Solution:

$$ Importance \ of \ economics \ Management $$

Management is goal oriented:

• Management is concern with achievement of specific goals. It is always directed towards achievement of objectives.

• The success of management is measured by the extent to which objectives are achieved.

Management is associated with group efforts:

• The business comes into existence with certain objectives which are to be achieved by a group and not by one person alone.

• Management gets things done by, with and through the efforts of group members. It co-ordinates the activities and actions of its members towards a common goal.

Management is situational:

• Management does not advice best way of doing things. Effective management is always situational.

• A manager has to apply principles, approaches and techniques of management after taking into consideration the existing situations.

Management is intangible:

• It is an unseen force, its presence can be evidence by the result of its efforts up to date order but they generally remain unnoticed, Where as mismanagement is quickly noticed.

Management is an activity and not a person or group of person:

• Management is not people or not a certain class but it is the activity, it is the process of planning, organizing, directing and controlling to achieve the objectives of the organization.

Management is the combination of art, science and profession:

• Management makes use of science as well as art. It is science because it collects knowledge with the methods and data, analyzes and measures it and decision is taken with the help of experiment. It is a systematic body of knowledge.

• Art means application of knowledge for solving various problems. In modern times there is separation of ownership and management, so professional experts are appointed.

Management is concern with people:

• Since management involves getting things done through others only human being performed this activity with the help of planning and control.

• The element man can not be separated from the management.

Management is universal:

• Most of the principles and techniques of management are universal in nature.

• They can be applied to government organization, military, educational institutes, religious institutes etc. They provide working guidelines which can be adopted according to situations.