Introduces about the concepts of Management
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  1 MANAGEMENT SCIENCE UNIT - 1 1)   Introduction to Management 2)   Nature and importance of Management 3)   Functions of Management 4)   Approaches to Management 5)   Taylor, Fayol, Mayo, Maslow, Douglus McGregor, Hertzburg IMPORTANCE Or SIGNIFICANCE OF MANAGEMENT The points below bring out the significance  or importance of management. 1. Encourages Initiative Management encourages initiative. Initiative  means to do the right thing at the right time without being told or influenced by the superior. The employees should be encouraged to make their own plans and also to implement these plans. Initiative gives satisfaction to employees and success to organisation. 2. Encourages Innovation Management also encourages innovation in the organisation. Innovation  brings new ideas, new technology, new methods, new products, new services, etc. This makes the organisation more competitive and efficient. 3. Facilitates growth and expansion Management makes optimum utilisation of available resources. It reduces wastage and increase efficiency. It encourages team work and motivates employees. It also reduces absenteeism and labour turnover. All this results in growth, expansion and diversification of the organisation.  2 4. Improves life of workers Management shares some of its profits with the workers. It provides the workers with good working environment and conditions. It also gives the workers many financial and non-financial incentives. All this improves the quality of life of the workers. 5. Improves corporate image If the management is good, then the organisation will produce good quality goods and services. This will improve the goodwill and corporate image of the organisation. A good corporate image  brings many added benefits to the organisation. 6. Motivates employees Management motivates employees by providing financial and non-financial incentives. These incentives increase the willingness and efficiency of the employees. This results in boosting  productivity and profitability of the organisation. 7. Optimum use of resources Management brings together the available resources. It makes optimum (best) use of these resources. This brings best results to the organisation. 8. Reduces wastage Management reduces the wastage of human, material and financial resources. Wastage is reduced by proper production planning and control. If wastage is reduced then productivity will increase. 9. Increases efficiency Efficiency is the relationship between returns and cost. Management uses many techniques to increase returns and to reduce costs. Higher efficiency brings many benefits to the organisation.  3 10. Improves relations Management improves relations between individuals, groups, departments and between levels of management. Better relations lead to better team work. Better team work brings success to the organisation. 11. Reduces absenteeism and labour turnover Absenteeism  means the employee is absent without permission. Labour Turnover  means the employee leaves the organisation. Labour absenteeism and turnover increases the cost and causes many problems in the smooth functioning of the organisation. Management uses different techniques to reduce absenteeism and labour turnover in the organisation. 12. Encourages Team Work Management encourages employees to work as a team. It develops a team spirit in the organisation. This unity brings success to the organisation. life span
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