Question

Explain how Principles of Management:
(i) Provide useful insight into reality and
(ii) Help in thoughtful decision making.

Answer 1

Management principles are important as they provide

(i) Useful insights into reality : Principles help managers to improve their knowledge and understanding of managerial situations. These principles enable managers to learn from past mistakes - and conserve time by solving recurring problems quickly. Hence, we can say, these principles provide managers an insight of real world situations.

(ii) Thoughtful decision-making : Management principles help in thoughtful decision-making because they are based on logic rather than blind faith. Such decisions are free from bias and prejudice. These principles develop scientific approach as they give a realistic and subjective measurement for evaluation.