Introduction: -Management principles are applicable in every business
organization and in every situation. These principles are tested and practiced
for years in all parts of the world. Therefore, it is important to study its
importance or significance. It can be studied with the help of following
points:
1. Management
principles help to improve understanding: -The principles of management help the manager to understand
the organization. The study of the principles of management helps to improve
the understanding of the situations and problems. It further helps the manager
to find out the solutions to the problems and handle situations.
2.
Help in increasing the efficiency: -By using these principles the organization can
increase the efficiency of the employees. Principles can guide the mangers
about handling the human resource, reducing the wastage, co-ordinate the
activities of different departments, etc. all this helps to improve the
productivity in the organization,
3.
Help to develop the objective approach: -The principles of management help the manager to
develop an objective approach. Thus the manager can identify the problem in
correct manner and he can provide solutions in an objective manner. This
approach builds confidence in the minds of the managers.
4.
Help to co-ordinate and control: -Management principles give the guidelines for
better co-ordination and control. While practicing management the managers can
make use of thee principles to co-ordinate the activities of different
departments. Manager can exercise better control over the organization. Thus
the given target can be achieved easily.
5.
Understanding social responsibility: -In Modern world more importance is given to
understand the social responsibility of business organizations. It is because
business organizations are the part of the society. Business organizations
should not only emphasize on making profit but they should discharge their
responsibility towards the society also. E.g. payment of good remuneration/wages is one of the
principles of management which is the responsibility towards employees.
