Question

why should managers have knowledge of management principles?

Answer 1

Dear student,
Management principles, being themselves formulated by research, provide a base for further research in management. They act as a guiding light to the management professionals to formulate new management principles and theories through research and analysis. They are general guidelines in the curriculum of all management studies and hence, serve as a focal point for management research for young managers.
Management principles aim to influence human behaviour by providing various guidelines regarding the all the operations carrying out in a particular organisation. They are formulated to harmonise the relationships among people working in the organisation to achieve the objectives of the organisation effectively and efficiently.
Management principles assists in decision making and business planning
Preparing reports related to funds, costs and profits to ascertain the soundness of the businessComparing current financial statements with its own historical financial statements and of other similar firms to assess the operational efficiency of the business
Regards