Discuss The Importance Of Management Principles

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: Principle of management are universally applicable. Principles of management are applied in every situation, where the objectives are attained through group efforts. All organizations such as social, political, cultural or even religious organizations apply for the successful operations of their activities. Every organization must make optimum use of its available resources by the application of management principles i.e., planning, organizing, staffing, directing and controlling effectively and achieve the desired result. Flexibility:The principle of management are relative. Management principles are dynamic guidelines and not satic rules. management helps the business in multiplying its profit at minimum cost. The business situation and…show more content…
Human element is an essential factor of production. It activities and extracts work form other factor also. Every worker is individually different from the other workers as regards his ability, knowledge, skill, socio-economic status, attitudes and ideologies. Management is concerned with the integration of individual efforts and how to decentralize them towards achieving the desired results. so, management principles is said to be a work and group activity. Thus, management principles aim at influencing individual efforts and directing them to the minimization of profit with the minimum wattage…show more content…
These are important guidelines to the management. These principles point out the areas where management should concentrate immediate attention. They simplify the process of management, increase the overall efficiency and help in achieving the desired objective of the business. Following factors are summarized below irrespective of significance of management principles: It increases the efficiency of the management: Principles of management provides guidelines to the manager for handling complex problems more effectively. It also facilitates managers in performing this duties smoothly. Thus the efficiency of the management is increased and the managers adopts systematic and scientific approach towards the solution of the problem. It helps in achieving social objective: Management develops spirit of co-operation and co-ordination among workers and their employees. It also helps in the optimum utilization of social resources. It eliminates unnecessary wastage of resources. These days, principles of management are directed at maximum profit without loss of social values. Thus, the management must supply commodities at fair price, not including the adulteration and make payment of reasonable wages to their

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