Question

Justify the following statement.

Management principles are helpful in optimum utilization of resources.

Answer 1

1. When achieving an individual's or organization's goals, it is always necessary to employ various methods or procedures. Some of these strategies are universally acknowledged; therefore, they are known as principles. "Principle is defined as a fundamental truth or proposition that serves as the foundation for a system of belief or behaviour or for a chain of reasoning"
2. Every company uses two sorts of resources: physical resources (materials, machines, money, etc.) and human resources (manpower).
3. The essential function of management is to strike a good balance between these resources by putting them to the best possible use and controlling waste.
4. Management consistently uses tactics and principles to preserve discipline and a healthy working environment. It aids in the development of amicable connections between management and employees, which improves employee efficiency and has an impact on successful administration.

As a result, management concepts can help maximize resource utilization.