"Lack of proper management result in wastage of time,money & effort? Explain

Dear Student,

Yes, lack of proper management result in wastage of time, money and effort. It is justified because management plays an important role in an organisation.  The following points highlight the significance of management for an organisation.
i. Achievement of goals : Management aims at achieving the overall goals of an organisation. It unites and directs the efforts of all the individuals in a common direction towards the achievement of the goals of the organisation.
ii. Increases efficiency : While aiming at achievement of goals, management works upon increasing the efficiency. It aims at optimum utilisation of the available human and material resources. Thereby, it helps in achieving the desired goals with minimum cost and resources.
iii. Creates dynamic organisation : An organisation interacts with external environment comprising of forces such as social, political and economic. Changes in these external forces affect the functioning of the organisation. Management helps an organisation to adapt to the changing environment.
iv. Achievement of personal objectives : An organisation comprises of numerous individuals having different objectives and needs. In this regard, the management must work towards accommodating the personal objectives of the individuals with the objectives of the organisation.

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