AUSTRALIA MANAGEMENT COURSE & DEGREE PROGRAMS

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SIGNIFICANCE OF STUDYING MANAGEMENT

Management can be termed as an act of planning, organising, directing, controlling and administrating the resources of an organisation in order to facilitate the achievement of the vision, mission, objectives and goals of the organisation. Management can also be described as a group of people that are set aside to direct and supervise the operations of an organisation. The people in this group are commonly referred to as managers. Managers are responsible for bringing the various organisational goals together. Good management is necessary for an organisation to succeed since a framework is created and can quickly determine why the performance of an organisation is low.

IMPORTANCE OF MANAGEMENT STUDIES IN AUSTRALIA

Competitive Advantage- Proper planning and organising give a firm a competitive advantage in the industry. This is because the firm is aware of its current positions in terms of capital and resources and its future requirement. The firm is, therefore, able to plan for sources when need be. This brings advantage because operations will not come to a stop due to lack of resources.

Proper utilisation of Resources- Management ensures an organisation is fully utilising its resources. A manager is responsible for identifying the unused resources and come up with new ways of using them in order to increase output. Some of the resources may be, and it's up to the managers to determine what to do in order to relieve them from unnecessary work.

Promoting Teamwork- People has different personalities, attitudes and perception and bringing them together to work with a common goal may be difficult. Managers, thus, have the role of bringing them together. Friendship and loyalty are some of the essentials of teamwork. They should be leaders to the employees and not bosses. Many people do not like to be bossed around instead making them believe the importance of particular thing works better. Managers should, therefore, make the goals of the organisation known to all employees and encourage them to work together and achieve them.

Guiding employees in case of change - there may be changes in technology, top management, operation and other things in the organisation. The management should prepare the employees for any changes that may take place to avoid confusion. The managers also should guide the employees to cope with the change when it comes. In the case of technology, training the employees on its operation may be significant.

Management integrates invention and innovation - managers encourage employees to present new ideas which will bring growth to the organisation. This can be done by creating a relationship between an individual's goal and organisational goals. By promoting individual goals, an employee will be encouraged to come up with innovations that will help the growth of the organisation.

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