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Give reasons why management principles are required.

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CBSE/Class 12/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

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Improves Understanding: 1. Direction for Training of Managers. 2. Role of Management. 3. Guide to Research in Management. 4. Improves Understanding: From the knowledge of principles, managers gets an indication of how to manage an organization. The principles enable managers to decide what should be... read more

Improves Understanding: 1. Direction for Training of Managers. 2. Role of Management. 3. Guide to Research in Management. 4. Improves Understanding: From the knowledge of principles, managers gets an indication of 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 provides an 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. 5. Role of Management: Management principles makes the role of managers concrete. Therefore these principles act as a 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 the specific situation. 6. 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.

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Following are the main importance of the Principles of Management: Improves Understanding: 1. Direction for Training of Managers. 2. Role of Management. 3. Guide to Research in Management. 4. Improves Understanding: From the knowledge of principles, managers gets an indication of how to manage an organization.... read more
Following are the main importance of the Principles of Management: Improves Understanding: 1. Direction for Training of Managers. 2. Role of Management. 3. Guide to Research in Management. 4. Improves Understanding: From the knowledge of principles, managers gets an indication of 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 provides an 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. 5. Role of Management: Management principles makes the role of managers concrete. Therefore these principles act as a 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 the specific situation. 6. 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. read less
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(1) Provide Useful Insight to Manage: The principles of management were developed on the basis of the experience of various professional people. The principles make the manager aware of the manner in which he should act in various situations so that he does not repeat the mistakes of the previous managers. (2)... read more

(1) Provide Useful Insight to Manage: The principles of management were developed on the basis of the experience of various professional people. The principles make the manager aware of the manner in which he should act in various situations so that he does not repeat the mistakes of the previous managers.

(2) Optimum Utilisation of Resources and Effective Administration: In every organization physical (material, machines, money, etc.) and human (manpower) resources are used. The function of management is nothing but to put them to optimum use or avoid wastage of resources. And it is possible only when a manager makes use of the principles of management. According to the principle of unity of command, there should only be one boss for an employee at a time. In case there is more than one boss, the employee will not be in a position to work properly. Consequently, the human resource will be wasted. Therefore, if we desire to use the human resource favorably, this principle has to be adopted. Similarly, many other principles ensure favorable utilization of various other resources. The primary need of every organization is that its administrative system should be effective. Only that administrative system is called effective where the managers can take balanced and quick decisions. In order to take such decisions, sufficient information and authority should be available.

(3) Scientific Decisions: A scientific decision means a balanced decision. The principles of management provide the necessary training to the managers so that they can take scientific/balanced decisions. In the absence of these principles, the managers have to adopt the method of trial and error.

(4) Meeting Changing Environmental Requirement: In modern times only such a business unit can remain alive and develop which can keep pace with the rapidly changing environment. In every field of business activity (production, marketing, etc.) new techniques are emerging every day. Managers who can understand the changing situation well in time can alone face competition successfully. The principles of management enable the managers to face this challenge. For example, the principle of "unity of direction" tells us that all the activities connected with the attainment of the same objective should be completed under the direction of the same manager.

(5) Fulfilling Social Responsibility: The principles of management increase the efficiency of the managers and enable them to fulfill their social responsibility. More efficient managers can make good quality products at reasonable prices available all the times. For example, the principle of "Fair Remuneration" advocates appropriate remuneration to the employees and helps in fulfilling responsibility towards them.

(6) Management Training, Education, and Research: The advantages of the principles of management encourage the researchers to bring in more improvement in them. The attitude of the managers has molded itself in such a fashion that they are doing, consciously or unconsciously, something new. It means that the managers have come to acquire an attitude tilted towards research and development. This has helped the managerial knowledge to be more solid and scientific. The principles of management are actually providing education and training to the managers by enriching their theoretical and practical knowledge.

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