Importances of management are:

Increasing the efficiency. Management helps in improving the efficiency of the

business organization. Management providing every resources required for the
establishment and functioning of the enterprise and make sure that there is no
idle resources. Management gives proper guidance and trainings to the
employees to make the best possible use of available resources. In this way, it
increases the efficiency.

Minimization of cost. Management aims at securing maximum result with

minimum effort and resources. In this modern era, there is a lots of competition
in business and in order to face and survive the competition a business has to
minimize the cost of production as much as possible. By minimization the cost it
enables the business to face the competition and earn high profit.

Achievement of group goals. A single person cannot run and achieve the goal of
the organization. In order to achieve the organizational goal it required a group of
people and mutual understanding among those people. Management helps in
building a strong team work and creates mutual understanding and co-operation
among the team. Management motivates the team to work efficiently and
effectively and for the accomplishment of the organizational goal.

Survival and growth of an organization. In this competitive world and

continuously changing environment, it is not easy for an enterprise to survive.
Management helps the enterprise to adapt to its changing environment and stay
in the market. Changing environment leads to high risk as well as creates
opportunity for the organization. Management enables the organization to
minimize the risk and maximize the opportunity. In this way, management help
the organization to survive and grow.

Establishment of sound organizational structure. Organizational structure is a

structure that shows the role and responsibility of every individual working in
organization. Management creates this structure in accordance to the activities
and objectives of the organization. Management fills this structure with right
person at the right place according to his knowledge, experience, skills, etc. And it
also creates a mutual understanding, cooperation and team work among the
people to work together for the achievement of organizational goal.

Generation of employment. By expanding the enterprise, management creates

jobs for the people to earn their livelihood. They also provide better working
condition for the people so that they are satisify and happy. Thus, management
also satisify the social and economic needs of the people.

Development of the nation. Business enterprise play a very important role in

development and growth of the nation, and it is possible only through proper
management. Management help to manufacture a quality products at a minimum
cost by utilizing the best possible use of available resources, and this quality
products are exported in other countries which increase the wealth and income
the of country and improve the standard of living of people.