Principles of Management - Features And Significance

Very good morning to you guys. In this blog post, We are starting a new chapter of business studies class 12th named as principles of management. I've completed 2 chapters on my blog; you may check them out for increasing your conceptual knowledge. So without wasting time, let's get started.

Nature/Characteristic/Features of Principles of Management

General Guidelines

The principles of management are Guidelines to action but do not provide readymade, straitjacket solution to all managerial problems. This is because real business situations are very complex and dynamic in nature and are the results of many factors. For example, In dealing with a case of conflict between 2 departments, a manager may emphasise the primacy of overall goals of an organisation.

Universal Applicability

Principles of management principles that the principles of management apply to all type of organisations, business as well as non-business firms, small as well as large business forms, public, private sector, infection as well as the service sector, for example, according to the division of work principle the work should be divided into small tasks. Each employee should be trained to perform his specialised job.

Flexible

The principles of management are not rigid perceptions, Which have to be followed as it is. They are flexible and can be modified by the manager when the situation demands it.

Contingent

The principles of management are contingent; hence they depend upon the prevailing situation of a particular point of time. The application principle has to be changed whenever it is required. 

Behavioural

Management principles aim at influencing the behaviour of human beings. Therefore the principles of management are mainly behaviour in nature. These principles enable a better understanding and relationships between human and material resources in accomplishing organisational goals.


Formed by practice and experiments

Management principles are developed based on observation and experimentation, For example, to remedy the problem of fatigue of worker in a factory, a test may be conducted to see the effect of improvement of physical condition to reduce stress.

Importance Of  Principles Of management


Optimum Utilisation Of Resources

Optimum utilisation of resources means that the human and managerial resources should be put in a manner that they should maximise revenue and minimise cost. Principle of management equips the manager to foresee the cause and effect relationship of their decisions and actions.

Thoughtful Decision

Management techniques are free from biased and prejudice, so it helps the manager in taking a scientific and thoughtful decision. They are based on the objective assessment of the situation.

Meeting Environmental Changes

Principles of management help managers to meet the dynamic environmental changes because the principles can be modified according to the situation. Hence they are flexible in nature.

Fulfilling Social Responsibility

Principle of management helps in performing social responsibilities by responding to the demand of the public. For instance, remuneration of employees insists on payment of adequate salary to the employees, which should give them at least a reasonable standard of living.

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