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Question
Explain any four points that highlight the importance of principles of management
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Solution
Principles of management serve as a guiding light in the decision-making process of an organisation. Managers refer to principles of management while making difficult business choices in real-world situations. The importance of the principles of management can be explained using the following points:
i. Developed through practical experimentation: The management principles are developed by notable management alumni of the past as well as the present. This makes them practical and implementable in complex business problems without any chance of error.
ii. Factually verifiable: Since the principles of management also explain the key logic behind the decisive judgements written in them, they are factually verifiable and understandable my most managers. This makes it easier for managers to implement them.
iii. Guidelines for new managers: Management principles are taught primarily in all business schools to students to make sure that all upcoming managers know the foundations of management and to help them follow the best management practices when solving business problems.
iv. Efficiency: Principles of management assist in judicious allocation of productive resources in the formulation of end product. They synchronise all resources to develop a cost and time efficient production system. It therefore helps the organisation to grow faster and outperform its potential competitors.
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