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smude MBA semester 1 solved assignments spring 2015 - Q1. Explain the concept of Management. Discuss the importance of Management.

smu MBA semester 1 assignments answer
Answer: Management is an art of getting things done through and with people in formally organised groups. It is an art of creating an environment in which people can perform as individuals and can cooperate towards the attainment of group goals.According to F.W. Taylor, “Management is an art of knowing what to do, when to do, and see that it is done in the best and cheapest way”.

Importance of Management
From the definition, we can derive the importance of management. If you see the definition and
carefully read the case.
Managers influence all the phases of modern organizations. Sales Managers maintain a sales force that markets goods. Personnel managers provide organizations with a competent and productive workforce. Plant managers run manufacturing operations that produce the clothes we wear, the food we eat, and the automobiles we drive.

Our society could never exist as we know it today nor improve without a steady stream of managers to guide its organizations. The well known management author Peter Drucker highlighted this point when he said that Effective Management is probably the main resource of developed countries and the most needed resource of developing ones.

In short, all societies, whether developed or developing, need a huge lot of good managers.

we find that management is important because of the following reasons:
· It helps in achieving group goals
· Optimum utilisation of resources 
· Reduces costs 
· Establishes sound organisation
· Establishes equilibrium 
· Essentials for prosperity of society 


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