Question

Q) Principles of management equip the managers to foresee the cause and effect relationships of their decisions and actions so that the wastages assoCiated with a trial and error approach can be overcome. The point of significance of principle of management highlighted here is​

Answer 1

The point of significance of management highlighted here is that the Management principles help in optimum utilization of resources and an effective administration.

• The resources available with the organization are minimal, both human and material and need to be put to full use.
• By optimal usage it is meant, that the resources should be used in such a way as to provide maximum value with minimal cost.
• Principles enable administrators to predict the interactions between cause and effect of their decisions and actions. Thus, it is possible to solve the wastages associated with an strategy of trial and error.