principles of management
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Formally defined, the principles of management are the activities that “plan, organize, and control the operations of the basic elements of [people], materials, machines, methods, money and markets, providing direction and coordination, and giving leadership to human efforts, so as to achieve the sought objectives .
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The principles of management refer to the fundamental truth which is generally applied to the everyday business operations for ensuring effective management of the organization. The principles of management are identified facts which are developed through individual experiences and can be applied to all kinds of business entities.
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