The efficient management of human & material resources is essential for achievement of objectives of any organization. The success of any business lies in the quality of management. 

The significance of management will be more clear through the following points :-

1. Determination of objectives – Management helps in determining the objective of the organization. No organization can succeed in its operations unless its objectives are identified & well defined. These objectives have to be communicated to all the people working in the organization. 

2. Achievement of the objectives – Management plays a vital role in accomplishment of organizational objectives & goals. The coordination & integration of material & human resources helps in achieving the pre-determined goals effectively & efficiently. 

3. Efficient use of resources – An efficient management can lead a business towards growth & prosperity. Management reduces wastage of human, material & financial resources through proper planning & control. 

4. Encourages innovation – Management encourage innovation in the organization. Innovation brings new ideas, new methods, new products & makes the organization more competitive. 

5. Personal objectives – Personal objectives are concerned with satisfaction of financial & social needs of the employees. Through motivation & direction management helps the individuals to achieve their personal goals while working towards organizational objectives. 

6. Economic development – Management helps in development of the society by producing good quality products, creating employment opportunities & adopting new technology. 

7. Creates dynamic organization – Management helps the employees to overcome their resistance to change & adopt as per changing situation to ensure its survival & growth.