Question

Explain any four points regarding the significance of principles of management.

Answer 1

The significance of Management Principles. Management principles are important due to the following reasons

(i) They provide managers with useful insights into reality and help them to understand managerial situations

(ii) They facilitate optimum utilisation of resources and effective administration

(iii) They help managers to take scientific decisions based on logic rather than blind faith

(iv) They establish certain ethics which helps to fulfill social responsibility towards society.

(v) They provide basic ground work for the development of managers.