Question

State the importance/significance of the principles of management.

Answer 1

The principles of management are the pre-determined solutions for the problems that occur repeatedly. Their significance is as follows:

1. Insight to managers: They provide timely guidance to the managers thereby avoiding wastage of resources. Also, it is a less expensive way of solving problems.

2. Effective utilization of resources: These principles help the managers to put the resources to the best possible use and avoid wastages. For example, the principle of Unity of Command states that there should be only one boss of an employee at one time. If an employee has to follow the instructions of more than one boss he will not be able to focus on work properly and thus he will not be efficient.

3. Scientific decisions: These principles help the managers to take scientific or balanced decisions. In their absence, the managers may have to follow trial and error method.

4. Social responsibility: They guide the managers to produce good quality products at reasonable prices. It is the social responsibility of the business to serve the public better.

5. Training, education and research: These encourage the managers and researchers to innovate and improve their products and upgrade their knowledge.