Introduction: - Principles
of management are the guidelines to be followed by managers in managing the
organization. No manager can be effective if he/she does not follow the
principles of management. Therefore, managers in all organizations, whether
large or small, business or non-business, and at all levels (top, middle and lower) must follow the principles of management.
Definition:
-“A basic generalization
that is accepted as true and that can be used as a basis or reasoning or
conduct.”
The following are some of the features of a Joint
Stock Company 1
.
1.
Management Principles are
universal: -
Management principles are universally applicable. They can be applied
everywhere and all situations of business. Not only that, they are applicable
to all types of business organizations, irrespective of size of business,
nature of business, etc. similarly they are applicable to all level of
management.
2. Management
principles are Flexible:
- Management principles are flexible in nature. It means they can be changed or
modified according to the situation. Managers can bend these principles to suit
the requirement. .
3.
Cause and effect relationship: -Principles of management are
the base for taking decisions. They determine the cause or reason for a
particular effect. E.g. payment of good wages and incentives helps in
increasing the output of workers or making effective advertisement increased
the sale of a product.
4.
Management principles are aimed
at influencing human behaviour:
- Management is a group activity.
Management aims at achieving certain goal through a group of human beings.
Management principles are designed to influence human beings. These principles
control a group of persons and direct them to achieve the objectives.
5.
All Principles are equal
important: - All the principles of management are equally
important. All are to be practiced simultaneously to get a perfect result. No
one principle is more important than other. If any single principle is not
practiced or followed by the manager, it affects the working of the
organization.
1
.
6.
Management principles are
relative in nature:
-Management principles are the principles of social science. They are not
absolute like principles of science. It means these principles are applied in
different ways in different situations. They are to be changed or modified
according to the situation to get correct and desired result.
