Give a short note on importance of management principles.

1.	Give a short note on importance of management principles.
Answer» Significance of the Principles of Management 1. Increase efficiency: The understanding of the management principles provides guidelines to the managers for handling effectively the complex problems. 2. Optimum utilization of resources: The principles of management helps in the optimum utilization of resources through division of work, delegation of authority, etc. 3. Scientific decision: Management principles help in thoughtful decision making. Such decisions are free from bias and prejudices. 4. Meeting the changing environmental requirements: Management principles are flexible and can be modified to meet changing requirements of environment. 5. Fulfilling social responsibility: Management principles help the managers to fulfill the social responsibilities towards society.

Answer»

Significance of the Principles of Management

1. Increase efficiency:

The understanding of the management principles provides guidelines to the managers for handling effectively the complex problems.

2. Optimum utilization of resources:

The principles of management helps in the optimum utilization of resources through division of work, delegation of authority, etc.

3. Scientific decision:

Management principles help in thoughtful decision making. Such decisions are free from bias and prejudices.

4. Meeting the changing environmental requirements:

Management principles are flexible and can be modified to meet changing requirements of environment.

5. Fulfilling social responsibility:

Management principles help the managers to fulfill the social responsibilities towards society.

Discussion