Question

i) Providing managers with useful insights into reality:
ii)Optimum utilisation of resources and effective administration:
iii)Scientific decisions:

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Answer 1

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1 . The principles of management provide the managers with useful insights into real life situations. The principles add manager's knowledge, ability and understanding of managerial situations and circumstances which helps them to solve problems quickly and increase managerial efficiency.

2. Optimum Utilisation of Resources and Effective Administration: Resources, both human and physical, available in an organization are very limited. Thus, these resources should be used fully in such a manner as its gives maximum benefit with minimum cost..

3 . Scientific decision-making involves the use of: Data mining and big data to source relevant data to inform decisions. Application of software logic and predictive models to analyse scenarios. Forecasts to consider the possible implications of business decisions...

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Answer 2

Principles of management help in optimum utilisation of resources by equipping managers to foresee the cause and effect relationship of their decisions and actions, as such the wastage associated with a trial and error approach can be overcome