Explain the significance of principles of management
Answers
❄ SIGNIFICANCE OF PRINCIPLES OF MANAGEMENT ❄
The principles of management are in the form of pre-determined solutions for repeatedly occurring problems. They guide the manager. It is very important for every manager to know them thoroughly. The importance of the principles of management becomes abundantly clear from the following facts:
1) Provide Useful Insight to Managers:
The principles of management were developed on the basis of the experience of various professional people. The principles make the manager aware about the manner in which he should act in various situations so that he does not repeat the mistakes of the previous managers.
In this way, timely guidance reduces the wastage of resources and the objectives can be achieved in a less expensive manner.
(2) Optimum Utilisation of Resources and Effective Administration:
In every organisation physical (material, machines, money, etc.) and human (manpower) resources are used. The function of management is nothing but to put them to optimum use or avoid wastage of resources. And it is possible only when a manager makes use of the principles of management.
According to the principle of ‘unity of command’ there should only be one boss for an employee at a time. In case there is more than one boss, the employee will not be in a position to work properly. Consequently, human resource will be wasted.
(3) Scientific Decisions:
A scientific decision means a balanced decision. The principles of management provide the necessary training to the managers so that they can take scientific/balanced decisions. In the absence of these principles the managers have to adopt the method of trial and error.
According to this principle, one is expected to do a job in a particular manner and if there is some error, some other method has to be adopted. In this way, the work is done in different ways till the error is eliminated. This method is not proper.
(4) Meeting Changing Environmental Requirement:
In modern times only such a business unit can remain alive and develop which can keep pace with the rapidly changing environment. In every field of business activity (production, marketing, etc.) new techniques are emerging every day. Managers who can understand the changing situation well in time can alone face competition successfully. The principles of management enable the managers to face this challenge.
(5) Fulfilling Social Responsibility:
The principles of management increase the efficiency of the managers and enable them to fulfill their social responsibility. More efficient managers can make good quality products at reasonable prices available all the times.
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Answer:
The principal of management r in the form of pre determined solution......
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