Which of the following is related to the importance of management?
(A) Helps in achieving group goals
(B) Makes available of extra funds at the right time
(C) Increases efficiency
(D) Creates dynamic organization
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → (A), (C) and (D) only
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(A) Helps in achieving group goals: Correct. Management integrates the efforts of various individuals towards common organizational goals.
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(B) Makes available of extra funds at the right time: Incorrect. This is primarily a function of Financial Management or Financing, not a general statement of the overall importance of management. While it is an important activity, it's too specific to be counted as one of the fundamental, overarching reasons for the importance of general management, unlike the others.
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(C) Increases efficiency: Correct. Management achieves goals with minimum resources (efficiency) and on time (effectiveness).
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(D) Creates dynamic organization: Correct. Management helps the organization adapt to changes in the environment (social, political, economic, etc.) by creating a dynamic structure and encouraging employees to adapt.