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Principles of Management PDF- Notes
A principle is a fundamental statement of truth that guides thought and action.
Principles of Management
Principles of management are broad and general guidelines for managerial decision-making and behavior (i.e. they guide the practice of management).
Nature of Principles of Management
The nature of principles of management can be described in the following points:
1. Universal applicability i.e. they can be applied in all types of organizations, business as well as non-business, small as well as large enterprises.
2. General Guidelines: They are general guidelines to action and decision making however they do not provide readymade solutions as the business environment is ever-changing or dynamic.
3. Formed by practice and experimentation: They are developed after thorough research work based on the experiences of managers.
4. Flexible: This can be adapted and modified by the practicing managers as per the demands of the situations as they are man-made principles.
5. Mainly Behavioural: Since the principles aim at influencing complex human behavior they are behavioral.
6. Cause and Effect relationship: They intend to establish a relationship between cause & effect so that they can be used in similar situations.
7. Contingent: Their applicability depends upon the prevailing situation at a particular point in time. According to Terry, “Management principles are ‘capsules’ of selected management wisdom to be used carefully and discretely”.
Principles of Management PDF- Significance
The significance of principles of management can be derived from their utility which can be understood from the following points:
1. Providing managers with useful insights into reality: Management principles guide managers to make the right decision at right time by improving their knowledge, ability, and understanding of various managerial situations and circumstances.
2. Optimum utilization of resources and effective administration: Management principles facilitate optimum use of resources by coordinating the physical, financial and human resources. They also help in better administration by discouraging personal prejudices and adopting an objective approach.
3. Scientific decisions: Decisions based on management principles tend to be more realistic, balanced, and free from personal bias.
4. Meeting the changing environmental requirements: Management principles provide effective and dynamic leadership and help the organization to implement the changes.
5. Fulfilling social responsibility: Principles of management not only help in achieving organizational goals but also guide managers in performing social responsibilities. Example: “Equity” and “Fair” remuneration.
6. Management training, education, and research: Management principles help identify the areas in which existing and future managers should be trained. They also provide the basis for future research.
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