Question
Significance of Management Principles.
Answer :
Word Count : 776
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Significance of Principles of Management are-
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.
For example, according to one principle of management, i.e., division of work, a job is divided into many small units. Every unit or part is assigned to different individuals. Each individual does the same work repeatedly that has been assigned.
(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
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