Management is regarded as one of the most important human activity . The significance of management can be explained through the following points : 

(i) Achievement of Objectives : Each organization has its some objectives , the achievements of which calls for organized efforts in a planned manner . Management becomes essential for directing and unifying the group efforts towards a common objective , .

 (ii) To face throat cut competition : Now-a-days it is a period of throat-cut competition . Management helps in it by utilization of the capacity of human resources , carries out production , arranges market research and also studies the policies of the Government and the Competitors . 

(iii) Optimum and Profitable Utilixztion of Resources : Every business organization possesses limited resources and their profitable use depends on managerial skill and ability . There are seven Mís in an organization (Men , Material , Money , Machines , Methods , Markets and Management) . Management stands at tope of these Mís as it determines and controls all other factors of business . 

(iv) Increase Productivity : Management makes increase in productivity possible by establishing co-ordination between the resources of production . For that it makes best utilization of the resources , eliminating the wastages . It also selects the best alternative through planning and increases the productivity by motivating the employees . 

(v) Innovation and its Use : Innovation means production of new product . The objects of innovation is to satisfy its customers . In this regard management creates change , like search of new type of marketing and distribution of products and services . The task of management is to adjust to change , but also to create change ñ a dynamic quality that is a solution of many challenging problems . 

(vi) Stability to the Society : Management plans a powerful and purposeful role in the welfare of the society in following manner ñ Utilization of resources of society like ñ physical , human , financial and informational , providing goods and services , delivering and improving the standard and quality of life , generating employment and creating stability in social system by continuous change in society