Explain any Five Points of Importance of Management

By BYJU'S Exam Prep

Updated on: November 14th, 2023

The five points of importance of management are achieving organization goals, achieving individual goals, creating a dynamic environment, developing society, and improving efficiency. Management refers to the process of performing tasks efficiently and effectively while achieving personal and organizational goals. It is an important process on which the organization depends to achieve its goals and perform its functions. Management is important and essential for the smooth functioning of any organization.

Importance of Management

Management has various functions in an organisation. Without it, success cannot be achieved. The five points of importance of management are provided below.

  1. Achieving organisation goals – Management plays a vital role in achieving organisational goals by aligning resources and providing guidance on all matters. Managers play an important role in developing strategies that help organisations achieve their goals.
  2. Achieving individual goals – Management is also responsible for helping individuals achieve their personal goals. They ensure that every individual in the organization is satisfied with their growth and development. There is a directly proportional relationship between achieving individual and organizational goals.
  3. Creating a dynamic environment – Management plays a vital role in ensuring that the organisation does not stagnate and stays up to date with the latest trends in the industry. They ensure that the organisation changes with the changing times.
  4. Developing Society – As management is responsible for the development of an organization, they also help in the development of society. Every organisation has a social responsibility that they can fulfill in a better way even if they achieve their own goals.
  5. Improving Efficiency – Management involves an array of functions like planning, controlling, directing, and organising, which helps improve the efficiency of the organisation.

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