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Financial management is a decision making process that entails the use of theories, concepts and tools to make better financial decisions. Time management is a life style. Here’s why management is important for any business: Aligning Goals. 1688 words (7 pages) Essay. Conclusion. It is this function of management that helps organization conduct performance appraisal, which is a very crucial element in business. The Importance Of Management. All managers need to possess technical, interpersonal, conceptual, diagnostic, communicational and political skills. According to Schuler (1992) The chaotic and deadly aftermath of Hurricane Katrina serves as a reminder of the importance of cross-sector coordination and collaboration. Essay on Managerial Skills (818 Words)! They should never be separated. A skill is an acquired and learned ability to translate knowledge into performance. Time management is a skill that you have to learn. 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