Management Education-Is it necessary to succeed in business?

Importance of management as told by people

According to Trucker, "management is the dynamic life-giving element in every business without it the resources of production remain resources and never become production, management is the catalyst without which no organization can survive and grow”

President Roosevelt of U.S.A once said “ A government without good management is a house built on sand”

Importance of management as told by people (continued)

According to Ureic and Breach, “No ideology n no political theory can win a greater output with less effort from a given complex of human and material resources except sound management. And it is on such greater output that a higher standard of life, more leisure, more amenities for all must necessarily be founded”

Other importance of management education

Encourages initiative Encourages innovation Facilitates growth and expansion Improves life of workersImprove corporate image Motivates employees

Other importance of management education(continued)

Optimum use of resourcesReduces wastage Increases efficiency Improves relationsReduces absenteeism and labor turnover Encourages team work

Reasons which lead to greater demand for management education

Growing size and complexity of businessIncreasing specialization of work Cut throat competition in the marketGrowing unionization of laborSophisticated and capital intensive technologyIncreasing complexity of business decisionGrowing regulation of business by the government

Need for research and development Turbulent environment of business Need for Reconciling the interest of various groups example owners workers public Need for optimum utilization of scarce source

Reasons which lead to greater demand for management education(continued)

Skills enhanced through management education

written Speaking Negotiation Strategy planning Financial planningTime managementLeadership Initiates action Motivation

Providing guidance Creating confidence Building morale Builds work environment Co-ordination Problem solving

Skills enhanced through management education (continued)

ConclusionYes, management education plays a vital role in business as it equips an individual with all the necessary attributes to run business in an organized manner , and also helps in mitigating problem arising due to day to day working of businessBusiness is required to be managed, and management is the backbone of business. Hence both “management” and “business "go hand in hand and that contributes to the growth of business at a world wide scale

Made by- Abid Siddiqui B.B.A 2nd Year