As students of a management course, Karan and. Kunal were asked to prepare a project report on the applicability of principles of management in real business situations. In order to conduct the survey, Kunal had selected an outlet of a popular chain of fast -food restaurants whereas Karan visited a nearby departmental store. When Kunal presented his report to the class, Karan realized that their observations were matching on various grounds. In both the business units. work is divided int_o small tasks and each is performed by a trained employee. A set of rules are predetermined and. communicated to the employees for compliance and there is a fixed place for everything and all employees havebeenallottedindividualspace. Moreover,themanagersencourageaspiritofmutual trust and belongingness among the employees so that the need for imposing penalties is reduced.
In the context of the above case:
i Identify and explain the various principles of management being described above.
ii. How are the principles of management different from values?
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Significance of Principles of Management
They help to provide managers with useful insights into reality and increase their efficiency in dealing with recurring problems.
They ensure optimum utilisation of resources as due to the presence of cause and effect relationship the outcome of the decisions and actions can be predicted. Moreover, it leads to effective administration as the principles tend to restrict the personal prejudices and biases.
They facilitate scientific decision making as they emphasise on logical thinking rather than blind faith.
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