Question

What is the significance of management principles in the context of environmental changes?

Answer 1

Meeting changing environment requirements: Modern business environment is complex and everchanging. In order to survive successfully, organisations have to adapt to these changes. Principles of management are dynamic in nature. They are flexible and frequently adapt to changes, which are favourable and profitable for the business. In the absence of flexibility in the application of management principles, organisation may not be able to survive in a competitive environment.