SIGNIFICANCE OF PRINCIPLESOF MANAGEMENT

1.	SIGNIFICANCE OF PRINCIPLESOF MANAGEMENT
Answer» Providing Managers with Useful Insights into Reality: Principles of management help in increasing managerial efficiency by adding to their knowledge and ability to understand the various situations. The principles help the managers to use their and others’ past experiences in delegating routine problems and focus on major issues instead. 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. Managerial principles help the management to come out with the methods that help in reducing wastages.Meeting Changing Environment Requirements: As the principles can be modified, thus, they help the managers to meet the changing environment requirements. For example, at present the principle of division of work has been extended to the whole business.

Answer»

Providing Managers with Useful Insights into Reality:

Principles of management help in increasing managerial efficiency by adding to their knowledge and ability to understand the various situations. The principles help the managers to use their and others’ past experiences in delegating routine problems and focus on major issues instead.

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. Managerial principles help the management to come out with the methods that help in reducing wastages.Meeting Changing Environment Requirements:

As the principles can be modified, thus, they help the managers to meet the changing environment requirements. For example, at present the principle of division of work has been extended to the whole business.

SIGNIFICANCE OF PRINCIPLESOF MANAGEMENT

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