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Answer» The following points highlight the nature of the principles of management: - Universal - Universality of management principles implies that they can be applied to every firm, irrespective of its size, nature or location.
- Act as guidelines - Management principles act as guidelines; they are considered general premises for decision making. However, they do not provide straitjacket solutions to all problems.
- Experiment based - Management principles have been developed through years of research and experimentation; that is why they are technical in nature. They pertain to different working situations and can be modified by managers as per the situations and requirements.
- Flexible - Management principles are not rigid in nature. They can be moulded by managers as per the need of the hour.
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