Question

Explain any four characteristics of 'principle of management.'

Answer 1

The characteristics of 'principles of management are as follows:
i. Universally applicable. Management principles can be applied anywhere and everywhere by all types of organisations irrespective of their size, nature and region. However, the degree of their applicability would definitely be governed by such factors as the nature of business, scale of operations etc.
ii. Guidelines: Management principles act as guidelines and are considered to be the general premises for decision making. However, they do not provide straitjacket solutions to problems as real life business situations are cumbersome and dynamic, they call for specialised actions.
iii. Formed by experimentation Management principles have been developed over years of research and experimentation and are technical. They pertain to different working situations and can be modified by the manager as per the situations and the requirements.
iv. Flexible. Management principles are not rigid. They are flexible enough to be used and molded by the manager as per the need of the hour. This makes application of management principles in diverse business situations.