What is Significance of Management

Analysis of business failures made over many years shows that a high percentage of these failures was due to unqualified or inexperienced management. The Bank of America has said, in its publication "Small Business Reporter".
"In the final analysis, more than 90% of business failures are due to managerial incompetence and inexperience."

The significance of management is much more in case of developing countries. In recent years development specialists has shown in their research that availability of money or technology does not bring development. The limiting factor in almost every case has been the lack of quality on the part of managers.

There are some people or groups who believe that there is no need of management. In fact, they feel that people would work together better and with more personal satisfaction if there were no managers. They refer 'team effort' as the ideal group operation. Perhaps they do not realise that whenever an individual plays a game, he has clear group goals as well as some personal goals also. In fact, every group effort designed to attain goals with minimum cost of time, money and materials , adopts some basic principles and techniques of management.

Management is critical in the nation's economic and social development also. Efficient management helps a developing country to make better use of resources for the achievement of economic development.