Explain any four characteristics of 'principles of management.'
Explain any four points which highlight the nature of 'Principles of Management'
State any four features of 'Principles of Management'.
Four characteristics of the principles of management:
i. Applicability: Principles of management command applicability in all businesses in accordance with their suitability. The extent to which they can be applied entirely depends on the business and its requirements.
ii. Basic framework: Principles of management are not readymade solutions to business problems. Rather, they only provide the basic framework or guidelines to tackle different problems in different scenarios applicable to the business.
iii. Practical approach: Principles of management are developed through research results derived by handling real-life business problems. This means they are practical in approach and not just a theoretical analysis of problems.
iv. Adaptability: Principles of management are adaptable to most business problems with slight variations. Different organisations find different aspects of these principles useful. Managers find thethem significant in dealing with different decisionmaking scenarios in real business.
Features of Principles of Management:
1) Universally applicable: Principles of management have universal applicability, i.e. they can be applied to all organisations irrespective of their size, nature and geographical location
2) Guidelines: Management principles are the guidelines for decision making in the course of management. That is, the principles of management are not applied as they are in real business situations; rather, they need to be modified by the manager according to the situation and the requirement
3) Formed by experimentation: Management principles are developed over time by exhaustive observations and experimentation by managers in different situations
4) Flexible: Management principles are not rigid. They are flexible enough to be used and moulded by the manager according to the requirement of the situation.
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