Meaning of principle of management:

• Rules and principles formed in business unit with respect to human behaviour for achieving of goal easily are called principles of management.
• The principles of management work as a guide for the managers.
• It should be well noted that the principles of the management are not the rules. They are only the sum and substance of the assumptions, traditions and experiences.
• These principles lay a strong foundation for the success of a business unit.

Concept:

• Management is the combination of art and science.
• Every science is based on some underlying principles, so is management. However, the principles of management are not as rigid as the pure science, but are quite flexible.
• The principles of management have direct relationship with the human behaviour. Since they are related to human behaviour there is a scope of improvement as and when human behaviour evolves.
• Human behaviour and the technology keep on changing. As a result, the principles of management must also be changed to adapt with the new changes.
• Principles of management are the detailed and perfect guideline for making decisions and their implementation.
• For example, through these principles the unit can increase the enthusiasm of the employees by giving them transfers, promotions etc.