Significance of principles of management

Principles of management are significant because of the following reasons:

1. Simplification of managerial work:

Management principles make the work easy and simple. Managers can perform complex managerial tasks on the basis of these principles and make sound business decisions.

2. Development of management thought:

Management teachings on the basis of management principles develop management theories and thought which became the basis for managers to carry out the managerial functions effectively in business and non-business organizations.

3. Managerial training:

 Management as a discipline is taught to manage large-sized business houses. Teaching and training managers on the basis of sound management principles helps them perform better in all the functional areas j(production, finance, personnel and sales).

4. Understanding of human behavior:

Management is a behavioral science. It deals with people and tasks performed by them. Management principles help to understand the human behavior and ways to satisfy their needs (physiological and psychological) that lead to excellence in their behavior. Excellent or high performance behavior leads positively towards accomplishment of organizational goals.

5. Improvement in organizational productivity:

Management principles help to solve various organizational problems in a pre-defined manner. They guide actions appropriate to the situation. This results in efficient decisions and optimum Utilisation of scarce organizational resources and increases organizational productivity and profits.

6. Improvement in the study of management thought :

When management principles exist as the foundation of management thought, they provide scope for future research and improvement in the existing principles. This helps to attain organizational goals more efficiently.

7. Social objective:

Besides attaining organizational goals, management principles also help to improve standards of society. Well managed organizations have satisfied workers whose economic and non-economic needs are largely satisfied in organizations. Such organization and people working therein reflect better standards of society. This improves image of the nation at the national and international forum.

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