Management is the most important part for running a business entity whether it is a profit or a nonprofit organization. It is a universal concept. Management is a process of various functions like planning, organizing, directing, controlling and coordination which are integrated with each other. It helps in effective performance of all the business operations and helps in doing the tasks correctly with minimum cost. It is a goal oriented process and caters to all types of business organizations. It is a complex activity and includes management of people, management of work and operations. The top management includes directors, CEO, etc. The middle level of management includes heads of various functional departments and the lower level consisting of workers, supervisors, etc. Management principles are important because it provides the managers with insights into reality. It helps in effective utilization of scare resources and making scientific decisions. Also, management fulfills the social responsibilities since business works as a part of the society and has obligations towards it.
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