What is the nature and significance of management?

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mkoren's profile pic

mkoren | Middle School Teacher | (Level 3) Senior Educator

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Management is an important part of any business operation. One important role of management is to set goals and then work to achieve them. Management must allocate the factors of production to help the business achieve the goals that it has established.

Management is also responsible for using its human resources efficiently. By utilizing human resources properly, management is able to get the most that they can from those resources. This should help increase productivity.

Management also needs to find ways to do things as cost-effectively as possible without hurting quality. If management is successfully able to accomplish this, profitability should be enhanced.

Management must be able to respond to changing times. By doing this, management is able to adapt to changes in the marketplace that may impact the business. Failure to do this may harm the business significantly.

When management accomplishes these ideas successfully, it helps the economy prosper. This, in turn, benefits our society, as a prosperous economy is very desirable.

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morrol's profile pic

morrol | High School Teacher | (Level 1) Associate Educator

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Managers have five basics functions. Those functions are; planning, organizing, staffing, directing, and controlling. Managers must plan, or narrow goals from their broadest to most intricate form. They must organize and create a structure for daily tasks and communication. They must hire and fire people in various positions. They must serve as a directing influence on staff behavior and morale. They must also  have control over all of the aspects of the company.

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