Importance of Managment
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Today management is what the modern world is all about. Development that has taken place in the world is due to efficient management. The role of the Management is to move an organization towards its purposes or goals by assigning activities that organization member perform. Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them. Management is an individual or a group of individuals that accept responsibilities to run an organization. It encourages initiative. Initiative means to do the right thing at the right time without being told or influenced by the superior. When you show initiative, you do things without being told; you find out what you need to know; you keep going when things get tough; and you spot and take advantage of opportunities that others pass by. You act, instead of reacting, at work. Initiative has become increasingly important in today’s workplace. Organizations want employees who can think on their feet and take action without waiting for someone to tell them what to do.
After all, this type of flexibility and courage is what pushes teams and organizations to innovate, and to overcome competition. Management also encourages innovation in the organization. But where does the innovation come from? An apple in Newton‘s head sparked to deliver an Idea, which plays a vital role in everyone‘s life till today. Innovation can be considered to be as creativity, i.e., to create new ideas and knowledge creation. Innovation brings new ideas, new technology, new methods, new products, new services, etc. This makes the organization more competitive and efficient. Management shares some of its profits with the workers. It provides the workers with good working environment and conditions. It also gives the workers many financial and non-financial incentives. All this improves the quality of life of the workers. Management makes optimum utilization of available resources. It reduces wastage and increase efficiency. It encourages team work and motivates employees.
It also reduces absenteeism and labor turnover. All this results in growth, expansion and diversification of the organization. If the management is good, then the organization will produce good quality goods and services. This will improve the goodwill and corporate image of the organization. A good corporate image brings many added benefits to the organization. Since management practices rely upon the opinions of managers and employees or a case study in a particular area of business, they work best for informal organizations. Little doubt exists as to whether a management model will work, because the track record of the model speaks for itself. Management practices focus more on dynamics between groups, which allow managers more flexibility in making decisions and helps employees function together as a unit when they work together on a project. Management principles are the statements of fundamental truth based on logic which provides guidelines for managerial decision making and actions.
From the knowledge of principles managers get indication on how to manage an organization. The principles enable managers to decide what should be done to accomplish given tasks and to handle situations which may arise in management. These principles make managers more efficient. They provide understanding of management process what managers would do to accomplish what. Thus, these are helpful in identifying the areas of management in which existing & future managers should be trained. Management motivates employees by providing financial and non-financial incentives. These incentives increase the willingness and efficiency of the employees. This results in boosting productivity and profitability of the organization. There are lots of examples of great companies and their highly motivated employees: Apple, Disney, Starbucks, Southwest Airlines, Coca Cola, Zappos and Wynn Resorts are a few that come to mind. Management brings together the available resources. It makes optimum (best) use of these resources.
This brings best results to the organization. Management improves relations between individuals, groups, departments and between levels of management. Better relations lead to better team work. Better team work brings success to the organization. It develops a team spirit in the organization. This unity brings success to the organization. Management controls effective work division, specialization and resource allocation. This creates a uniform flow of work and specifies boundaries of responsibilities, authority and rights, which do not overlap. This structure is necessary, as it clarifies to each employee his position and field of influence in the organization. In such a scenario, every employee would know his/her basic rights, duties, immediate superiors and subordinates, along with the knowledge of opportunities awaiting him, as his relation with the company grows. Effective management also helps to ascertain that no two people are doing the same work and that right person is allocated for the right job, thus increasing productivity Now why study management?
You will learn about the importance of human and labor factors in organizations including the structure, design and culture of organizations; management theory; policies and practices; and employment relations issues both within country and internationally. Studying Management as a postgraduate discipline is not only for those who want to be a manager. Management may interest you because you want to understand how an organization works. At postgraduate level, you will learn about leadership roles and how people function in organizations. The ultimate aim of the Business management program is to prepare students to work in a management position in an ever changing international environment where advanced technology and multicultural situations occupy an increasingly important place in the daily lives of companies.
It exposes you to key issues in international business management, provides insight into relevant social, political, legal, and macroeconomic conditions affecting international business. The degree is suited to a wide range of interests but is particularly relevant to those who plan a career in organizations that conduct business beyond a single domestic economy. Today we can say with certainty that management is needed in all types and sizes of organizations, at all organizational levels and in all organizational work areas, and in all organizations, no matter what country they are located in. This is known as the universality of management. Managers in all these settings will plan, organize, lead, and control. However this is not to say that management is done the same way. The differences in what a supervisor in a software applications testing facility at Microsoft does versus what the CEO of Microsoft does are a matter of degree and emphasis, not of function. Because both are managers, will plan, organize, lead, and control, but how they do so will differ. Another reason for studying management is the reality that for most of you, once you graduate from college and being you career, you will either manage or be managed.
For those who plan on management careers, an understanding of the management process forms the foundation upon which to build your management skills. For those of you who don’t see yourself in a management position, you are still likely to have work with managers. Assuming that you will have to work for a living and recognizing that you are very likely to work in an organization, you shall probably have some managerial responsibilities even if you are not a manager. Our experience tells us that you can gain a great deal of insight into the way your boss behaves and the internal workings of organizations by studying management. Our point is that you don’t have to aspire to be a manager to gain something valuable from a course in management. Thus management training is really important as you can be a self-taught business mogul if you work hard enough, but you cannot deny the fact that you would be better able to handle the challenges of the business world if you equip yourself with the necessary theoretical knowledge as well as practical experience.
Management studies are an important medium that facilitates improvement of leadership qualities and turns out excellent future managers. Management courses with specialization in different areas prepare students to face the constantly advancing corporate world and impart effective people-management skills. Management studies should emphasis not just in creating good managers but also on improving and enhancing existing skills while passing on managerial competence to students. Young aspiring managers equipped with a reputed management degree turn out to be survivors who are able to sustain themselves in an environment of intense competition, globalization and ever-evolving technologies. By studying management, a manager is able to perform the Planning function effectively i.e. to realize a company’s potential, recognize the power of competitive advantage, set goals and design the best methods of improving these advantages, so to achieve these goals.
Besides, one is capable to plan for an effective capital allocation â€” namely, how the company’s money should be spent so that organizational goals are achieved effectively and efficiently. Therefore, this management knowledge is essential for a business organization as the dollar sign is concerned. In his/her managerial role as a decision maker, money is involved in almost every decision a manager makes. For example, studying management enables a manager to plan how a large pool of capital should be divided optimally according to an organizations€™s set of priorities and goals A brilliant planning would result in millions, or even billion worth of profit, whilst, a bad one would result in substantial losses or even bankruptcy. Hence, studying management prepares the managers the essential skills to plan effectively as a decision-maker, so that the risks of business failure are minimized. In conclusion, studying management is extremely important to equip managers the sufficient amount of quality knowledge and skills to be an effective manager.
Through management studies, managers learn a lot about how to manage tasks and people effectively and efficiently to accomplish a wider organizational goal. Although, in my opinion, I think that experience is also another important factor in sculpting an effective manager, however, it is undeniable that a proper education in management is still needed. Management and leadership skills are needed in every industry and every walk of life. It is essential therefore for new managers to be provided with opportunities to learn how to manage and lead people. Likewise, they have to be equipped with the right information and updated with the critical intelligence to get into where we must go. Hence you should lead your lives with ways to manage your resources, energy, and time efficiently.