Provides innovation : Management infuses an enterprise with new ideals, imaginations and vision. ( v) Smooth running of business : Management helps in smooth running of business through better planning and control. 1.4.2 Advantages to the Society : (i) Optimum utilisation of Resources : Principles of Management 1.7 Introduction, Meaning and ..... It is the management which makes optimum utilisation of various resources such as land, labour, capital and enterprise. “ No ideology, no ism, no political theory can win greater output with less efforts, only sound management”, says Urwick and Brech. ( ii) Social Benifits: Management raises the standared of living of the people by providing good quality products at the lowest prices. It also promotes peace and prosperity in the society through optimum use of scarce resources.
( iii ) Role in national economic development : “Management is the crucial factor in economic and social development”, says Peter F.Druker. The development of a nation mainly depends on the quality of management of its resources. It is all the more true in a developing country like India, where productivity is low and the resources are limited. ( iv ) Employment : The expansion and diversification activites of the managers in organisations create more employement to the society.