Question

Briefly explain any four points regarding the significance of principles of management

Answer 1

Answer:

The significance of management principles is due to following reasons: (1) Providing managers with useful insight into reality: Management principles act as guidelines for the managers. These principles improve knowledge, ability and understanding of managers under various managerial situations

Improves Understanding - From the knowledge of principles managers get indication on how to manage an organization. The principles enable managers to decide what should be done to accomplish given tasks and to handle situations which may arise in management. These principles make managers more efficient.

Importance of Management. It helps in Achieving Group Goals - It arranges the factors of production, assembles and organizes the resources, integrates the resources in effective manner to achieve goals. It directs group efforts towards achievement of pre-determined goals.

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