Question

Write short note on the following.

Nature of management.

Answer 1

The following points highlight the nature of the principles of management:

i. Universal - Universality of management principles implies that they can be applied to every firm, irrespective of its size, nature or location.

ii. Act as guidelines - Management principles act as guidelines; they are considered general premises for decision making. However, they do not provide straitjacket solutions to all problems.

iii. Experiment based - Management principles have been developed through years of research and experimentation; that is why they are technical in nature. They pertain to different working situations and can be modified by managers as per the situations and requirements.

iv. Flexible - Management principles are not rigid in nature. They can be moulded by managers as per the need of the hour.