Management is a vital aspect of the economic life of man, which is an organized group activity. A central directing and controlling agency is indispensable for a business concern. Resources like material, labour, capital, etc. are entrusted to the organizing skill, administrative ability and enterprising initiative of the management. Thus, management provides leadership to a business enterprise without able managers and effective managerial leadership; the resources of production remain merely resources and never a final product. Under competitive economy and ever-changing environment, the quality and performance of managers determine both the survival as well as the success of any business enterprise. Management occupies such an important place in the modern world that the welfare of the people and the destiny of the country are very much influenced by it.