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Explain any four points of importance of principles of management

Explain any four points of importance of principles of management. [CBSE 2015, 2016]

Answer: Importance of Principles of Management:

(i). Provide Useful Insight to Managers: The principles of management make the manager aware of the manner in which he should act in various situations so that he does not repeat the mistakes of the previous managers. In this way, timely guidance reduces the wastage of resources and the objectives can be achieved in a less expensive manner.

(ii). Optimum Utilisation of Resources and Effective Administration: In every organisation physical (material, machines, money, etc.) and human (manpower) resources are used. The function of management is nothing but to put them to optimum use or avoid wastage of resources. And it is possible only when a manager makes use of the principles of management. The primary need of every organisation is that its administrative system should be effective. This is made possible with the help of the principles of management.

(iii). Scientific Decisions: A scientific decision means a balanced decision. The principles of management provide the necessary training to the managers so that they can take scientific/balanced decisions.

(iv). Fulfilling Social Responsibility: The principles of management increase the efficiency of the managers and enable them to fulfil their social responsibility. More efficient managers can make good quality products at reasonable prices available all the time.

Explain any four points of importance of principles of management


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