A principle refers to
a fundamental truth. It establishes cause and effect relationship between two
or more variables under given situation. They serve as a guide to thought &
actions. Therefore, management principles are the statements of fundamental
truth based on logic which provides guidelines for managerial decision making
and actions. These principles are derived: -
Importance of Management Principles
Following are the main
importance of the Principles of Management.
Improves Understanding.
Direction for Training of Managers.
Role of Management.
Guide to Research in Management.
Improves Understanding - From the knowledge of
principles managers get indication on how to manage an organization. The
principles enable managers to decide what should be done to accomplish given
tasks and to handle situations which may arise in management. These principles
make managers more efficient.
Direction
for Training of Managers - Principles of management provide understanding
of management process what managers would do to accomplish what. Thus, these
are helpful in identifying the areas of management in which existing &
future managers should be trained.
Role
of Management - Management principles makes the role of managers concrete.
Therefore these principles act as ready reference to the managers to check
whether their decisions are appropriate. Besides these principles define
managerial activities in practical terms. They tell what a manager is expected
to do in specific situation.
Guide
to Research in Management - The body of management principles indicate
lines along which research should be undertaken to make management practical
and more effective. The principles guide managers in decision making and
action. The researchers can examine whether the guidelines are useful or not.
Anything which makes management research more exact & pointed will help
improve management practice.
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