Importance of Management The importance of management in business is universally accepted.

Modern business is highly competitive and needs efficient and capable management.It is through management that business activities are organized andconducted efficiently. Following are few of the points that suggest theimportance of management: (1). Optimum use of resources: Management facilities optimum utilization of human and physical resources,which leads to progress and prosperity of a business enterprise. (2). Competitive strength: Management develops competitive strength in an enterprise. This enables anenterprise to develop and expand its assets and profits. (3). Motivates employees: It motivates employees to take more interest and initiative in the work assigned and contribute for raising productivity and profitability of theenterprise. 4). Effective communication at all levels: Management is needed for effective communication within and outside theorganization. (5). Motivation of employees: Management is needed for motivating employees and also for coordinatingtheir efforts to achieve business objectives quickly. (6). Success and stability of the business enterprise: Efficient management is needed for success, progress and smoothfunctioning of a business enterprise Meaning of Human Resource Management: A business unit needs employees to look after different activities. This iscalled manpower or human resource. Such human resource needs to bedeveloped fully so that it will make positive contribution for the progressand prosperity of a business unit. For this systematic development andmanagement of human resources is necessary. Human ResourceManagement (HRM) deals with:

( a) T r a i ni n g (b)Selfdevelopment( c ) Pr o mo t i o ns (d)Performance appraisal of manpower recruited in an organization.HRM is an organized learning experience aimed at matching theorganizational need for career growth and development. It is a processinvolving series of learning activities designed to acquire desired level of competence among employees.HRM is a continuous process and it needs money. Such investment creates ateam of efficient, skilled and trained manpower which brings success andstability to a business unit. HRM programmes offer long term benefits to anorganization. NEED AND IMPORTANCE OF HUMAN RESOURCEMANAGEMENT: (1). To create stable labour force: HRM programmes are needed in order to create stable, efficient, skilledand matured manpower required by an enterprise for the present and future period.(2). To update the quality of manpower: HRM activities are needed for updating the quality of manpower as per the growing and changing needs of an enterprise. This avoids managerialobsolescence. Even the vacancies at higher levels can be filled in internallydue to HRM programmes as they provide training and opportunities of self-development to employees working at lower levels. (3). To develop strength for survival: HRM programmes are necessary for survival in the present competitivemarketing environment. An enterprise can face market competition only by