Why management is important? Emerging challenges for management. Functions and Principles of Management
Why management is important? Emerging challenges for management. Functions and Principles of Management An organization relies upon group effort to achieve a predetermined goal. And whenever two or more people are required to work together, management is necessary. The importance of management are: Accomplish goals Make better decisions Earn more profit Encourage initiative Improve corporative image Motives employees Encourage innovation Facilitates growth and expansions Improve life of workers Improve relations Reduce wastage Optimum use of resources Emerging challenges for management Globalization Technology Social responsibility Change management Cultural diversity Empowerment Quality assurance and productivity Human resource management Organizational design Leasing organization Development of environmentalism Principle of Management Division of work Authority and responsibility Discipline Unity of command Unity of direction/func