Question

explain any four point regarding significance of priniciple of management.​

Answer 1

Answer:

Four points regarding significance of Principles of management are :  

1.  PROVIDING MANAGERS WITH USEFUL INSIGHTS INTO REALITY :  

By applying the principles of management , the managers add to their knowledge, ability and understanding the business situations . This also helps them to learn from the past mistakes and thus understanding of these principles help them conserve time to solve day to day problems quickly.

2. OPTIMUM UTILISATION OF RESOURCES AND  EFFECTIVE ADMINISTRATION :  

Optimum utilisation of resources means the use of available resources in such a manner that costs are minimised and profits are maximized. Principles of management equip the managers to  see beforehand the outcomes of their decision and help them to save resources and achieve effective administration.

3. SCIENTIFIC DECISIONS :  

The principles of management emphasise on logics rather than blind faith and rule of thumb. Thus the application of these principle helps the manager to arrive at scientific and rational decisions which are subject to realistic measurement and evaluation.

4. MEETING CHANGING ENVIRONMENT REQUIREMENTS :  

As the principles of management are flexible, these can be modified according to the changing conditions of the business environment. It is also the necessity of the each organisation to change its goal and objectives as per the change in the environment.

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Explanation:

Answer 2

answer

1. Providing Managers with useful insights into Reality: When managers follow principles, it adds to their knowledge, ability and understanding of managerial situations and circumstances. This improves managerial efficiency e.g. when managers use principle of delegation then they get more time to concentrate on critical areas of working.

2. Scientific Decision Making: management principles help in thoughtful decision making, They emphasise on logic rather than blind faith. Here, decisions are based on the objective assessment of the situation.

3. Optimum Utilisation of Resources and Effective Administration : Principles: These help the managers to conceptualise the net effect of their decision rather than going for trial and error method resulting in saved time, efforts and energy thereby increased productivity.

4. Management Training, Education and Research: Principles of management are the base for management theory. As such they are used as a basis for management training, education and research. These principles provide basic groundwork for the development of management as a subject.