Explain the importance of management in modem times.

1.	Explain the importance of management in modem times.
Answer» The significance of management in the modem business world has increased tremendously due to the following challenges. • Growing size and complexity of the business. • The increasing specialization of work. • Cutthroat competition in the market. • Growing unionization of labour. • Sophisticated and capital intensive technology. • The increasing complexity of business decisions. • Need for research and development. • Need for optimum utilization of scarce resources Management is equally important at the national level. It is an agent of change and economic growth. The prosperity, power and prestige of a nation depend upon the competence and dedication of its managers and administrators.

Answer»

The significance of management in the modem business world has increased tremendously due to the following challenges.

• Growing size and complexity of the business.

• The increasing specialization of work.

• Cutthroat competition in the market.

• Growing unionization of labour.

• Sophisticated and capital intensive technology.

• The increasing complexity of business decisions.

• Need for research and development.

• Need for optimum utilization of scarce resources

Management is equally important at the national level. It is an agent of change and economic growth. The prosperity, power and prestige of a nation depend upon the competence and dedication of its managers and administrators.

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